Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-29)

Sideways instead of falling midline slightly bullish
1. Market Trends <br/>Today is November 29, 2016. The current price of Bitcoin is 5165 yuan. In the last 24 hours, the price of Bitcoin is still fluctuating between 5100 and 5200. There is nothing remarkable.
Since Friday, the price of the currency has repeatedly tested the top and bottom, but has not found a good direction to break through. It has returned to around 5150 and is trading sideways. 5150 can be regarded as the short-term dividing line between long and short positions. Now the long and short positions are evenly matched. In the mid-term direction, the greater resistance is the 5300 mark, and the greater support position is 5050.
The daily trend has changed from the original small double top pattern to a descending triangle pattern, temporarily replacing the decline with sideways trading. The lower side is blocked by 5050. Looking at the 12-hour K-line, it has stood above the 30-period moving average, which is a relatively obvious trend of slow rise and sharp fall. Every three to four small positive lines are followed by a large negative line. What is more worrying is the weekly pattern, which may form a large double top. Let's see how the price moves.
From the data, the long and short index of the currency zone has been bullish recently since the price of the currency started to rise from 4,000 in October. We recalculated the number of newcomers and found that after the National Day in early October, the number of newcomers entering the market every day was two to three times that before October, and it has continued to this day. Some netizens reported that the search volume of the keyword "Bitcoin" in the Baidu search index is also about twice the average level, which is well confirmed by the newcomer index of the currency zone.
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.