Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-07)

The price of the currency may retreat and adjust if it is weak in the upward trend
1. Market Trends <br/>Today is March 7, 2017. The current price of Bitcoin is 8,250 yuan. Yesterday, the price of the currency continued its previous upward trend in the early trading, climbing slightly, but was quickly hit by the short side. After that, the long and short sides saw each other, and after the double top pattern was formed in the 1-hour chart, the long side retreated to the front line, causing the daily K to close with a short shadow.
Looking at the daily chart, the moving average system (5, 10, 20) is still bullish, but the price of the currency has fallen below the 5-day moving average. The area of ​​the green bar chart representing the strength of the bulls is still shrinking, indicating that the bullish momentum is gradually fading, suppressing the price of the currency to climb up. At the same time, the stochastic indicator and the strength index are weak and stretching southward, so beware of the risk of the currency price breaking through the false high.
Looking at the 4-hour chart, the moving average system is scattered downward, and the area of ​​the red bar chart representing the strength of the short side continues to expand, indicating that the price of the currency at this level is under great pressure to rise. The stochastic indicator and the strength index extend southward and quickly enter the oversold area, and the short selling pressure is still obvious. However, the momentum of the short side continues to be consumed, and the long side will counterattack and regain lost ground.
In general, the price gap between domestic and foreign markets continues to widen, and market risks continue to accumulate. In addition, after the weekend adjustment, the short-term market bullish force will weaken, and at the same time, facing the selling pressure of profit-taking, the possibility of currency price reduction increases. It is recommended that investors further reduce their contract positions, lock in profits in spot, and then look for opportunities to open positions again.
2. Newcomer Index <br/>The figure shows the newcomer index after 12 hours.