Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-15)

The bullish pattern remains unchanged and waits for a breakthrough before re-entering
1. Market Trends <br/>Today is May 15, 2017. The current price of Bitcoin is $1,697.14. As analyzed last week, there is a need for price adjustment in the near future. After a sharp drop, the price continued to rebound at the beginning of yesterday's opening, breaking through the $1,700 price again. In the late trading, the rising trend of the price was interrupted and entered a consolidation pattern.
Looking at the daily chart, the moving average system (5, 10, 20) still shows a bullish arrangement, and the MACD indicator is running in a strong area, indicating that the bullish trend has not been fundamentally damaged. Both the stochastic indicator and the strength index have extended from the hovering area to the overbought area, indicating that the buying power is still dominant. In addition, we need to be vigilant about the high stagnation of the currency price at this level.
Looking at the 4-hour chart, the bullish pattern of the moving average system has been destroyed, but the MACD indicator shows signs of refusing to cross the zero axis, indicating that the bullish price behavior is still relatively strong. The stochastic indicator and the RSI are rapidly extending to the overbought zone, and the price of the currency at this level still has upward potential.
Overall, despite a certain degree of adjustment over the weekend, the bullish pattern of the coin price has not changed. If the coin price effectively breaks through the downward trend line of the hourly chart (as shown in the figure), the market may hit a new high. Before that, short-term investors should still avoid risks and not blindly enter with heavy positions.
2. Newcomer Index <br/>The number of newcomers to the Bitcoin investment market has increased rapidly recently, and the price of the currency is expected to rise further after it stabilizes. The figure shows the 4-hour newcomer index.