Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-04-12)

Rebounds hit new highs but still need to be cautious
1. Market Trends <br/>Today is April 12, 2017. The current price of Bitcoin is $1213.8. Yesterday, the price of the currency fell at the opening, and then the bulls tried to break through the opening price, but failed and continued the early trading trend. In the afternoon trading, the bulls pushed up the price again, once reaching $1244.7, a 25-day high.
Looking at the 4-hour chart, the moving average system (5, 10, 20) still shows a bullish arrangement, and the MACD indicator is running in the strong area, but the K line is far away from the moving average. At the same time, the market has formed an inverted hammer line, indicating that the currency at this level is likely to adjust. Both the stochastic indicator and the strength index have extended to the strong area after the top divergence in the weak area, indicating that the bears are still unable to dominate the market trend, and the downward adjustment may be temporarily limited.
Looking at the 1-hour chart, the bullish trend of the moving average system has been destroyed, and the MACD indicator shows signs of forming a death cross in a strong area. At the same time, both the stochastic indicator and the strength index extend to the oversold area, indicating that after rising continuously, the bulls need to accumulate strength before attacking again.
Overall, there is no obvious sign that this round of rebound has ended, and the trend remains good, but the continuous rise is accompanied by a gradual decline in trading volume, which increases the possibility of a correction. At present, the price of the currency rebounds and approaches the resistance zone of the historical high. There may still be momentum and room for short-term growth, but the potential upward space is relatively limited. Investors are advised to lock in risks and participate with light positions. If the price effectively breaks through the new high, then appropriately increase the position.

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.