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Bitcoin Market Trading Analysis Week 22 Price Movement

In Bitcoin Market Trading analysis week 22, as we reported earlier, this week the Bitcoin price went on a rampage. On Thursday the 27th of May the price broke through its 3,000 Yuan overhead resistance (6-month) on Chinese exchanges.
This was on the back of huge volumes in China, with the rest of the world following suit.

For all the traders following our writing, you know we are always pointing out arbitrage opportunities in the Bitcoin Market. Between the largest exchanges in China and Europe, for example, the spread rose as high as US$ 70. The opportunity for arbitrage with iceCUBEDX and Chinese exchanges was even larger.

Traders on our exchange made some tidy profits on arbitrage. Rand markets peaked at well over ZAR 9,000 per BTC, before retracing.

Bitcoin Market Trading Analysis Week 22 Media Coverage

As usual, speculation was rife in the media. Bitcoin’s longer-term bull trend has been well reported by us. But short, rapid moves also attract mainstream attention.

Contrarian favorite Zerohedge referenced fears over a Yuan devaluation and capital flight as primary drivers of the China price and volume action.

Bitcoin Surges To 2016 Highs On Rising Chinese Demand; Decouples From Gold

— zerohedge (@zerohedge) 27 May 2016

But again, as we have been reporting recently, the Bull market trend has been clearly recognizable on chart analysis. So a break through the 3,000 Yuan barrier should not be considered completely unexpected at all. Then there is the halving event approaching in a few weeks. We’ve been reporting on this. And a number of publications attributed the spike to this event.

We remain bullish and will stay that way until the ZAR 10,100 level. Expect a lot of volatility and plenty of profit opportunities in short term trading. Also, in a bull market like this, holding is never a bad strategy alone. That is, if you don’t have much of a stomach for the volatility.

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