Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-23)

The price of the currency rises and then falls, so it is not advisable to hold a large position in the short term
1. Market Trends <br/>Today is May 23, 2017. The current price of Bitcoin is $2150.58. After the opening yesterday, the price of the currency continued the previous upward trend and hit an intraday high of $2562.55. However, after the bulls pushed the price up and broke through the sideways trend in the afternoon trading, it soon fell sharply, reaching a low of $2076.35.
Looking at the daily chart, the bullish arrangement of the moving average system (5, 10, 20) remains intact, and the MACD indicator shows signs of blunting in the strong and strong area, and its reference value has declined. The chart of this level closed with a shooting star line with a long upper shadow and a short body yesterday, and the possibility of a short-term adjustment in the currency price has increased. In addition, the stochastic indicator and the strength and weakness index are both extending southward to the hovering zone, indicating that the bullish momentum is gradually weakening.
Looking at the 4-hour chart, the bullish pattern of the moving average system has not been destroyed, the MACD indicator shows signs of forming a dead cross at a high level, and the stochastic indicator and the strength index have fallen from the overbought area to the hovering area, indicating that the price of this level of currency still has room for adjustment. In addition, the price of this level of currency broke this pattern with a large negative line after stagnation at a high level, so short-term heavy positions chasing highs need to be cautious.
Overall, the bullish pattern of each period chart has not changed fundamentally. However, the daily chart shows that the bulls have reported 6 consecutive medium-sized positive lines, and the adjustment demand has increased. In addition, since the market is in a bull market channel, it is not appropriate to guess the top subjectively. It is not ruled out that the currency price will repeat the rebound momentum that began on the 16th of this month. Therefore, for long-term investors, they can still hold positions and wait and see, and short-term investors can lock in profits and then increase their positions appropriately after the market verifies that the bearish signal is invalid.
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.