Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-22)

The price of the currency breaks the previous high and needs a signal to confirm
1. Market Trends <br/>Today is February 22, 2017. The current price of Bitcoin is 7,500 yuan. Yesterday, the price of the currency maintained the trend of rising at the opening and continued to rise. As of press time, the price of the currency has broken through the high point of 7,400 yuan on February 8, and the overall pattern is a cup handle. However, whether the bulls are luring more or standing firmly at 7,400 yuan, further confirmation of signals is needed.
Looking at the daily chart, as analyzed yesterday, all signs show that the bullish momentum is stronger than the bearish momentum, and there is considerable room for further growth. At present, the moving average system (5, 10, 20) still maintains an upward radiating pattern, and the MACD indicator forms a strong bullish trend, indicating that the bulls still dominate the market trend. The price of the currency touched the upper track of the Bollinger Band, but it was suppressed and did not break through. It may break through in the future.
Looking at the 4-hour chart, the moving average system still maintains a bullish pattern, but the K line is far from the 5-day moving average, and there is room for downward adjustment. The area of ​​the green column representing the strength of the bulls begins to shrink, and the strength index and stochastic index stretch from north to south, indicating that the price of the currency at this level will undergo a moderate adjustment.
After the price of the currency breaks through the previous high pressure, the pressure on the bulls increases, and it takes time to release the risk of profit-taking and sell-off, and convert potential shorts into longs. Investors are advised to let profits run under the condition of strictly setting stop-loss positions.

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.