Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-17)

There is still pressure for rebound breakthrough, and we still need to wait patiently
1. Market Trends <br/>Today is May 17, 2017. The current price of Bitcoin is $1546.03. After the opening yesterday, the price rebounded by more than $100, and then fell by nearly $200, reaching a new intraday low of 1424. In the afternoon trading, the price of the currency began to rise slowly.
Looking at the daily chart, the moving average system (5, 10, 20) forms a death cross, and the MACD indicator also forms a death cross in the strong area, indicating that the short-selling capacity of the short side is relatively strong. The stochastic indicator and the strength index both extend southward to the hovering area, and the supply still exceeds the demand.
Looking at the 4-hour chart, the moving average system still shows a bearish pattern, and the MACD indicator is running in a weak area, indicating that the bears still have an advantage at this level. As analyzed yesterday, if the price cannot break through the neckline of the M-top pattern (as shown in the figure), it is likely to fall again. Today, the bulls will test this pressure line again. Before there is an effective breakthrough, it is not recommended to intervene in the market with a heavy position.
On the whole, although there are signs of stopping the decline in prices on smaller-level charts, the price trend on large-level coin charts (4-hour chart and daily chart) is still in a bearish pattern. Before effectively breaking through the neckline pressure line of the 4-hour chart, it is recommended that investors participate with light positions and do not hold heavy positions to buy at the bottom.

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.