Coin Zone Trends: This Week’s Big Data on Bitcoin Price Trends (2017-02-27)

The price of the currency is under pressure and the medium and long term outlook is still bullish
1. Market Trends <br/>Today is February 27, 2017. The current price of Bitcoin is 7,800 yuan. Yesterday, the price of Bitcoin reversed the decline of the day before yesterday after a double bottom appeared in the 1-hour chart in the early trading. Then it climbed up and continued to recover the lost ground of the day before yesterday. Last Friday, the foreign exchange price hit a record high, but the domestic market only broke through 8,100 yuan, which is still a long way from the record high. Recently, the domestic market price has almost become the low point of the world's currency price.
Looking at the daily chart, the moving average system (5, 10, 20) is still in a strong bullish arrangement, and the 5-day average effectively supports the currency price. The MACD indicator trend shows that the bullish momentum is stronger than the bearish one, and the relative strength index is radiating northward, indicating that the basic upward trend of the currency price has not changed fundamentally. However, the stochastic indicator is radiating southward, showing signs of moving towards the oversold zone. The divergent trends between the indicators require investors to pay close attention, because this is a sign of problems with the health of the market.
Looking at the 4-hour chart, the moving average system is scattered, and the price of the currency rebounds and tries to break through 8000, showing a slight V-shaped state. At the same time, the area of ​​the red column representing the strength of the short side gradually shrinks, and the stochastic indicator and the strength index both extend northward, indicating that after the bulls have taken the market advantage, they will impact 8000, but there is still pressure to break through.
Overall, the foreign exchange price has hit a record high for three days, while the domestic market still has some pressure to break through 8000CNY, almost becoming a depression in the world's currency price. As emphasized last week, the key factors affecting the currency price are showing a trend of balanced development, no longer limited to China. Recently, from a global perspective, Bitcoin's economic fundamentals are good, supporting the currency price.
From the data observation, the trend indicators from last night to this morning are all bullish, indicating that the market has obvious bullish power. The number of new entrants is quite high, the currency price is strongly supported, and the medium and long-term outlook is still optimistic.


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.