Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-29)

Rebound without volume, short-term watch more less action
1. Market Trends <br/>Today is August 29, 2017. The current price of Bitcoin is 28,800 yuan. Yesterday morning, the price of Bitcoin fell sharply, reaching a low of 27,600. Subsequently, the price of Bitcoin showed a deep V-shaped rebound trend, and by the evening, it had completely recovered the losses in the early trading session.
The risk of a double top in the daily chart pointed out in yesterday's analysis still exists. In the near future, the bears may frequently test the strength of demand below, and aggressive investors should be mentally prepared.
From the 2-hour chart, the price trend shows a symmetrical triangle pattern. Overall, the trading volume is shrinking in the consolidation range of this pattern. For bold investors, you can enter the market appropriately when the price breaks through the upper resistance line of the triangle. Remember, you must wait for confirmation.
In addition, although the decline of yesterday morning has been fully recovered, the trading volume during the rebound was too small, almost the lowest. A wiser approach is to watch more and act less, and wait for the trend to be confirmed.
Ethereum is still in an upward channel. As analyzed yesterday, the MACD, KDJ and RSI of the daily chart all showed divergences to varying degrees. At the same time, the trading volume is gradually shrinking. It is recommended to lock in part of the profits first to leave enough room for subsequent maneuvers.
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.