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

Consolidation positions and wait-and-see pursuit of higher prices require caution
1. Market Trends <br/>Today is June 7, 2017. The current price of Bitcoin is RMB 20,150. After the opening yesterday, the price of Bitcoin continued its previous upward trend and broke through the RMB 20,000 mark in one fell swoop. However, after the midday trading, the market fell into consolidation and tended to stagnate. At this time, you need to be cautious when chasing high prices.
Looking at the daily chart, the moving average system (5, 10, 20) once again shows a bullish arrangement, and the MACD indicator is running in a strong area above the zero axis, indicating that the bottom support level is constantly moving upward. However, when the price hit a record high, the MACD indicator, stochastic indicator and strength index all showed a top divergence phenomenon, and multiple indicators showed resonance. Investors should be vigilant and guard against short-selling pressure.
Looking at the 4-hour chart, the moving average system still shows a bullish arrangement, the green column of the MACD indicator shows a shrinking trend, and the price has a stagflation trend at a high level, and the price trend at this level is bearish. In addition, both the stochastic indicator and the strength and weakness index have shown a top divergence, and various signs indicate that it is not advisable to chase highs in the near future.
Overall, the current coin price is still in a clear upward trend, but the above indicators all send out danger signals, and the current round of price increases that began at the end of May has accumulated a large amount of profit floating chips, so don't forget the risks in the future market. For investors with lower holding costs, move the stop loss up according to the support and resistance levels.
2. Newcomer Index <br/>The picture shows the Bitcoin daily newcomer index