Bitcoin Altcoin Trader Market Analysis Week 28
Bitcoin Altcoin Trader Market Key Weekly News Events:
In our Bitcoin Altcoin trader market analysis for week 2 we start with the key news event directly affecting the market. This was the block reward halving.
We reported on this extensively leading up to the event. The reward from mining a bitcoin is now 12.5 BTC, down from 25 BTC, in line with the predetermined disinflation schedule set at the time of the Bitcoin protocol’s creation.
You may remember the Cameron and Tyler Winklevoss (“the Winklevoss twins”) as those guys from that movie, who sued Mark Zuckerberg for stealing the idea for Facebook. Well, they’re big Bitcoin believers. They have their own Exchange platform run out of the U.S., called Gemini. They recently applied with authorities in the U.S. to become a Bitcoin Trust.
Weekly Trading Price Summary:
In the last 24-hrs of trading there was sell-off yesterday after a period of volatility. However, our technical analysis would indicate that buyers are about to regain control.
In our charting and analysis over the last 48 hours, our outlook is back to bullish (in long with the longer-term trend). However, we do advise our traders, as always, to exercise caution. Look out for the market crossing the ZAR 9,700 point to confirm our bullish sentiment. Should the rally resume there will be no need to rush things.
— Tuur Demeester (@TuurDemeester) May 28, 2016
So both patience and caution are encouraged as the rally will have significant legs if and when it kicks into gear.
Going forward, the primary macro economic factor to keep an eye on is the national economic data from (GDP, production (industrial), retail sector sales figures, etc). Economists are expecting to see weakness across all sectors. If this leads to a devaluation of the Yuan, ead to yuan, which is very possible capital controls may step up a gear.
This could potentially push investors into Bitcoin, as the only real borderless investment out there. This sort of economic uncertainty has boosted Bitcoin trading prices before. It could happen again.