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

Small volume fluctuations in short-term pay attention to volume
1. Market Trends <br/>Today is July 7, 2017. The current price of Bitcoin is 18,100 yuan. Yesterday, the price fluctuated slightly around 18,000, and the long-short game continued to be evenly matched. At the same time, the trading volume is gradually shrinking. The short-term change direction depends on the volume of price breakthroughs, but the overall trend remains weak.
As shown in the figure (4-hour level chart), the price of the currency is still fluctuating in the descending triangle mode. Although the price of the currency has been close to the upper downward resistance line, the bulls have not been able to effectively break through. The moving average system (5, 10, 20) shows a sticky pattern. MA60 has slipped below the price, but the direction is still downward. Therefore, the price adjustment pattern of this level remains unchanged.
Looking at the 1-hour chart, the moving average system is narrowing, the K-line body is small, the trading volume is gradually shrinking, and the Bollinger Bands are moving forward in parallel. The short-term direction of the day depends on the direction of the price breakthrough.
In general, the price of the currency shows a weak and volatile pattern. Standing above 18,000 points shows that the bulls have a slight advantage and have not formed an overwhelming advantage over the bears. The 18,000 support level can be focused on during the day. If the price falls below this level, the lower support line of the descending triangle pattern of 17,000 should be paid attention to. If the bulls break through 19,000 points with large volume, the second short-term resistance line of 20,000 should be paid attention to.
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.