Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-11)

The pace of the upward attack has slowed down and short-term adjustments may be needed
1. Market Trends <br/>Today is May 11, 2017. The current price of Bitcoin is $1,661.14. The price of Bitcoin rose slightly at the opening yesterday, but after the long side failed to attack $1,700, it immediately fell into an adjustment trend. At noon, the price of Bitcoin fell rapidly, erasing the gains in the early trading.
Looking at the daily chart, the moving average system (5, 10, 20) shows a bullish arrangement, and the green column of the MACD indicator is still showing an enlarged trend, but the K-line reports a small cross star far away from the moving average system, and it is expected that the market will have a need for adjustment in the short term. Both the stochastic indicator and the strength index show signs of extending southward to the hovering zone, indicating that the strong upward price behavior has slowed down.
Looking at the 4-hour chart, the bullish pattern of the moving average system was destroyed, and a dead cross appeared. At the same time, the MACD indicator also formed a dead cross in the strong area. The green column representing the strength of the bulls is also gradually shrinking, indicating that the bulls have slowed down their pace of attack and retreated to adjust the shock and accumulate strength. In addition, although the price of this level of currency is showing a trend of sideways fluctuations, the price center of gravity is gradually moving downward. It is expected that the bulls will wait for an opportunity to counterattack after falling to the middle track of the Bollinger band.
Overall, it is normal for the price of the currency to adjust after continuously attacking and capturing the camp and setting a new record high, and there is no sign that the upward trend has undergone a fundamental change. In the short term, investors can pay attention to the MA5 of the daily chart or the middle track support of the Bollinger Bands on the 4-hour chart, and can enter the market with a small position when the price drops.
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.