Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-10-20)

The price of the currency will moderately adjust and the mid-line direction is yet to be determined
1. Market Trends <br/>Today is October 20, 2016. The price of Bitcoin is 4250 yuan, which is consistent with what we pointed out yesterday. The slow rise in the market needs to be alert to the rapid decline. After falling below 4300 yesterday, the price of the currency directly dropped to around 4220, without any news or signs. The only thing that can be used to explain it is that the recent expansion has been quite serious, which has hit the confidence of the market. If the second bottom is above 4200, it is appropriate to buy the bottom and go long.
The 30-period support of the daily line and the 7-period support of the weekly line are both around 4150. If they fall further, they can be used as reference. The current price has fallen below 4300, and the market changes need to be reconsidered. The continuous sideways fluctuations make it difficult to judge the mid-line, so wait and see for the time being. The market needs more time to accumulate strength before it can better break through the 4300 to 4500 line.
Looking at the trading volume, the trading in the market has gradually become sluggish in the past few days. Looking at the data, when it fell to around 4220 yesterday, the market was in a strong mood to buy at the bottom. There are still many newcomers entering the market. 2. The long-short index looks at the recognition of the value of Bitcoin outside the market <br/>The figure is the long-short index with a cycle of 1 hour. 3. The newcomer index looks at the relative amount of funds entering the market <br/>The figure is the newcomer index calculated on a daily basis.