Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-28)

The price of the currency continues to be under pressure and attention is paid to the rebound during the day
1. Market Trends <br/>Today is June 28, 2017. The current price of Bitcoin is 17,799 yuan. Yesterday morning, the price of Bitcoin fluctuated upward in a narrow range, but failed to break through the pressure line of 19,000 yuan. Then the bears exerted their strength and the price of Bitcoin fell sharply, reaching the lowest point of 16,709 yuan.
Looking at the 4-hour chart, the moving average system bottom (5, 10, 20) has an obvious short-selling pattern, and the MACD indicator has no bottom divergence after a sharp decline. In addition, after two large-volume cross stars appeared at the bottom, the bulls pulled out a medium-yang line, and this round of decline came to a temporary end. However, due to the obvious gradual shrinkage of trading volume, it shows that the intraday bullish momentum is still relatively weak, and the intraday rebound is thus limited.
Looking at the 1-hour chart, the price of the currency at this level also stabilized and rebounded after the reversal pattern of the cross star appeared at the bottom. Similarly, the trading volume shrank significantly during the rebound, and the momentum for long positions is still insufficient today.
In the short term, a cross star with large volume is a relatively effective reversal pattern, provided that the price is in a clearly identifiable downtrend.
Overall, the price of the currency is still in the mid-term adjustment, and the possibility of limited intraday rebound is relatively high. However, if the currency price fluctuates sideways and then the bulls increase their volume, then there is considerable room for rebound. Short-term investors can enter the market with a light position, but should strictly set the stop loss according to the support level shown in the figure. Long-term investors should lock in profits and reduce appropriately to avoid mid-term adjustment risks.

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