Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-05-11)

A normal correction after seven consecutive positive lines

1. Price Trends
Yesterday's two-hour decline directly broke through the short-term support: 2970 and 2940, and the price dropped to 2916, continuing the slow rise and fast fall rhythm in recent months. As shown in the figure, the current daily K-line is in a small double top pattern, just in the middle of the Boolean channel. If the price cannot stay around 2950 in the next two days, it is possible to drop to 2900 again, otherwise it will continue to be bullish. On the weekly chart, the coin price temporarily broke through the oscillation range of 2600 to 2900 and entered the oscillation range of 2900 to 3300. The short-term support is 2920 and 2880, and the resistance is 2970 and 3000.
2. The newcomer index is based on the amount of funds entering the market
The following figure shows the daily newcomer index. As shown in the figure, the newcomer level this week has returned to normal, with a value of a little over 60. The number of newcomers entering the market last week was the highest in the week after the Spring Festival, and the newcomers entering the market will gradually gain momentum. A short-term correction after seven consecutive days of small positive lines is also necessary.

3. The long-short index looks at the market's recognition of the price
The figure below shows the hourly sentiment index. The data shows that the situation is basically consistent with our expectations. After the price falls back, the sentiment of buying the bottom is relatively strong, but when the price approaches 3000, the sentiment of short selling is relatively strong. If the current price can be stabilized, the probability of rising is relatively high.