Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-13)

The rebound stops at the neckline and pays attention to the breakthrough volume
1. Market Trends <br/>Today is July 13, 2017. The current price of Bitcoin is 17,000 yuan. After the opening yesterday, the price of the currency accelerated its decline again, but it began to rebound after hitting the previous day's bottom of 16,110. As a result, the price trend of the currency began to form a double bottom pattern.
Looking at the 4-hour chart, the price of the currency is obviously suppressed by MA20. The trading volume of the short-term rebound that began in yesterday's midday trading has not been effectively expanded, which squeezes the space for the price to break further upward. However, this also shows that the downward force of the short side is gradually weakening. During the day, we can focus on the long side breaking through the MA20 resistance line at this level.
Looking at the 1-hour chart, as shown in the figure below, the price rebound temporarily stopped at the double bottom neckline, and the trading volume has not been effectively enlarged. At present, the price of this level has broken through MA60. If the intraday bulls break through the neckline pressure level of 17,000, then the next resistance area is 17,800~18,000.
It should be noted that the double bottom is a relatively effective pattern for predicting trend reversals, but before the price effectively breaks through the neckline, strictly speaking, it can only be said that the price is building a double bottom, and it cannot be said that the double bottom pattern has been confirmed, because there is the possibility of evolving into a triple bottom, or a triangle or other pattern.
Overall, the price of the currency only shows signs of rebounding, and the short-selling force has weakened in the short term, but it cannot be used to determine that the short trend has ended. In addition, due to the lack of volume in the rebound, the price of the currency has been hovering below the neckline for too long, showing signs of exhaustion. During the day, we can focus on whether the bulls can break through the neckline of 17,000 with large volume. If not, the short-term resistance is near the double bottom of 16,000.

2. Newcomer Index <br/>The figure below shows the daily newcomer index.