Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-02)

It is too early to call the top after breaking through the consolidation pattern
1. Market Trends <br/>Today is May 2, 2017. The current price of Bitcoin is 1400.02 USD. Yesterday morning, the price of Bitcoin continued its upward trend and continued to rise. At noon, after a short rest, the price of Bitcoin was pushed up again, and the highest point of the day reached 1400 USD.
Looking at the weekly chart, the moving average system (5, 10, 20) shows a bullish arrangement again, and the MACD indicator forms a golden cross in the strong area, indicating that the bulls have sufficient upward momentum. In addition, both the stochastic indicator and the RSI are extending to the overbought area, indicating that there are more buying orders than floating chips for exchange profits. After the price of the currency at this level breaks through the previous high, it indicates that the bulls have broken through the triangle consolidation pattern since January this year (as shown in the figure).
Looking at the daily chart, the moving average system shows a strong bullish arrangement, and the MACD indicator is running in a strong area, indicating that the lowest support is constantly rising. In addition, the opening of the Bollinger Bands of this level chart continues to expand, and the price of the currency continues to rise along the upper track, indicating that the price of the currency still needs to rise in the short term. However, due to the rapid rise, we should pay attention to the short side's test.
In general, when the price of the currency broke through the previous pressure level of $1,300, it only adjusted narrowly for about two days before climbing to $1,400. In this way, the bulls broke through the triangle consolidation pattern in the weekly chart that started in January. There is a possibility of stepping back to the upper line of the triangle pattern in the future, or at least adjusting and consolidating. Therefore, in the long run, the price of the currency is still in the bull market channel. It is too early to say that it has reached the top, but there is a need for adjustment in the short term. Investors are advised to watch more and do less after locking in profits, while risk-averse investors can stay in small positions to participate in the market.

2. Newcomer Index <br/>The figure shows the 12-hour newcomer index