Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-31)

Volume continues to shrink and short-term adjustments continue
1. Market Trends <br/>Today is May 31, 2017. The current price of Bitcoin is $2071.88. Yesterday, the price rebounded slightly in the morning and reached a new intraday high of $2271.12 at noon. After that, the price fell rapidly and wiped out the gains in the morning. As analyzed on May 27, before the rebound is confirmed, it is best not to blindly buy at the bottom with a heavy position.
Looking at the daily chart, the long arrangement of the moving average system (5, 10, 20) has been destroyed, the MACD indicator has a dead cross in the strong area, and the bar chart has turned below the zero axis, indicating that the adjustment trend has still been fundamentally reversed. Both the stochastic indicator and the strength index extend southward to the oversold area, and the profit-taking selling behavior is still relatively strong. At present, MA20 and the middle track of the Bollinger Band are at the same price level, which constitutes an effective support level for the currency price. This support level can be focused on in the medium and short term.
Looking at the 4-hour chart, the moving average system shows a short-term arrangement, and the MACD indicator forms a dead cross below the zero axis, indicating that the downward momentum at this level is strong. The stochastic indicator and the RSI have dropped to the oversold zone, and the coin price was suppressed by the MA60 chart at this level in the early trading yesterday and turned down, indicating that the bulls are still weak and it is too early to go long in the short term.
Overall, the price of the currency has been weak so far, with the K-line of the currency alternating between red and green for four consecutive trading days. Due to the excessive accumulation of profit chips, the rebound has been under considerable pressure. For long-term investors, if they have already held a large position, they can lock in part of the profit and avoid risks. It is recommended that short-term investors can intervene with a light position after the price of the currency effectively breaks through the upper pressure line of the triangle on the 4-hour chart (as shown in the figure).

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