Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-09)

Multi-party breakthrough is imminent, volume is still the key
1. Market Trends <br/>Today is June 9, 2017. The current price of Bitcoin is 19,325 RMB. After the opening yesterday, the price continued to drop, reaching a new intraday low of 17,808 RMB. Afterwards, the price rebounded, but did not erase the previous decline. After ups and downs, the 1-hour chart showed an ascending triangle pattern. Whether the bulls can effectively break through the volume is still the key.
Looking at the daily chart, the moving average system (5, 10, 20) still shows a bullish arrangement, the MACD indicator has a tendency to be blunted on the zero axis, and the green column representing the strength of the bulls is gradually shrinking. The price of the currency at this level does not have the conditions to rise high. Both the stochastic indicator and the strength index have signs of a golden cross extending northward, indicating that the bulls are gradually regaining the initiative.
Looking at the 4-hour chart, after nearly a day of consolidation, the bulls pushed up the price to break the balance, and the red column representing the strength of the bears showed a shrinking trend. As analyzed yesterday, after the stochastic indicators and strength indicators at this level showed a bottom divergence, the price is likely to pull back in the near future.
In addition, in the 1-hour chart, the coin price has broken through the upper resistance line of the ascending triangle (as shown in the figure), and the MACD indicator has not shown any divergence. If the coin price consolidates near the resistance line today and then rises, the short-term trend is still bullish.
Overall, there is no sign of the end of the bull market. After a short adjustment, the price trend is bullish again. It is recommended that long-term investors continue to hold their positions, and short-term investors look for favorable opportunities to participate, and then increase their positions appropriately after the breakthrough signal is confirmed.
2. Newcomer Index <br/>The picture shows the Bitcoin daily newcomer index