Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-08-01)

The important resistance level has been reached and profits should be locked in appropriately
1. Market Trends <br/>Today is August 1, 2017. The current price of Bitcoin is 19,300 yuan. Yesterday, the price of Bitcoin continued to rebound and climbed higher again. Yesterday's analysis pointed out that after the price of Bitcoin breaks through 18,700, you can intervene to go long, while conservative investors can stop profit at 19,000, and aggressive investors can stop profit at 19,800. However, the current price of Bitcoin has reached a relatively important pressure point, and short-term investors are advised to reduce their positions appropriately to lock in profits.
Looking at the 4-hour chart, the price of the currency is obviously suppressed by the resistance line that started on June 12, which is a very important resistance line in the short term (as shown in the figure). If the long side effectively breaks through the resistance line with large volume, the market will rise significantly in the future. It should be noted that in the face of important resistance, if only the upper shadow line is broken or the energy shrinks when breaking through, it is a signal that needs to be vigilant.
The intraday support line that can be focused on is the upward sloping support line that started on July 17. If the price of the currency falls below this support line, the bulls need more adjustments and accumulation of strength, which means that the opportunity to buy the bottom has not yet arrived. In addition, the price of the currency at this level has a MACD top divergence phenomenon. As of press time, there is a lack of trading volume for the bulls to attack upward, and there is pressure to break through upward.
In the 1-hour chart, the MACD indicator also shows a top divergence phenomenon, and the bullish attack is obviously weak.
Overall, although there are many stop-growth phenomena in the bullish attack, it does not mean that the bears will take over the market dominance. At present, most investors are waiting for the market trend after the Bitcoin fork, and the wait-and-see sentiment is strong. At this time, investors should not operate frequently to avoid market risks that have not yet been identified.

BCC (Bitcoin Cash) will start mining at 20:20 on August 1, 2017. Some exchanges will distribute BCC to users at the ratio of 1 BTC to 1 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.