Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-15)

The energy of the short side is exhausted and the long side is waiting for an opportunity to counterattack
1. Market Trends <br/>Today is February 15, 2017. The current price of Bitcoin is 6,800 yuan. Yesterday, the price of Bitcoin continued to fall in the early trading, reaching a new intraday low of 6,575 at 1 p.m. Since then, the bulls have been waiting for opportunities to counterattack and continue to recover lost ground, and the price of Bitcoin has rebounded to nearly 6,900 yuan.
The trading volume of the weekly K-line is slightly lower than the last time it reached a high of 8,000 yuan, and there is a trend of forming a double top, with the neckline support at around 6,400. The daily K-line is in the middle track of the Bollinger band, showing a trend of oscillation and consolidation. The mid-line resistance of domestic spot is 7,000 yuan.
Looking at the 6-hour chart, the moving average system (5, 10, 20) reappears the golden cross and is in a long position. The MACD indicator stretches toward the zero axis, and the green column area representing the strength of the bulls continues to expand, indicating that the rebound energy of the local currency is strong, and the bears are gradually losing their market dominance. The strength index and the stochastic index are heading north into the overbought zone. Although the possibility of an immediate surge in the price of the currency is not great, there is still room for upward movement.
Looking at the 2-hour chart, as analyzed yesterday, the current level of the currency will continue to decline, and we should be alert to the strong yin and strong yang. After the short side's energy blowout, the long side may take the opportunity to recover some lost ground. The moving average system has turned from bearish to bullish, and the MACD indicator has returned to above the zero axis. The price of the currency at this level is likely to completely recover the lost ground yesterday.
In general, there are still obstacles to the rebound of the price of the currency. Since the sharp drop on February 9, the price of the currency has fluctuated in a box shape, but from the perspective of various indicators, after the energy of the short side was exhausted, the long side gradually regained the market dominance, and the trend was gradually controlled by the long side. Risk-seeking investors can intervene with a small position to build a long position, while for risk-averse investors, it is recommended to wait patiently for the market trend to be confirmed before intervening in the market to build a position.
Observing the trend indicators, after the price of the currency fell for the second time last night due to the news, the market buying increased. The number of new investors also rose again due to the news.

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.