Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-24)

The downward momentum is gradually exhausted, beware of the bullish counterattack
1. Market Trends <br/>Today is March 24, 2017. The current price of Bitcoin is 6960 yuan. Yesterday morning, the price of the currency first climbed and then fell, and fell below the opening price. At noon, the bulls fought back again, resulting in long upper and lower shadows of the daily K-line but short real body. After a sharp drop, the momentum of the bears showed signs of exhaustion, so be alert to the bulls' upward test.
Looking at the daily chart, the moving average system (5, 10, 20) is still in a short position, and the price of the currency is temporarily under pressure from the 5-day moving average. The MACD indicator is running in a weak area, but the red energy column shows that the bearish momentum is strong, indicating that the price of the currency at this level still needs time to build a stage bottom. At the same time, the stochastic indicator and the strength index continue to run in the oversold area, so be alert to the long side's attempt to sell floating chips.
Looking at the 4-hour chart, the K-line fluctuates upward in the form of alternating small negative and small positive lines, and the MACD indicator shows that the downward momentum is gradually weakening. The stochastic indicator accumulates strength to get rid of the weak area, while the strength index is weak in stretching upward, indicating that the bulls lack confidence in the upward attack, resulting in a limited increase in the price of the currency. The market needs more time to build a staged bottom.
In general, after the bears have strongly suppressed the price of the currency, the momentum is seriously overdrawn in the short term, and the possibility of a sharp decline again is relatively small. However, there are constant disputes within the community, and the market confidence still needs to be restored. The potential upward space of the currency price is temporarily limited, and the market needs more time to build a stage bottom. Therefore, investors are advised to operate cautiously before the trend is clear.
Judging from the data, the newcomer index continues to decline, while the gradually rising long-short index may indicate that market confidence is recovering.

2. Long/Short Index
The figure below shows the daily long and short index.