Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-23)

The battle between long and short positions is fierce, and it will take time for confidence to recover
1. Market Trends <br/>Today is March 23, 2017. The current price of Bitcoin is 7040 yuan. After a short rise in the morning yesterday, the price of Bitcoin entered a unilateral oscillating downward trend, and the lowest point of the day once reached 6800, destroying the previous rebound trend.
Looking at the daily chart, the moving average system (5, 10, 20) has not changed the short-selling pattern, the MACD indicator crosses the zero axis, and the red column shows that the short-side energy is still strong, indicating that the price behavior of the currency at this level will still be weak. The stochastic indicator and the strength index are still hovering in the oversold area, indicating that the buying power is weak. In addition, it should be noted that the bottom of the rebound is rising.
Looking at the 4-hour chart, the bullish arrangement of the moving average system has been destroyed, the MACD indicator forms a dead cross below the zero axis, and the stochastic indicator and the strength index fall back to the hovering zone, indicating that the currency price at this level still has room for adjustment. In addition, the trend of the Bollinger band at this level further indicates that the currency price needs to be sorted out in the short term.
In general, the 120-day moving average in the daily chart is an important medium- and long-term support line. If the price of the currency effectively falls below this moving average, the basic trend may undergo a fundamental change. Since yesterday's long black line did not cross the previous bottom, the currency price is still in a rebound channel overall. However, according to the above-mentioned price analysis results at all levels, the bullish forces are not enough to support the high price of the currency in the short term. Investors are advised to reduce their positions and watch more and do less.
Recently, the price of Bitcoin has been greatly affected by the expansion event. Under various comments, the Bitcoin community seems to be heading for a split. We can rest assured that as long as the computing power and the community do not reach a highly unified opinion, Bitcoin will not go the way of a hard fork. A hard fork when a high degree of unity is reached will undoubtedly help push the entire community forward. At present, the community needs to calm down and restore market confidence.

2. Newcomer Index <br/>The figure shows the 12-hour newcomer index.