Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-11)

Five tests of support level show the performance of the bears today
1. Market Trends <br/>Today is July 11, 2017. The current price of Bitcoin is 16,720 yuan. After the opening yesterday, the price of the currency rose slightly, but then fell into a downward channel. As of press time, the price of the currency has fallen to the support level of 16,500, which is the fifth time to test this support level since May.
Looking at the 4-hour chart, the moving average system (5, 10, 20) shows a short position arrangement, and the MACD indicator forms a dead cross in the weak area. However, as shown in the figure, the price of the currency is still oscillating in the symmetrical triangle mode, and the MACD indicator begins to show a bottom divergence phenomenon. At present, it cannot be considered that the lower support level of the triangle has been effectively broken.
Looking at the 1-hour chart, the system's short position is more obvious, and the MACD indicator refuses to cross in the weak area and continues to stretch southward. However, since the price is far away from the moving average system, multi-party testing is still a high-probability event, but it cannot reverse the downward trend.
Overall, the bearish trend shows signs of strengthening, the center of gravity of the K-line is still moving downward, and the short-term long energy is obviously insufficient. At present, the price of the currency has once again dropped to the support level, and the bears may take the opportunity to expand their gains during the day. The second support level is 15500. During the day, we can focus on whether the price of the currency can effectively break through the support level of 16500. If not, the price of the currency will be further consolidated.
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.