Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-01-06)

The long-killing-long market ends and the mid-term trend remains to be seen
1. Market Trends <br/>Today is January 6, 2017. The current price of Bitcoin is 7,350 yuan. Yesterday, the price of Bitcoin maintained its previous upward trend and continued to rise after the opening. At 3 pm, it reached 8,800 yuan, setting a new intraday high and also a new historical high. Since then, the price of Bitcoin has fallen sharply, falling to around 6,000 points, which is about 2,800 points lower than the highest point. As of press time, the price of Bitcoin has stabilized at 7,000 points, at 7,300 points.
Looking at the 6-hour chart, yesterday's coin price plummeted and crossed the moving average system (5, 10, 20, 60), and the bullish trend of the moving average was severely damaged. At present, the coin price at this level is effectively supported at MA60, but suppressed by MA20. MACD has a dead cross, and the area of ​​the short energy column continues to expand, indicating that the downward momentum is large. Looking at the 1-hour chart, the long pattern of the moving average system (5, 10, 20) was destroyed, forming a cross-down divergent pattern. However, due to the golden cross of MACD, the area of ​​the green column representing the long energy continues to increase, and the relative strength index and the stochastic indicator are moving towards the overbought zone at the same time, indicating that the coin price at this level will rebound to a certain extent, but it is suppressed by MA20.
On the daily chart, the price of the currency fell below MA20. Next, if MACD shows a death cross, the energy column turns from green to red and MA5 crosses below MA10, the medium-term upward trend will be interrupted, or it will enter a sideways oscillation pattern.
Yesterday, the price of the coin on the domestic market soared too fast, and the premium was as high as about 10% compared with the foreign market. In addition, the profit-taking continued to increase, and seeing that the price difference between the domestic and foreign markets was too large, there would be a cashing-out tide in the short term, causing the price of the coin to fall. In any case, the sharp drop has dealt a heavy blow to the confidence of the market, causing potential investors to stop. Therefore, it is recommended not to blindly buy the bottom, control the position, and operate with a light position.
From the data observation, the long-short index of the currency zone has been more biased towards the short side since December 23, but the currency price has been driven up by large investors and new investors. With the increase of profit-taking, a round of long-killing-long market has come. At present, the long-short index is slightly biased towards the long side. It may be that more old investors in the market have entered the market at the bottom, but the current rebound is close to 50% of the total decline, and risks should be paid attention to. In terms of the newcomer index, it is currently observed that there are still many people entering the Bitcoin investment market. The investment enthusiasm of the outside world for the Bitcoin market is still high, but it may cool down before the Spring Festival. Bitcoin is like one of many social hot spots, and it is impossible to continue to attract the attention of the whole society.


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.