Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-23)

Adjustments from multiple parties to accumulate strength and attack again
1. Market Trends <br/>Today is February 23, 2017. The current price of Bitcoin is 7,400 yuan. Yesterday, the price of the currency rose first, then fell, and then rose again. The fluctuation range for the whole day was about 2.5%, and finally closed with a positive line with a small body. Since the trading volume yesterday was not large, it was more of a test between the long and short sides of the internal market.
Looking at the 4-hour chart, the 5-day moving average shows signs of breaking through the 10-day moving average to form a dead cross. At the same time, the MACD indicator shows a dead cross, indicating that the price of the currency at this level still has room to fall. The stochastic indicator and the strength index quickly extend southward and enter the oversold zone. The bulls are facing greater selling pressure, and the bears once dominated the market trend.
Looking at the 1-hour chart, the price of the currency has fallen below the 20-day average, the MACD indicator has a dead cross, and the area of ​​the red column representing the strength of the short side is expanding, indicating that the price of the currency at this level has entered a downward trend. Both the stochastic indicator and the strength index have entered the oversold zone, indicating that the possibility of a sharp rise in the price of the currency in the short term is small. However, due to the rapid consumption of the momentum of the short side, we should pay close attention to the long side taking the opportunity to counterattack.
As analyzed yesterday, after the price of the currency breaks through the pressure level of 7400, it needs to fall back to confirm. However, this analysis conclusion is based on the fact that domestic Bitcoin exchanges have not yet resumed the withdrawal business, which has led to investors being more cautious. In fact, after a round of rise yesterday, the foreign currency price is above 7700 yuan. From the global trend, the currency price is still in an upward channel.

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.