Russia embraces China’s renminbi in face of western sanctions
https://www.ft.com/content/65681143-c6af-4b64-827d-a7ca6171937a
Peace plans and pipelines: What came out of the Putin-Xi talks?
https://www.reuters.com/world/europe/peace-plans-pipelines-what-came-out-putin-xi-talks-2023-03-22/
It remains unclear what the Biden Administration is doing to improve the status of the dollar as the world's reserve currency.
Let's see what the charts have to say.

Dollar Strength Index / $DXY

We can see a clear inverse correlation between the US Dollar and the Chinese Yuan
- It's evidence these two currencies are in direct competition with one another
The Dollar enjoyed a brief bull run last Fall, but has been in decline ever since
Meanwhile, the Chinese Yuan appears to be bouncing nicely off its lows from last September.
- Deals between the Chinese, Russians, and Saudis have likely been improving the strength of the Yuan at the expense of the Dollar - and this chart is evidence of it.

S&P 500 / $SPY

The last few weeks we've been following Trendlines "A", "B", and "C"
I readjusted Trendline "B" slightly to snap more candles into the trend
- Last week we developed bull and bear scenarios for $SPY
- Price bounced nicely off Trendline "B" so we can expect support along this line for now
The bull scenario: With the RSI around ~50, we can expect more moves up before we reach overbought levels
- On the other hand (the bear scenario), price appears to be snaking through a pennant (see the black dotted line between Trendlines "C" and "B"
- Mid-to-Late April should be a significant milestone for the S&P this year - it's where Trendlines "A", "B", and the pennant reach confluence
  - At that point, we should expect a breakout or breakdown
  - Price movement near confluence will be very telling of the confidence investors have in the US economy and the dollar overall

Bitcoin / $BTC

Price continues to move exactly as expected
- RSI was oversold and we're seeing a price correction
First line of support is anticipated around ~$25k and if this line fails, we should look for this correction to find a bottom near $23k
As banks continue to fail and the Dollar remains contested, we should expect people to flock to cryptocurrencies as a safe haven away from global fiat currencies
- Meaning, if this continues, we should expect the next leg up for Bitcoin to hit and/or break ~$30k
Note: Altcoins have not been able to keep up with Bitcoin's latest leg up

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Money Monday: Reactionary Markets