Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-10)

The amplitude is gradually decreasing and the short-term direction is unclear
1. Market Trends <br/>Today is March 10, 2017. The current price of Bitcoin is 7850 yuan. The price of Bitcoin was still falling strongly in the morning yesterday. In the 1-hour chart, it opened lower and went lower twice in a row until it reached the lowest point of the day at 7600 at 12 noon. After that, the price of Bitcoin fluctuated and rose. So far, the daily fluctuation of the price of Bitcoin has shown a trend of shrinking, and it is looking for an effective price.
Looking at the daily chart, yesterday's closing price is below the 20-day moving average, which becomes a resistance level, and this is also the resistance level of the middle track of the Bollinger Band. The MACD indicator is still running above the zero axis, but the area of ​​the red column is expanding, indicating that the price of this level has a large downward momentum. The stochastic indicator has a serious bottom divergence phenomenon, and the strength and weakness indicators show signs of rising and stretching northward. The bulls may again slightly probe the bears.
Looking at the 4-hour chart, the price of the currency continues to rebound, and the moving average system (5, 10, 20) forms a golden cross. The MACD indicator cooperates well below the zero axis and also forms a golden cross. At the same time, the bar chart enters the zero axis, indicating that the price of the currency at this level still has room for upward adjustment. However, the rebound of the price of the currency at this level will be blocked by the 20-day moving average, and the blocking position is near 7900.
As analyzed on Monday (March 6), the weekly chart shows that the price of the currency is far from the 5-day moving average, so it is very likely to fall to the moving average system. Since March 7, the daily fluctuation of the currency price has gradually narrowed, and the bulls have successfully stopped the decline, but this does not mean that the short-term trend has become clear. It is recommended that short-term investors wait and see, and medium- and long-term investors can still hold positions, but they need to pay close attention to market dynamics and wait for opportunities.
From the data observation, the recent long-short index shows that the market still has strong optimistic expectations for prices. Once the current price consolidates and the relevant uncertainties are determined, new opportunities may come.


2. Long-Short Index <br/>The figure below shows the long-short index of the daily line.