Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-08)

The bull market pattern has not changed and short-term adjustments are still needed
1. Market Trends <br/>Today is June 8, 2017. The current price of Bitcoin is RMB 18,380. At the beginning of yesterday's opening, the price of the currency rose slightly, but did not set a new high again. After that, the price of the currency fell into a downward adjustment pattern. As analyzed yesterday, the price of the currency has a tendency to stagnate at a high level, so be cautious when chasing high prices.
The moving average system (5, 10, 20) still shows a bullish arrangement, but the price of the currency has dropped below MA5. The green column of the MACD indicator representing the strength of the bulls is gradually shrinking, and the top divergence phenomenon is obvious, indicating that the upward momentum of the bulls is relatively weak. In addition, the stochastic indicator and the strength index have both shown a dead cross extending to the south to the hovering zone, and the price trend at this level is still bearish.
Looking at the 4-hour chart, the bullish arrangement of the moving average system has been destroyed, the MACD indicator has a dead cross above the zero axis, and the red column representing the strength of the short side has expanded, and the selling is relatively strong. However, the stochastic indicator and the strength index at this level have both bottomed out, and the price is likely to pull back in the near future, but it is not recommended to buy the bottom with a heavy position now.
Overall, yesterday's adjustment was expected. Although the price of the currency has dropped below the previous high support level, this is not enough to indicate an effective breakthrough. If the price continues to drop and the rebound does not break through the pressure level, the market may need a longer period of adjustment. It is recommended that long-term investors can still hold their positions, while short-term investors should not rush to buy at the bottom.
2. Newcomer Index <br/>The figure shows the 12-hour newcomer index