Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-20)

Adjustment of the overall situation is difficult to change, focus on short-term rebound
1. Market Trends <br/>Today is March 20, 2017. The current price of Bitcoin is 7030 yuan. The price of Bitcoin fluctuated and fell in the morning yesterday, and continued to explore new bottoms. It was not until the late trading that it rose and erased the previous decline in the day. Therefore, the lower shadow and body of the daily level K-line yesterday were relatively long.
Looking at the daily chart, the moving average system (5, 10, 20) is in a short position, and the DIFF of the MACD indicator crosses the zero axis from top to bottom, indicating that the weak pattern of the current level has not changed. However, since the K line is far away from the moving average system, the stochastic indicator and the strength index extend from the oversold area to the overbought area, indicating that the momentum of the bears is exhausted after three consecutive declines, and the bulls may take the opportunity to attack.
Looking at the 4-hour chart, the moving average system is scattered downward, and the price of the currency at this level is still hindered by the 20-day moving average. However, the MACD indicator forms a golden cross below the zero axis, the histogram begins to run above the zero axis, and the stochastic indicator and the strength index enter the overbought zone, so the price of the currency at this level still has room for upward adjustment.
In this round of price decline, the decline of the foreign market is greater than that of the domestic market, resulting in a further narrowing of the price difference between the two. Since the bottom of this decline is below the previous bottom, if this round of rebound fails to break through and causes the price of the currency to fall further, the weak fundamental situation will become more severe. Investors are advised to look for favorable opportunities to lock in profits, and it is not recommended to adopt aggressive strategies to intervene 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.