Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-09)

The number of new users continues to increase and the price of the currency hits a new high
1. Market Trends <br/>Today is May 9, 2017. The current price of Bitcoin is $1561.78. The price of Bitcoin rose at the opening yesterday, maintaining a strong upward trend. In the afternoon trading, the price of Bitcoin fell slightly, but did not fall below the $1500 price level, and then stabilized and rebounded again.
Looking at the daily chart, the moving average system (5, 10, 20) still shows a bullish arrangement pattern, and the MACD indicator shows signs of blunting in the strong area, and the reference effect has been reduced. The stochastic indicator and the strength index both extend northward to the overbought area. After the market closed with a big positive line yesterday, it was initially verified that the previous high cross star was not a trend reversal signal, and the market outlook is still bullish.
Looking at the 4-hour chart, after nearly three trading days of adjustment (as shown in the figure), the moving average system once again shows a bullish arrangement pattern, and the MACD indicator crosses again in the strong area and refuses to cross the zero axis, indicating that the market advantage still belongs to the bulls. In addition, the Bollinger band at this level shows signs of opening, and the stochastic indicator and the strength and weakness index are extending from the hovering area to the overbought area. It is expected that the price of the currency at this level still has room to rise.
Overall, the adjustment after the price hit a high and fell on May 5 did not destroy the bullish pattern. When attacking the 1500 price level, the bulls encountered certain resistance and needed to pull back to accumulate strength before breaking through. So far, the price has broken through the upper track of the 4-hour box consolidation, and it has been initially verified that this is an effective breakthrough. Therefore, the market outlook is still bullish. In addition, the data shows that the number of new investors entering the market has continued to increase recently, and long-term investors may continue to hold coins.

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