Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-29)

Bulls continue to attack and wait for confirmation of pullback
1. Market Trends <br/>Today is March 29, 2017. The current price of Bitcoin is 6960 yuan. Yesterday, the price of Bitcoin was still strong, continuing the rebound trend. After hitting a new intraday low at 10:00 in the morning, it stopped falling and rebounded strongly at 3:00 in the afternoon, erasing the early morning decline.
Looking at the 12-hour chart, after the 5-day moving average broke through the 10-day moving average from bottom to top to form a golden cross, the coin price successfully broke through the 20-day moving average, but it needs to step back to determine whether it is an effective breakthrough. The MACD indicator formed a golden cross below the zero axis, and the green column area is still expanding, indicating that the bullish momentum at this level is gradually increasing. However, since this round of decline, the bottom and peak of the coin price at this level have been successively lower, and it is too early to say that the trend is reversing.
Looking at the 4-hour chart, the moving average system (5, 10, 20) is still in a bullish arrangement, and the bulls and bears are fighting near the 60-day moving average. The MACD indicator breaks through the zero axis upward, but the stochastic indicator and the strength index have a tendency to extend to the oversold zone, and the market is still inconsistent in its bullish opinions. Similarly, the bottom and peak of the currency price at this level are successively lower, and a pullback is needed to confirm the medium- and short-term trend.
Overall, the currency price has been strong in the past three trading days, but the rebound pressure is still large. Through the above analysis, the short-term and medium-term trend needs to be confirmed by the market retracement. The operation is not to obtain as much profit as possible, but to seek the maximum profit under safe conditions. Therefore, it is recommended that investors participate with a light position and increase their positions after confirming the trend signal.
Looking at the data, the number of new investors entering the market increased slightly yesterday, but trend indicators show that the selling pressure is still relatively large and the market may need time to adjust.

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.