Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-17)

The price of the currency continues to rise and the bullish momentum is gradually strengthening
1. Market Trends <br/>Today is February 17, 2017. The current price of Bitcoin is 6850 yuan. Yesterday, the price of Bitcoin was blocked by the 20-day moving average in the early trading and still fluctuated within a range. At 10 o'clock in the morning, the price of Bitcoin suddenly rose by nearly 100 points, reaching a new intraday high of 6850, and then quickly dropped to around 6760.
Looking at the daily chart, yesterday the foreign exchange price broke through the ascending triangle and brought a wave of pull-ups. Last night, the upward trend continued, and even brought up the domestic market. After the market came out of the middle-yin candlestick on February 13, it came out of the small-bodied Yang line for three consecutive days, moving upward step by step, and completely recovered the lost ground on the 13th. Since there was no big Yang line in the rebound, the bullish momentum did not show signs of exhaustion, but gradually strengthened, so the rebound space is still worth looking forward to. However, the moving average system (5, 10, 20) is still scattering downward, showing a short arrangement, and the MACD indicator is still moving downward to the zero axis. Therefore, it is unlikely to rush to pull up again in the short term.
Looking at the 4-hour chart, the moving average system is in a strong bullish arrangement again after 4 days of adhesion and shock, which helps the price of the currency to rise. The MACD indicator is breaking through the zero axis upwards, and the stochastic indicator and the strength index are extending northward into the overbought zone, indicating that the price of the currency at this level may continue to rise.
Since February 14, the bulls have attacked 6850 three times, and the first two times were quickly suppressed by the bears. This time, the bulls broke through 6850 and fluctuated around it for a long time, indicating that the bulls' energy is gradually increasing. However, the possibility of a sharp rise in the price of the currency is small, and attention should be paid to the risk of correction. In addition, we have seen that the negative premium of many contracts to the spot has reversed the trend and started to move towards a positive premium. The contract has risen too much, and it is not suitable to chase the rise in the short term. Be patient and wait for a correction. It is appropriate to add long positions in the spot.
From the data observation, after the first wave of price increase last night, the trend indicated strong buying, and the second wave of price increase came in the middle of the night, followed by a large amount of selling accumulation until a correction in the early morning. The long-short index has been slowly turning to the long side in the past few days, and many new investors have entered the market.


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.