Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-22)

The long-term rebound is weak and the short-term trend is worrying
1. Market Trends <br/>Today is August 22, 2017. The current price of Bitcoin is 26,900 yuan. In the analysis of the past few days, it has been emphasized that 27,000 is an important support level. If the bulls can effectively break through this support level, the price of Bitcoin may enter a deeper adjustment pattern.
From the 1-hour chart, the current Bitcoin price has fallen below the 27,000 support level. However, whether it is an effective breakthrough or just a drop below it remains to be seen. However, considering the trend of various cycles, it is more likely that the price will effectively fall below the support level in the future.
From the daily chart, we can see that after breaking through the 30,000 mark, the price of Bitcoin has entered a downward trend. At present, there is still no sign of a reversal in the price of this level. In principle, short-term risk avoidance is still the main approach.
Experience is experience, but the market is a god that does not play by the rules, and all experience may be biased. If you are a conservative investor, you can wait and see whether the rebound top in the future market can break through 27,000. For aggressive investors, you can intervene with a light position.
Ethereum had a large increase yesterday, indicating that the overall market outlook will be bullish. The Ethereum weekly review of Coin Zone clearly pointed out that the Ethereum platform pattern fluctuation this time is a normal adjustment in the rebound trend, not a prelude to a trend reversal. At present, although Ethereum has exceeded 2200 in large volume, it is still necessary to pay attention to the impact of the decline of Bitcoin on the entire market.
2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and short index" compiled by Coinzone based on statistics from domestic and foreign Bitcoin trading platforms. The purpose of the indicator is to analyze the distribution of long and short forces in the current market in order to better analyze and judge price trends.