Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-29)

Trading volume is still low and light positions are maintained during the day
1. Market Trends <br/>Today is June 29, 2017. The current price of Bitcoin is 18040 RMB. After falling for nearly 3 trading days, the price of Bitcoin has been in a rebound channel since the opening yesterday, and the highest point of the day reached 18150.
As analyzed yesterday, since trading volume shrinks the most during a rebound, the momentum for long positions is insufficient, which will suppress the rebound space for the long side. As of press time, the volume has not been effectively expanded. In addition, although the price of the currency has rebounded in the short term, the mid-term adjustment pattern is still continuing, and controlling risks and positions is still the top priority.
Looking at the 4-hour chart, the MACD indicator forms a golden cross in the weak area, the stochastic indicator and the strength index both extend to the overbought area, and the currency price has rushed to the middle track of the Bollinger Band, but the trading volume has shrunk extremely, indicating that the upward space for the currency price at this level is limited, so be cautious about being bullish.
Looking at the 1-hour chart, after failing to break through MA60 with a large-volume medium-yang line during the trading period at 9 p.m. yesterday, the bulls chose to slowly push up the price. Currently, the price is above MA60 again, and the MACD indicator crosses the zero axis, but the trading volume is almost on the floor, and the bullish momentum is still insufficient.
On the whole, the mid-term adjustment trend has not changed, and the short-term bullish momentum is insufficient. Conservative investors are advised to avoid risks first, and aggressive investors can use a light position for reference. If the bulls break through the first resistance level shown in the figure, increase the position appropriately. If the volume breaks through the support line below, stop loss and exit. Do not increase the position before the volume is effectively enlarged.

2. The newcomer index "Bitcoin Price Trend Index" is an indicator similar to the "Long-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.