Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-07)

A new record high and a clear improvement in the trend
1. Market Trends <br/>Today is August 7, 2017. The current price of Bitcoin is 21,700 yuan. Last weekend, the price of Bitcoin continued to rise sharply, breaking through the 20,000 mark again, reaching a record high of 22,550. So far, the mid-term upward trend has been significantly improved.
Looking at the daily chart, the price of the currency entered a downward trend after hitting a record high on June 11, with both peaks and valleys decreasing successively. From July 17, the price of the currency began to rebound, constantly regaining lost ground, and has now broken through the record high again. In the short term, the price of the currency will return to the support area of ​​20,000~21,000 to confirm the effectiveness of the breakthrough.
This is confirmed in the 1-hour chart.
In the 1-hour chart, the rebound of the coin price after falling from the highest point did not break through the previous high, and began to move into a double top mode. The distance between the bottom of the double top and the highest point is about 1,000 points. This also means that in the short term, the coin price is very likely to fall back to the support area of ​​20,000~21,000.
Therefore, after the mid-term trend has improved significantly, investors may actively collect chips during this period. After the trend is confirmed by the pullback, profits can be allowed to run.

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.