Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-23)

If the rebound from a deep decline encounters resistance, do not enter unless the resistance is broken
1. Market Trends <br/>Today is August 23, 2017. The current price of Bitcoin is 27,700 yuan. Yesterday, the price of Bitcoin staged a good show. After breaking the support level of 27,000 in the morning, it seemed that it could not stop and soared all the way to 24,880. Then, the market initiative quickly returned to the hands of the bulls. Facing 27,000, it only took a short break before breaking upward.
As shown in the 1-hour chart, the peaks and valleys of this round of rebound are still rising successively. The price fell back when it hit 28,000. This is the same as the price falling back and adjusting when it hit 27,000. It is not the prelude to the end of the rebound trend. However, given that 28,000-283,000 is an important resistance level, do not participate heavily for the time being. For more aggressive investors, you can enter the market when the price reaches 28,000.
From a technical point of view, the strongest evidence of a trend is whether the peaks and valleys are successively raised or lowered, or whether they fluctuate back and forth at almost the same level. If it is the former, you can continue to hold long positions, the second is to hold short positions, and the last is sideways fluctuations. It is recommended to wait and see.
For example, after the price of Bitcoin broke through 20,000 in June this year, it fell slightly, but the subsequent rebound did not set a new high, and the divergence of indicators such as MACD was obvious, and only then did it fall sharply.
Therefore, whether this round of rebound can break new highs is very critical, because it determines the trend direction of the short-term and medium-term. From the 4-hour chart, Ethereum fell to around 2000 after breaking through 2200. The subsequent rebound volume quickly shrank, and the trading activity was quiet. Yesterday's analysis clearly pointed out that any rise without volume should not be chased. Investors can pay attention to when the volume increases and then further increase their positions.
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.