Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-09)

The price of the currency fell rapidly and the short side took profits
1. Market Trends <br/>Today is March 9, 2017. The current price of Bitcoin is 7,650 yuan. Yesterday morning, the price continued to fall, reaching a new intraday low of around 7,600 at 3 pm, and then rebounded to break through 8,000 points, but after a short stay at this high, it fell again by inertia. Today's morning trading has further fallen, so far, the price has fallen by more than 10% in 48 hours.
Looking at the daily chart, the 5-day moving average crossed the 10-day moving average downward to form a death cross, and the currency price dropped below the 20-day moving average and was suppressed by it. The MACD indicator also formed a death cross. The area of ​​the red bar chart representing the strength of the short side is still expanding, indicating that the currency price at this level still has room for adjustment, and the market may fluctuate sideways to repair and consolidate.
Looking at the 4-hour chart, the moving average system (5, 10, 20) is spreading downward, and the MACD indicator is running below the zero axis, indicating that it is difficult for the bulls to push the currency price up continuously in the near future. However, since the K-line is far away from the moving average system, the stochastic indicator and the strength index have been oscillating in the oversold zone, and we should pay attention to the bulls' attempts. Mid- and long-term investors may wait for opportunities to gradually build positions.
After this round of decline, the price difference between the domestic and foreign exchange prices has further narrowed, and the quarterly contract price is even lower than the spot price. It is not recommended to buy the bottom for the time being. In addition, some positive news is constantly being digested by the price, the domestic market has postponed the resumption of currency withdrawal business, and the market excitement has quickly cooled down. It is recommended that short-term traders lock in profits first and wait for opportunities.

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.