Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-31)

After a continuous sharp drop, the short-term is facing a rebound
1. Market Trends <br/>Today is March 31, 2017. The current price of Bitcoin is 6,700 yuan. After the opening of the market yesterday, the short side pressed forward step by step, and the long side quickly turned around and retreated downward, resulting in a weak trend throughout the day. However, due to the exhaustion of the energy of the short side, pay attention to the long side's test and the occurrence of a technical callback.
Looking at the 4-hour chart, the moving average system (5, 10, 20) has changed from a long position to a short position, and the MACD indicator has fallen below the zero axis, indicating that the price of the currency at this level still needs time to digest the energy of the short side. However, since the stochastic indicator and the strength index have a tendency to stretch northward, it shows that there are more rebounds, and a technical rebound may occur in the short term.
Looking at the 1-hour chart, although the moving average system is still in a short position, it is gradually moving towards adhesion. At the same time, the MACD indicator forms a golden cross in the weak area, and the area of ​​the bar chart turns green and runs above the zero axis, showing that the price of this level of currency still has room to rise. In addition, the K-line shows a bullish dragon out of the sea pattern, so the market outlook is still positive and bullish.
Overall, since the coin price fell sharply on March 16, the strength of each oversold rebound has gradually increased, and the callback trading volume is large, which means there is a strong takeover. Aggressive investors can enter with a light position, and conservative investors are advised to wait for the coin price to break through the 1-hour weekly MA60 and enter with a light position, while strictly setting stop loss and take profit positions.
According to the data, the market has a strong bullish expectation, and the newcomer index has also started to rise in the past few days. If you plan to hold the currency for more than a few months, this may be a good time to open a position.

2. Long-Short Index <br/>The figure below shows the long-short index of the daily line.