Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-04-17)

The short side stopped at the point, and the long side's counterattack was weak
1. Market Trends <br/>Today is April 17, 2017. The current price of Bitcoin is $1214.4. After yesterday's opening, the price of the currency turned from weak to strong. After conquering $1200, the bulls took a short break and entered a sideways and narrow fluctuation pattern. In the afternoon trading, the bulls exerted their strength again and pushed the price above $1210.
Looking at the daily chart, MA5 crosses MA10 downward to form a dead cross, and the MACD indicator continues to retreat to the zero axis. The area of ​​the green column representing the strength of the bulls is still shrinking, indicating that the price behavior is weak and it still takes time to wash out the floating profit. Since the price of the currency rebounded from March 15 to now, the trading volume has been gradually shrinking, and this small-level correction is no exception. This is a sign worthy of close attention.
Looking at the 4-hour chart, the moving average system shows a weak bullish pattern, but the MA60 is still sliding downward, and the DIF of the MACD indicator crosses the zero axis from bottom to top, indicating that buying power is accumulating. At the same time, the stochastic indicator and the strength index are oscillating in the hovering zone, and have not yet reached a consensus on the direction, indicating that the differences between the long and short sides are still large.
Overall, the bears did not pursue the callback relentlessly this time, and the bulls gradually recovered the lost ground after a certain point, so the rebound pattern did not change fundamentally, and the center of gravity of the currency price is still moving upward. However, as the trading volume continues to shrink, the rebound space in the later period is squeezed. The operation strategy is the same as emphasized a few days ago. It is recommended that aggressive investors can lighten their positions to gain short-term profits, and conservative investors should watch more and do less.

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.