Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-08)

Short side takes the initiative and waits and sees for the time being
1. Market Trends <br/>Today is March 8, 2017. The current price of Bitcoin is 7,900 yuan. Yesterday, the price of the currency fell at the opening of the morning market, and then fluctuated in a narrow range until 11 am. The buying power was exhausted, causing the price of the currency to fall widely. At present, the market dominance has returned to the short side, and short-term wait-and-see is the main trend.
Looking at the daily chart, the price of the currency fell below the 10-day moving average and was effectively supported by the 20-day moving average. The MACD indicator formed a dead cross, and the bar chart representing the strength of long and short positions entered below the zero axis again, indicating that the momentum of the short side was stronger than that of the long side, and the price of the currency at this level still had room for adjustment. At the same time, the stochastic indicator and the strength index quickly extended southward into the oversold zone, and the long side faced greater selling pressure.
Looking at the 4-hour chart, the moving average system (5, 10, 20) spreads downward, showing a short-term pattern. The MACD indicator breaks through the zero axis, and its bar chart continues to run below the zero axis, indicating that the price of this level of currency is still short in the short term. However, due to the divergence between the stochastic indicator and the strength and weakness indicator, after the short side consumes too much energy, the long side may counterattack and regain some lost ground.
In general, although there are obvious differences between the domestic and foreign exchange prices, the magnitude of this round of adjustment is slightly equal. After the price of the currency continued to rise and surpassed the price of gold per ounce, it entered a high-level narrow range of fluctuations on March 4. The pressure from multiple parties suddenly increased, and adjustments were needed to release risks. In the long run, the basic trend of the currency price increase remains unchanged, but in the short term, the game between long and short is fierce, so it is recommended to wait and see.

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.