Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-06)

Lack of confidence among bulls and weak consolidation remain unchanged
1. Market Trends <br/>Today is July 6, 2017. The current price of Bitcoin is 18,040 yuan. Yesterday morning, the price of Bitcoin fluctuated weakly and finally fell below the previous oscillation platform near 18,000. Although it entered the rebound channel in the late trading and broke through the resistance level of 18,000 as of press time, the bullish trend is weak and the medium- and short-term weak pattern remains unchanged.
Looking at the 4-hour chart, the rebound high is gradually decreasing, while the bottom of the decline basically remains at the same level, showing a downward triangle pattern with a compressed level as a whole (as shown in the figure), indicating that the currency price is still in a volatile pattern. In addition, the moving average system at this level has deteriorated again, and the bulls have climbed above 18,000 again without the support of trading volume, and the weak consolidation pattern remains unchanged.
Looking at the 1-hour chart, the price of the currency rebounded obviously lacking volume, and there were signs of stagflation after the rebound, and the moving average system began to deteriorate. Therefore, overall, the price of the currency at this level rebounded weakly.
In general, the market bulls still lack confidence, and there are many locked-in chips above, and it is expected that the possibility of weak shock consolidation is relatively high. During the day, you can focus on the first short-term support level of 17500 and the second short-term support level of 17000. If the price of the currency shows obvious stabilization and rebound signals near the support level, you can take a light position to seize the rebound.


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.