Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-31)

The rebound stops at the neckline and the intraday breakthrough intervention
1. Market Trends <br/>Today is July 31, 2017. The current price of Bitcoin is 18,500 yuan. After rising for two consecutive days, the price of Bitcoin adjusted slightly last weekend. However, in the process of rebounding from the decline, the bulls encountered a lot of resistance. If the bulls can break through these resistances during the day, investors can follow the trend and make profits.
Looking at the 4-hour chart, the bulls have tried to break through the 18700 pressure level several times, but all failed at the time of writing, and the bears took the opportunity to suppress the price of the currency near MA60. At present, MA60 is still an effective support level in the trend chart of this level. If the bears take it during the day, the second support level below is 17500.
Looking at the 1-hour chart, the support effect of MA120 is very obvious, and the price trend shows a double bottom pattern. However, since the neckline pressure of the double bottom pattern is at the same level as MA60, this double pressure has caused the bulls to fight for a long time but still unable to break through. However, given that the trading volume is moderately increasing during the rebound, intraday investors can focus on the upward breakthrough.
The hourly chart shows a clear bullish trend, but the daily chart shows that the bulls are facing double top pressure. For aggressive investors, they can enter the market when the price breaks through the neckline mentioned above, and after the price leaves the cost area, set the stop loss near the cost line to gain greater profits. For conservative investors, they can enter the market when the price breaks through the neckline upwards, and exit the market at the resistance level of 19,000 to lock in profits.
In general, the short-term downward trend will not be fundamentally reversed before the price effectively breaks through the upper resistance line of the falling channel. If the bulls can break through this resistance line with large volume during the day, the upper resistance level is 19800. If the breakthrough volume is still shrinking, it is recommended to intervene with a light position, and do not hold a heavy position.
At present, the emergence of BCC has not caused panic in the market. All exchanges may suspend Bitcoin deposits and withdrawals in the next two days. Please pay attention to the announcements of various platforms. 2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and short index" based on the statistics of 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 the price trend.