Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-04-20)

Short-selling momentum is gradually exhausted, short-term cautious optimism
1. Market Trends <br/>Today is April 20, 2017. The current price of Bitcoin is $1131.1. Yesterday morning, the price of Bitcoin was in an accelerated downward trend, once touching $1105, a new low in 5 trading days. In the late trading, the price of Bitcoin stabilized and rebounded.
Looking at the daily chart, the moving average system (5, 10, 20) tends to stick together, the MACD indicator forms a dead cross in the strong area, but refuses to cross the zero axis downward, and the price of this level of currency has been oscillating in a narrow horizontal parallel range for five consecutive trading days, indicating that the long and short positions are in a state of equal strength, and subjective speculation on the direction of the breakthrough is not recommended. In addition, both the stochastic indicator and the strength and weakness index show signs of stretching northward, indicating that the multi-party attack is gradually increasing.
Looking at the 4-hour chart, the moving average system shows a scattered distribution pattern. The MACD indicator is hitting the zero axis after forming a golden cross in the weak area, indicating that the short side retreats and the long side is dominant. Both the stochastic indicator and the strength index are running in the strong area, indicating that the market demand is stronger than the supply. It should be noted that as of press time, the price of this level of currency has broken through MA60 and needs to be stepped back for confirmation.
Overall, the price of the currency has finally shown signs of breaking through the narrow consolidation for five consecutive trading days, and the possibility of a bullish outlook has increased. In addition, during this round of narrow consolidation, the bulls have been eager to take the previous high in one fell swoop, but in order to maximize profits while protecting the safety of funds as much as possible, it is recommended that investors wait for a large volume breakthrough before building a suitable position, and currently participate with a light position.
2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and short index" compiled by Coinzone based on statistics from domestic and foreign Bitcoin trading platforms. The purpose of the indicator is to analyze the distribution of long and short forces in the current market in order to better analyze and judge price trends.