Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-17)

The short side may break the balance and continue to search for the bottom
1. Market Trends <br/>Today is March 17, 2017. The current price of Bitcoin is 7,700 yuan. Yesterday morning, the price of the currency continued to fluctuate in a narrow range. After lunch, the short side broke the balance pattern and the price of the currency fell. After a few days of tug-of-war, the price of the currency could not break through the previous high and fell below the previous bottom. The market's expectations of a decline have further increased.
Looking at the daily chart, the moving average system (5, 10, 20) is slightly scattered downward, the price of the currency has fallen to the lower track of the Bollinger Band, and the MACD red column continues to expand, indicating that the price behavior is weak. The stochastic indicator and the strength index are rapidly extending southward, the selling pressure of profit-taking is still strong, and the short side has the market advantage.
Looking at the 4-hour chart, the moving average system has an obvious short-term arrangement pattern and has fallen below the lower track of the Bollinger Band. The MACD indicator fell below the zero axis, and the red column representing the strength of the short side accelerated and expanded, indicating that the price trend of the currency at this level is still dominated by the short side. However, since the K line is far away from the moving average system, the energy of the short side is consumed too quickly, and the long side may take the opportunity to recover some lost ground.
The bears took the lead in breaking the seesaw situation that lasted for many days, resulting in the long-side rebound failing to break through the previous high and falling to almost the same level as the previous bottom. This is the first time since the domestic market hit a new high and then fell sharply. As the positive news is digested, the market's bullish expectations have declined. Although these signs are not enough to prove a fundamental change in the market trend, they are worthy of investors' attention. Therefore, it is not recommended to adopt a fierce operation strategy, and small positions should be intervened.

2. Newcomer Index
The figure shows the 12-hour newcomer index