Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-18)

New investors surge, coin price hits new high

1. Market Trends <br/>Today is May 18, 2017. The current price of Bitcoin is $1759.93. After the opening yesterday, the price of the currency fell slightly, reaching a new intraday low of 1501. After the trading session started at 10:00, the price of the currency stopped falling and rebounded strongly. After a short rest near the previous high (as shown in the figure), it once again refreshed the historical highest record.
Looking at the daily chart, the moving average system (5, 10, 20) and MACD indicators formed a death cross yesterday, and the bearish pattern failed to continue. Today, they both formed a golden cross and entered a bullish pattern, indicating that the buying power was much stronger than the profit-taking. Both the stochastic indicator and the strength index have moved out of the oversold zone and extended northward to the hovering zone, indicating that the market is relatively bullish in the future.
Looking at the 4-hour chart, the moving average system is still in a bullish pattern, the MACD indicator breaks through the zero axis upward, and the price of the currency breaks the new high this time without any deviation, so there is considerable room for future growth. However, it should be noted that the trading volume has been significantly reduced compared with the previous time when the price reached a new high.
Overall, the price of the currency rebounded strongly after hitting the bottom of $1,400 twice, and the bulls did not hesitate in the middle. If investors refer to the analysis of the previous few days, it is suitable to intervene in the market when the price breaks through the neckline of the 4-hour chart, then it is mainly to hold positions now. After the currency price falls back and confirms that it has broken through the previous high (as shown in the figure), then intervene in the market appropriately.

2. Newcomer Index