Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-10)

High-level shrinking volume and stagflation, beware of mid-term adjustments
1. Market Trends <br/>Today is July 10, 2017. The current price of Bitcoin is 17,590 yuan. Yesterday, the price of the currency continued the previous oscillating trend, and the medium-term direction is still unclear. However, in the past month, the price of the currency has shown a trend of shrinking volume at a high level, and investors should be wary of medium-term adjustments.
Looking at the weekly chart, the price of the currency has accelerated from the previous bottom of 6151 to 21,000 yuan, and there has not been a sufficient adjustment. In addition, there is a high-level shrinking stagflation pattern. Investors should beware of adjustments in the weekly chart. In addition, the MACD indicator is gradually weakening, and the stochastic indicator and the strength index are both extending southward to the hovering zone, and the market is insufficient to do more.
Looking at the daily chart, since May 25, the market volume has gradually shrunk, the bullish pattern of the moving average system has been destroyed, and the price has fluctuated to around MA60. The MACD indicator is crossing the zero axis, and the stochastic indicator and the strength index are both extending southward. In addition, since June 27, the currency price has been running below the middle track of the Bollinger Band, and the center of gravity is still moving downward, and the downward trend remains unchanged.
In general, although the price of the currency has generally been sideways in the past 10 trading days, the medium-term downturn remains unchanged. If the bulls want to reverse the current unfriendly situation, they need to take steady steps and gradually break through the 20,000 mark. Short-term investors can short at highs, and it is best not to go long at lows. Medium- and long-term investors can lock in some profits and wait for the price to adjust to the medium-term support level of 14,000 before entering the market.
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.