Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-24)

Cryptocurrency price reaches historic high, strengthens risk management
1. Market Trends <br/>Today is February 24, 2017. The current price of Bitcoin is 7,900 yuan. Yesterday, the price of Bitcoin fluctuated and fell in a narrow range in the early trading. As analyzed yesterday, this is to accumulate strength for the bulls to attack again. At 3 pm yesterday, the price of Bitcoin stopped the shock and climbed strongly, breaking through 7,700 points. This morning, it still maintained an upward trend, breaking through 7,900 points at one point, and is only one step away from the key point of 8,000 points. On many foreign Bitcoin trading platforms, the price has hit a record high, and the risk has increased sharply. Risk and position management should be strengthened. Medium and long-term investors should plan to gradually take profits and stop profits.
Looking at the daily chart, the moving average system (5, 10, 20) shows a strong bullish arrangement, which helps the price of the currency to climb up. However, the current price of the currency is far from the 5-day moving average, and the bulls may slow down and release risks. The MACD indicator is spreading in a bullish trend, and the green column area is small and keeps expanding, indicating that there is still no sign of momentum exhaustion. The stochastic indicator and the strength index have entered the overbought zone, indicating that the bulls are leading the market trend.
Looking at the 4-hour chart, the moving average system is still in a bullish arrangement. The chart at this level has seen 4 consecutive K-lines break away from the 5-day moving average and climb upward, which requires investors to strengthen risk management. The MACD indicator maintains a good trend after the golden cross, and the area of ​​the green column representing the strength of the bulls continues to expand, indicating that the possibility of a sharp drop in the price of the currency at this level is small.
In the domestic market, 8000 points is a very important price for the currency price. The previous two breakthroughs were quickly adjusted downward. However, as the key factors affecting the currency price continue to spread and are no longer limited to China, the possibility of the currency price standing at 8000 points continues to increase. Despite this, investors should also strengthen their position management and wait for the market to verify the effectiveness of new factors.
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.