Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-03-01)

High-level wide fluctuations and short-term trends are unclear
1. Market Trends <br/>Today is March 1, 2017. The current price of Bitcoin is 7950 yuan. Yesterday, the price of Bitcoin reversed and went up in the early trading, forming an upward trend from the opening, breaking through 8000 yuan at 8 am, and the intraday high reached 8100. After that, the market experienced a short-term sharp drop, once reaching 7750 yuan. When the price of Bitcoin fluctuates widely at a high level, the short-term trend is unclear, and positions should be controlled.
Looking at the daily chart, the moving average system (5, 10, 20) is still in a bullish arrangement, but the 5-day moving average has begun to turn downward, reducing the support for the coin price. The coin price at this level has touched the upper track of the Bollinger Band for three consecutive days, but was quickly suppressed by the bears, and the area of ​​the green bar chart representing the strength of the bulls is shrinking, indicating that the bears' momentum is still strong, and investors should be vigilant about this signal. Looking back, the flat top pressure formed on January 4 and 5 continues to suppress the coin price upward.
Looking at the 4-hour chart, the moving average system is oscillating and sticking again, and the support for the currency price has been reduced. At the same time, the MACD histogram, which represents the strength of long and short positions, continues to run below the zero axis, indicating that the momentum of the short side is still strong. The stochastic indicator and the strength index are wandering on the edge of the oversold zone, indicating that the recent market is likely to be weak.
In general, after several trading days of wide fluctuations, the desire to cash in short-term profits is increasing, and some longs have turned into shorts, resulting in a weakening of the long side. However, this does not mean that the price of the currency will definitely fall. Since the foreign currency price remains above 8,100 yuan, it is also possible that the long side is fluctuating at a high level to absorb funds. Investors should strengthen position management and wait for the trend to become clear.

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.