bridge21 weekly update
USD:MXN rates hold over 20:1! Bitcoin short squeeze drives price over 38k USD in APAC trading Monday.
Short-term USD:MXN forecast
The USD:MXN rate is up over the last week, holding fast above 20:1 levels. Our “mildly bullish” call from last week was correct. This is a great time to send money to Mexico over the short-term.
Short squeeze sends Bitcoin to over 38k USD during Monday morning APAC trading hours
The shorts were crushed early this morning as Bitcoin soared to over 38k USD.
Last week we called a “break-out to the upside or downside”, which materialized this morning.
We have resistance around 40k USD. We’re likely to see profit taking at these levels and down/sideways action.
Longer-term USD:MXN rate forecast
Our long-term forecast is still higher for the USD:MXN exchange rate through 2021.
Best regards,
Will — bridge21.com
The content in this update is for informational purposes only. You should not construe any information or other material in this update as legal, tax, investment, financial, or other advice. While we took care to share correct information from reputable sources, bridge21 cannot guarantee the accuracy or timeliness of the information.
