Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-08)

If it encounters support and rebounds, it will break through the previous high and then enter again
1. Market Trends <br/>Today is May 8, 2017. The current price of Bitcoin is $1,480. Yesterday morning, the price of Bitcoin continued to rise, and the highest point of the day once exceeded $1,500. In the late trading, the price of Bitcoin broke through the $1,500 price level, and once dropped to around $1,440 in the early morning, and then rebounded strongly to the current price.
Looking at the daily chart, the moving average system (5, 10, 20) still shows a bullish arrangement, and the MACD indicator is still running in the strong area, indicating that the lowest support level is constantly rising. Yesterday, the K-line of this level formed a bearish hammer line, and the stochastic indicator and the strength index both dropped from the overbought area to the hovering area, indicating that the bulls may continue to retreat downward.
Looking at the 4-hour chart, the moving average system has shown a short-term arrangement, and the MACD indicator shows signs of breaking through the zero axis from top to bottom, indicating that the supply from the selling side is relatively strong. In addition, the stochastic indicator and the strength index are both heading south to the oversold zone, and the coin price still has some room for adjustment. The current price can be bought after breaking through the previous high.
Overall, the trading volume has increased significantly in the past four trading days, but it is blocked by the price of $1,500. There is still great pressure on the upper block, and it will continue to attack after the multi-party accumulation of power. From a long-term perspective, the bullish thinking remains unchanged, but there will be a certain degree of adjustment in the short term. For long-term investors, continue to hold positions, while over-the-line investors need to strengthen position management.

2. Newcomer Index <br/>The following figure shows the daily newcomer index trend chart