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

Multiple pressures are eliminated and the price of the currency hits a new high
1. Market Trends <br/>Today is June 6, 2017. The current price of Bitcoin is $2870.12. After yesterday's opening, the pressure from multiple parties gradually dissipated, raising the price to near the historical high. In the early trading, it rose above $2,600, and in the late trading, it broke through the pressure level of $2,700. As analyzed yesterday, after the price of the currency has been consolidating, a breakthrough is imminent.
Looking at the daily chart, the moving average system (5, 10, 20) once again shows a bullish arrangement, and MACD forms a golden cross in the strong area above the zero axis, indicating that the bulls still have the initiative in the market. At the same time, the stochastic indicator and the strength index are both extending from the hovering area to the overbought area, indicating that the buying power of active follow-up is gradually increasing.
Looking at the 4-hour chart, the moving average system still shows a bullish arrangement, and MACD forms a golden cross in the strong area above the zero axis, indicating that the price still has room to go up. Both the stochastic indicator and the RSI extend northward to the overbought area, which cooperates well with the price increase. However, investors need to pay attention to the phenomenon of top divergence, and the rise in the currency price this time is accompanied by shrinking transactions.
Overall, the current basic trend of the currency price is still in the bull market pattern, but when the price hits a record high, the trading volume is shrinking. This is a sign that needs special attention, but it is not enough to indicate that the currency price will fall sharply in the short term. Long-term investors can hold their positions, because the basic trend of the currency price is still in the bull market channel. Short-term investors can lock in profits and wait for an opportunity to enter the market again when the bottom is reached.
2. Newcomer Index <br/>The figure below shows the daily newcomer index.