Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-28)

Short-term oversold rebound will still be consolidated in the future
1. Market Trends <br/>Today is March 28, 2017. The current price of Bitcoin is 6920 yuan. After a sharp rebound the day before yesterday, the price of Bitcoin entered a correction trend in the early trading yesterday. At noon, the price of Bitcoin resumed its upward trend and completely wiped out the decline in the early trading.
Looking at the 12-hour chart, the 5-day moving average breaks through the 10-day moving average upward, forming a golden cross, but the price of the currency is under obvious pressure from the 20-day moving average. The MACD indicator forms a golden cross in the weak area, and the area of ​​the green column representing the strength of the bulls gradually expands, indicating that the bullish momentum is gradually increasing. However, due to the lack of volume support in the rebound, and the inconsistent trends of the stochastic indicator and the strength and weakness indicator, it shows that the market is not unified in its bullish opinion on the future market.
Looking at the 4-hour chart, the moving average system (5,1020) is in a bullish arrangement, and the MACD indicator intends to break through the zero axis from bottom to top, which is a good match. However, the price of the currency at this level is obviously suppressed by the 60-day moving average. After the price breaks through the 60-day moving average, it will be confirmed that the downward trend has been reversed only after it has fallen back and confirmed.
After a sharp drop, the price of the currency is rebounding. However, it is still difficult to say that it has bottomed out and stabilized. It is more likely to be a technical correction. Therefore, it is still necessary to reduce positions appropriately after the rebound and be cautious. For investors who have not opened positions, it is recommended to wait for the price of the currency to fall back to the 4-hour 60-day moving average to confirm the trend before participating in the market.

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.