Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-14)

The rebound is not over yet and there is still resistance ahead
1. Market Trends <br/>Today is March 14, 2017. The current price of Bitcoin is 8,000 yuan. When the market opened yesterday, the price of Bitcoin rose slightly, and then fluctuated and fell. At 11:00 noon, the price of Bitcoin rose above 8,000 points, reaching the highest point of the day at 8,094, but the bears made a comeback and quickly wiped out the gains of the day.
Looking at the daily chart, the moving average system (5, 10, 20) shows a trend of adhesion, and the overall K-line body is getting shorter and shorter. The price of the currency is still suppressed by the 20-day moving average and the middle track of the Bollinger Bands, and the MACD indicator trend is still weak. The bulls still need to accumulate strength to break it. At the same time, the stochastic indicator and the strength index continue to diverge from south to north, indicating that the bulls are still in an advantageous position relative to the bears.
Looking at the 4-hour chart, the moving average system continues to show a bullish arrangement, but the previous effective support level of the 20-day moving average has a downward trend, and the area of ​​the green bar chart of the MACD indicator continues to shrink, indicating that the price of the currency at this level may continue to fluctuate weakly. However, the stochastic indicator divergence phenomenon is serious, and the strength and weakness indicators show signs of spreading northward, so we should pay attention to the multi-party counterattack.
Yesterday, when the price of the currency broke through the 20-day moving average and the middle track of the Bollinger Band on the daily chart, it was quickly suppressed by the bears, and on the 4-hour chart, it attacked sharply without sufficient adjustment, and the bulls further tested the defense line of the bears. In the external market, the price of the currency still maintains a strong rebound trend, driving the internal market. Therefore, from the perspective of the global average price, the price of the currency is still in a rebound trend, but there are still resistances, especially in the internal market, which has greater resistance. If it continues to fail to break through, long positions need to be more cautious.

2. Newcomer Index <br/>The figure shows the 12-hour newcomer index.