Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-01-09)

The price of the currency fluctuates greatly to find the key price
1. Market Trends <br/>Today is January 9, 2017. The current price of Bitcoin is 6,200 yuan. After the sharp drop last week, the price of Bitcoin still fluctuated greatly over the weekend, with a fluctuation of about 15.86% on Saturday and about 8.2% the next day, indicating that the market is looking for key support levels.
Looking at the weekly chart, the long and short sides had a fierce game last week, and finally closed the K-line with long upper and lower shadows, indicating that the long side has lost the advantage of absolutely dominating the market trend. At present, the weekly K is suppressed by the upper track of the Bollinger band, and the area of ​​the MACD green column is shrinking. It is expected that the currency price will fluctuate to the middle track of the Bollinger band to find and consolidate the short-term support level. Looking at the daily chart, the bullish trend of the moving average system (5,10,20) has been severely damaged and scattered downward. The area of ​​the red column representing the energy of the short side continues to expand, so the currency price at this level may be dominated by fluctuations. However, due to the obvious divergence between the relative strength index and the stochastic indicator, the possibility of a rebound cannot be ruled out.
Looking at the 1-hour chart, the moving average system (5, 10, 20) has been glued together and is showing a trend of fluctuating downward. MACD has crossed below the zero axis. The strength and weakness indicators and stochastic indicators continue to move towards the overbought zone. It is expected that the currency price at this level will fluctuate downward.
At present, the price of the currency is fluctuating greatly to find an effective price. In the short term, it will fluctuate greatly between 8800 and 5600. The medium and long-term trend needs to be confirmed after the fluctuation. Opening a position during the period of large fluctuations will incur too much risk. It is not advisable to participate in the short-term. Investors are advised to wait patiently.
From the data observation, when the price of the currency rose sharply from 5700 to above 6400 yesterday, the market tended to be bearish. The price began to pull back last night, and the deviation index was modified. The currency zone newcomer index indicates that there are still a large number of investors pouring into the current market. Perhaps it is a better choice to establish long positions on dips in the medium and long term.

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.