Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-27)

The short side continues to make efforts to adjust expectations
1. Market Trends <br/>Today is June 27, 2017. The current price of Bitcoin is RMB 18,743. Yesterday morning, the price of the currency fluctuated slightly, showing a weak and volatile market overall. At 12 noon during the trading period, the short side began to push down the price of the currency, causing the lowest point of the day to hit 17,836.
Looking at the 4-hour chart, the bears broke the sideways consolidation pattern that had been maintained for several trading days, and the previous short-term support line of 19000 turned into a resistance level. At the same time, the MACD indicator at this level has crossed the zero axis, and the moving average system (5, 10, 20) shows a bearish pattern arrangement, and the currency price at this level is still bearish.
Looking at the 1-hour chart, after a sharp drop, the price of this level of currency is rebounding. In terms of trading volume, the chart of this level shows a phenomenon of large volume on the decline and small volume on the rebound. The price of this level of currency is cautiously bearish.
The rebound with reduced volume indicates that fewer people are following the trend to grab the rebound, and most investors choose to wait and see. The expectation of adjustment in the future market will increase.
In addition, the price of the currency on most major foreign exchanges has fallen below RMB 17,000, and the bearish signal is even stronger, which will drag down the rebound strength of the domestic currency price. Therefore, short-term investors are advised not to buy the bottom easily, and long-term investors should appropriately reduce their positions in the face of major adjustments to maintain profits.

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