Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-28)

Obstructed by channel pressure, large volume breakthrough, intervention
1. Market Trends <br/>Today is July 28, 2017. The current price of Bitcoin is 18,200 yuan. After yesterday's opening, the price of the currency has been in a rebound pattern, rebounding from the lower support line of the falling channel to the upper resistance line. If the price of the currency can effectively break through the resistance line, the market outlook is still bullish.
As shown in the figure (4-hour chart), due to the obstruction of MA20, the price of the currency broke out of the predicament with a medium-sized positive line after nearly 16 hours of sideways fluctuations, and once touched the upper resistance line of the downward channel. Although the moving average system shows a bullish trend after adjustment and fluctuations, due to the small volume of upward trading, we should not rush to buy the bottom.
Looking at the 1-hour chart, as analyzed yesterday, the price trend of this level of currency shows a head and shoulders bottom pattern, and has broken through the neckline upwards, and there will be a small rebound during the day. As of press time, the price of this level of currency still has not released a considerable trading volume, and the bulls may need more time to adjust and accumulate strength during the day.
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.
It is important to note that in order to cope with the risk of a fork that may occur on August 1, domestic and foreign exchanges will close BTC deposits and withdrawals around August 1, 2017. Please check the announcement of your platform for the specific time.

2. Newcomer Index <br/>The figure below shows the daily newcomer index.