Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-07-03)

The large volume downwards support the short-term rebound is limited
1. Market Trends <br/>Today is July 3, 2017. The current price of Bitcoin is 17,370 yuan. The price of Bitcoin was in a weak and volatile pattern at the opening yesterday. During the 8:00 trading session, the price of Bitcoin accelerated its decline to the short-term support area of ​​16,600~16,000. Afterwards, the price of Bitcoin stabilized and rebounded, but did not reach the resistance level of 18,000.
Looking at the 4-hour chart, the price of the currency fluctuated in the range of 16600~18000 for many days. After 3 trading days of shrinking sideways, the short side once again pushed the price down to the lower support level, and then rebounded slightly. The operation strategy at this level is to go short appropriately when the price reaches the resistance area, and go long appropriately when it reaches the support area. Since the MA60 is still running downward, it is still bearish overall, so be cautious when going long.
Looking at the 1-hour chart, the moving average system (5, 10, 20) shows a bullish arrangement again, but MA60 suppresses the price's upward space. Yesterday, the price trend of this level temporarily stabilized and rebounded with the appearance of a reversal hammer pattern, and the volume after that was slightly higher than the previous few trading days, indicating that the buying power below is strong. When the price of this level effectively breaks through MA60, investors can appropriately go long.
In general, the price of the currency is still under pressure to rebound in the short term, and according to the newcomer index of the currency zone, the number of new entrants has been declining in recent days, and the momentum of long positions is still insufficient to support the high price of the currency. Therefore, it is recommended that short-term investors make swings in the range of 16,600 to 18,000, and strictly set stop loss and take profit. Long-term investors should lock in profits and reduce their positions appropriately.

2. Newcomer Index <br/>The figure below shows the daily newcomer index.