Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-20)

The price of the currency is in a tug-of-war between long and short positions, and short-term focus is on breakthroughs
1. Market Trends <br/>Today is June 20, 2017. The current price of Bitcoin is RMB 19,610. After the opening yesterday, the price of the currency fell into a narrow range of fluctuations, with a small fluctuation, indicating that the long and short positions are still in a state of equal strength. However, as the center of gravity of the currency price moves upward, it is expected that the long side will break through the consolidation pattern in the short term.
Looking at the daily chart, the currency price is suppressed by MA10, and the red column representing the strength of the bears is shrinking. Both the stochastic indicator and the strength index extend from the oversold zone to the hovering zone, and the market gradually digests the selling chips.
Looking at the 4-hour chart, after a narrow range of fluctuations, the rising slope of the moving average system (5, 10, 20) gradually flattens and shows a sticky state. The MACD indicator has crossed the zero axis and has a tendency to refuse to form a dead cross. At the same time, the stochastic indicator and the strength index have formed a golden cross and extended to the strong area. As shown in the figure, if the bulls can break through the upper resistance line with large volume, the market may start a new round of rising market in the future.
Overall, there is still pressure for the bulls to break through the resistance line. During the consolidation period, the trading volume has been shrinking overall, and the market direction is facing new choices. Short-term investors should increase their risk awareness and not easily speculate on the market direction. If the price falls in large volume and breaks the sideways pattern, the short-term trend will weaken, and they should leave the market to avoid risks.
2. Newcomer Index
As shown in the figure, this is the Bitcoin daily newcomer index.