Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-01-16)

The price of the currency may continue to rebound after it stabilizes
1. Market Trends <br/>Today is January 16, 2017. The current price of Bitcoin is 5770 yuan. After falling from 6400 last week, the market has rebounded to around 50% of the decline and stabilized slightly. Over the past two days of the weekend, the price of the currency has been consolidating in the large range of 5450 to 5750.
Looking at the 12-hour line, the 12-hour K-line failed to rebound strongly after the decline, and then encountered resistance at the 50% Fibonacci retracement line, and had a trend of bottoming out for the second time. It dropped to around 5450 for the third time and was supported and came back. Currently, the 12-hour line shows a downward stabilizing trend.
The 4-hour K-line once again attempts to break through the 30-week moving average. Since the 4-hour moving average fell from more than 8,000 yuan, there have been two attempts to break through the golden cross. The first was when it was sideways around 6,400 last week. After the breakthrough failed, it directly ushered in a larger drop. The second time is the current price. If it breaks through effectively, the currency price is expected to rise back to more than 5,700 yuan.
The 1-hour and 2-hour moving averages both show a bullish trend, which is slightly bullish.
Judging from the long-short index, the current market is relatively pessimistic. The price of the currency has fallen from nearly 9,000 yuan to below 6,000 yuan, a drop of more than 30%. There is no need to worry too much about the further sharp drop in the price of the currency. The newcomer index shows that the number of investors entering the market is still unabated. After the central bank investigation stabilizes and the market sentiment stabilizes, the price of the currency is expected to rise further slowly.
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.