Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-04)

The number of new entrants increases and the price of the currency continues to rise
1. Market Trends <br/>Today is May 4, 2017. The current price of Bitcoin is $1428.61. Yesterday morning, the price of Bitcoin continued its upward trend, but fell into a horizontal fluctuation pattern after lunch. When the bulls took a break and the market entered a volatile state, the bears took the opportunity to suppress the price of Bitcoin, and the lowest price reached $1315.
Looking at the daily chart, the moving average system (5, 10, 20) still shows a bullish arrangement, and the MACD indicator shows signs of blunting in the strong area, indicating that the market is in a relatively excited state. When the price of the currency hit a new high, the stochastic indicator did not hit a new high, and the risk of top divergence has not been eliminated. It is worth noting that the price of the currency has formed a K-line with a very long lower shadow and a short body at a high level. This does not mean that the trend will reverse immediately, but it is still a signal worthy of vigilance.
Looking at the 4-hour chart, the moving average system still shows a bullish arrangement, but the MACD indicator forms a dead cross at a high level, indicating that the market still needs to adjust. As shown in the figure, the price of this level of currency shows a trend of gradually shrinking at a high level, and generally shows a symmetrical triangle pattern. Before the price effectively breaks through the symmetrical triangle pattern, investors should pay close attention to market trends.
In general, the price of Bitcoin on major global exchanges has fallen into a rectangular oscillation pattern recently. This is because the bulls need to accumulate strength after raising the price of Bitcoin, and shake off some floating chips to reduce the pressure on the upper gear. As analyzed yesterday, it is likely that the price of Bitcoin will fall back to the upper edge of the triangle in the daily level chart. It is recommended that risk-averse investors lock in profits, and aggressive investors can watch more and do less, but should strictly set stop loss and stop profit positions.

2. Newcomer Index <br/>The figure shows the newcomer index for 1 hour.