Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-04-11)

Beware of short-side attempts in a deep V rebound with reduced volume
1. Market Trends <br/>Today is April 11, 2017. The current price of Bitcoin is $1,215. After the opening yesterday, the price continued the previous trend, climbing slightly upward, but soon entered a wide range of fluctuations. In the afternoon trading, the bulls pulled up strongly, setting a new intraday high of $1,299.
Looking at the daily chart, the moving average system (5, 10, 20) shows a bullish arrangement, which helps the price of the currency to climb up. The MACD indicator turns from strong bullish to weak, and the stochastic indicator and the strength index are blunted in the strong zone. At the same time, this round of rebound shows a deep V shape, but the trading volume gradually shrinks, indicating that market risks continue to accumulate and need to be adjusted and released.
Looking at the 4-hour chart, after two big positive lines, the price of the currency entered a correction pattern again, and the bullish pattern of the moving average system was destroyed. Since March 25, the price of the currency at this level has been rising wave by wave, and the MACD indicator has continued to run in a strong area, indicating that the market trend is still dominated by bulls.
In general, after the US dollar rebounded and broke through the M-top neckline, it took only two trading days to hit the historical high again. However, due to the continuous shrinking of trading volume, the bullish momentum showed signs of over-consumption. Investors are advised to control risk exposure and not expose most of their funds to risks.

2 Newcomer Index <br/>The figure below shows the daily newcomer index.