Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-02)

The price of the currency fell as expected, but the rebound trend is unclear
1. Market Trends <br/>Today is August 2, 2017. The current price of Bitcoin is 18,200 yuan. Yesterday afternoon, the price fluctuated greatly, first falling from about 19,500 to about 18,300, and then rebounding to 19,850, setting a new high since June 26. However, affected by the fork event, the price of the currency fell sharply again, reaching a daily low of 17,750.
Yesterday's analysis clearly pointed out that when the price of the currency rebounded to an important pressure point, the bulls were obviously weak. The fork event caused the market to temporarily wait and see, and profits should be locked in to avoid risks. At present, the trading volume of the rebound after the price of the currency hit 17750 has shrunk extremely, and risks still need to be avoided.
As shown in the figure (1-hour chart), the price of the currency is currently in an upward channel, but the support level below the channel still needs further price retracement to determine its effectiveness. In addition, the moving average system has an obvious short pattern, and the trading volume is extremely shrinking. It is not recommended to blindly enter the market to buy the bottom. You should wait until the trend is further clarified before entering the market.
Over the past month, the bulls have tried to break through 20,000 several times, but all failed. This will continue to strengthen its power as a resistance level. At present, the price of the currency is hovering near 20,000, and the fork event has increased market uncertainty. For short-term investors, it is recommended to focus on making short-term profits, and medium- and long-term investors can open positions at low prices.
Currently, BCC mining has already produced blocks. Anyone who holds BTC before 20:20 on August 1st can obtain an equal amount of BCC.
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.