April 12, 2021 — bridge21 weekly update

USD:MXN rates are stuck in the low 20 range. Bitcoin tests new all-time highs.

Short-term USD:MXN forecast

The USD:MXN rate isn’t showing any strong indicators on a short term basis, so we’re looking at a 5-year chart today. Unfortunately, that’s not much help either!

There is price support around the 19.6:1 level; there’s less upward resistance, so there’s stronger upside potential.

Our short-term outlook is neutral. This could go up, down, or sideways.

Bitcoin tests its all-time highs.

For the sake of consistency, let’s look at a five year chart of Bitcoin.

Bitcoin continues to test its all-time highs around 61k USD. If the uptrend continues, it’s likely to make new all-time highs sometime this week.

The five year chart gives you a better sense of the magnitude of this bull market. We believe higher prices are likely, but it’s always wise to take some chips off the table!

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

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.