Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-06-05)

The price of the currency is consolidating, and a breakthrough is imminent
1. Market Trends <br/>Today is June 5, 2017. The current price of Bitcoin is $2554.42. Yesterday morning, the price of the currency fell into a box-shaped horizontal oscillation pattern, and the fluctuation was small. In the afternoon trading, the long side pushed up the price of the currency to break the balance, but the short side immediately pushed the price of the currency to near the upper line of the box pattern in the early trading.
Looking at the daily chart, although MA5 crosses MA10 to form a golden cross, MA10 is still sliding downward. MACD indicator forms a golden cross above the zero axis, and the green column representing the strength of the bulls is showing a trend of amplification, but we should be alert to the top divergence. In addition, the stochastic indicator forms a trend of stretching northward after the golden cross, but the strength index is still fluctuating in the hovering zone, indicating that the market has not yet reached a consensus on the price increase.
Looking at the 4-hour chart, the moving average system (5, 10, 20) still shows a bullish arrangement, but the MACD indicator has a dead cross on the zero axis, and the red column area is expanding. In addition, the stochastic indicator and the strength index have both fallen back to the hovering zone, indicating that the bullish rebound is still relatively weak.
Overall, the rebound of the coin price this time seems to be dragging compared with the previous times, which also reflects that there is still a certain pressure to break through the previous high. In addition, in the 4-hour level chart, the coin price showed signs of stagnation after breaking through $2,500. Long-term investors can hold their positions, because the basic trend of the coin price is still in the bull market channel. Short-term investors can lock in profits, reduce positions, and enter the market after the short-term trend becomes clear.

2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and 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.