Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-09-04)

The price of the currency has not stabilized at 30,000, and the time to buy the bottom is not ripe
1. Market Trends <br/>Today is September 4, 2017. The current price of Bitcoin is 28,200 yuan. Last weekend, the price of the currency climbed above 30,000, reaching a high of 32,000, but due to the lack of heavy trading volume, it was immediately suppressed by the short side.
In all areas of chart analysis, it is emphasized that when the price breaks through an important price level, a heavy trading volume is required, and a pullback confirmation is required to confirm that it is an effective breakthrough. This is also why the currency zone has been emphasizing in its analysis last week that it is necessary to wait for a pullback to 30,000 points before adding positions.
From the 4-hour chart, the short-term support range is 26000~27000, and the upper resistance is 30000. Since the price of the currency broke through the MA120 of this level on July 20, it has successfully prevented the price from falling twice. However, the current price of the currency has fallen below MA120, which is a signal that the market is relatively weak.
In addition, in the 4-hour chart, a high-level long-legged Yin-line cross star appeared at 8:00 am on September 2, followed by a price waterfall. At any time, when a long-legged Yin-line cross star appears at a high level, you should be alert and avoid risks appropriately. This is a small investment skill and is very useful.
Back to the 1-hour chart, the peaks and valleys of price fluctuations are still gradually decreasing, which is the best evidence that the short-term trend is still in the downward channel. The conditions for short-term entry are: 1. The bottom of the rebound is higher than the previous bottom; 2. The price breaks through the peak of the rebound with large volume and is confirmed by a retracement.
In general, the price of Bitcoin is still in a bull market, and this wave of decline caused by news has not yet damaged the fundamental trend of the bull market. Mid- and long-term investors can still hold positions and wait and see.
Last week, the currency zone has been emphasizing that after reducing positions near 2300, do not add positions to chase higher prices. The chips that have not been sold can let the profits run. Historically, the rise and fall of Ethereum does not bring callbacks or adjustments. The chips that are still in the market are reduced again. Those with smaller funds can exit and wait and see.

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.