Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-24)

The chips are becoming increasingly loose, and there may be adjustments in the short term
1. Market Trends <br/>Today is May 24, 2017. The current price of Bitcoin is $2324.42. Yesterday, the long-short game intensified at a high level. Shortly after the opening, the short side pushed the price of the currency to the lowest point of the day at $2139.99. Afterwards, the long side counterattacked and gradually raised the price of the currency.
Looking at the daily chart, the moving average system (5, 10, 20) has a good bullish pattern, and the MACD indicator is still extending northward in the strong area, indicating that the lowest support level is still rising. However, both the stochastic indicator and the strength indicator at this level have shown a top divergence phenomenon, and the possibility of a short-term correction is high.
Looking at the 4-hour chart, the moving average system refuses to form a dead cross, and the MACD indicator, stochastic indicator, and strength and weakness indicators all show divergence. In addition, the price of this level of currency shows signs of high stagnation, indicating that the chips are becoming increasingly loose, and the motivation for profit realization is increasing.
In addition, although some signs on the chart indicate that the currency price is at risk of a short-term correction, the currency price is still in a bull market channel and the market is still dominated by bulls, so it is not advisable to open a short position in a hurry.
In general, the price of the currency has increased recently, and the K-line on the daily chart frequently shows long upper and lower shadows, indicating that the chips are becoming increasingly loose, and more and more profit-taking orders are cashing in profits. However, due to the unique characteristics of the Bitcoin market, some investors buy some Bitcoins not for short-term profit margins. Therefore, it is recommended that short-term investors can lock in part of the profits to avoid potential unrecognized risks. Long-term investors still hold positions and enjoy the feast of the bull market.

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