Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-24)

The price of the currency rises and then falls back, wait patiently for the opportunity
1. Market Trends <br/>Today is July 24, 2017. The current price of Bitcoin is 18,300 yuan. Last week, the price of Bitcoin encountered strong resistance when it rushed to around 20,000 yuan. The adjustment over the weekend showed a pattern of lower highs and lower lows, indicating that it will take time for the price of Bitcoin to stabilize.
Looking at the 4-hour chart, the moving average system has changed from a long position to a short position, but the current price is obviously supported by MA30. When the price of this level is adjusted, the trading volume is gradually shrinking, and the red column of the MACD indicator is still expanding.
Looking at the 1-hour chart, MA60 shows obvious signs of suppressing the price of the currency, and the bulls' several upward attacks have all ended in failure. As shown in the figure, the price of the currency at this level is currently consolidating in a triangle pattern. If the price of the currency falls below the lower support line of the triangle pattern during the day, the adjustment will continue. If the upper resistance is effectively broken, there is still room for climbing during the day.
On the whole, as analyzed last Friday, after the bulls attacked strongly and quickly broke through several thousand-point mark, adjustments are inevitable. At present, the 3-day level chart shows a double top pattern. The price of the currency breaks through the 20,000 mark again and still faces strong supply pressure. It is not recommended to buy the bottom now. The intraday support area is 17200~17500, and the resistance level is 19000. Short-term investors can grasp the band profit in this trading range, but they should strictly set the stop profit and stop loss.
In addition, yesterday the Bitcoin community re-emerged in controversy over a fork, and some exchanges have already launched fork plans. You can pay close attention to community news and watch more and act less.

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.