Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-28)

Long-term attack failed, short-term beware of double tops
1. Market Trends <br/>Today is August 28, 2017. The current price of Bitcoin is 28,800 yuan. Last week, Bitcoin prices rebounded after a deep adjustment, forming a double peak. However, as of press time, the right top has not broken through the previous high. From a short-term perspective, investors need to worry about the formation of a double top pattern and do not recommend adding positions.
The double top pattern must meet three conditions: 1. The price of the right top is lower than that of the left top; 2. The trading volume of the right top is lighter than that of the left top; 3. The price breaks through the neckline downward. The adjustment scale is generally equal to the scale of the pattern, and the retracement ratio, golden section line, etc. are also considered.
From the daily chart, the left top price level is about 30200, while the right top has not broken through 30000, and the trading volume is gradually decreasing. If the double top pattern is really formed, then according to the above measurement rules, the price may return to the lower track of the Bollinger band at this level.
Judging from the 4-hour chart, the currency price has fluctuated little in recent days and the trading volume has continued to shrink. It is just on the eve of choosing a direction, so it is not appropriate to speculate on the trend too subjectively.
Please remember that only after the price breaks through the neckline of 27000 can we say that the price is in a double top. Conservative investors will generally wait for the price to pull back to the neckline to see if it is a valid breakthrough before entering the market. Never speculate on the trend too subjectively and open a short position rashly. Countless investment masters have failed in the market because they were too subjective and believed that the trend would reverse.
After the price of Ethereum broke through 1500, the currency zone trend analysis has been bullish on Ethereum. At present, Ethereum is in an upward channel. Although the peak of volatility is hovering around 2300, the volatility bottom is rising successively, and the price will stretch upward along the inertia. However, from the daily chart, MACD, KDJ and RSI all show different degrees of divergence, and have not effectively broken through the 2300 price level. Therefore, short-term trading should focus on locking in profits, and it is not recommended to increase positions and chase high prices.


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.