Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-14)

Keep an eye on the news during this turbulent time for the currency price
1. Market Trends <br/>Today is February 14, 2017. The current price of Bitcoin is 6,650 yuan. Yesterday, the opening price of the currency continued the previous oscillation range, showing a box shape as a whole, until a long negative line appeared at 4 pm, breaking the bottom of the box, which means that the rebound since February 11 has temporarily come to an end and entered a downward state.
Looking at the 6-hour chart, the moving average system (5, 10, 20) is now spreading downward, and the MACD indicator has failed to break through the bullish pattern, forming a dead cross below the zero axis. The price of the currency at this level is bearish, and the upside is limited. The stochastic indicator and the strength index both spread southward in a downward spreading pattern, indicating that the bulls have lost their market dominance and the bears have made a comeback.
Looking at the 2-hour chart, the downward hashing pattern of the moving average system is more obvious, completely breaking the state of long and short forces being evenly matched. MACD failed to break through the zero axis upward, and a dead cross appeared. The area of ​​the red column representing the strength of the short side continued to expand, indicating that the currency at this level will continue to decline. However, we should be wary of the strong yin and the strong yang. After the short side's energy blowout, the long side may take the opportunity to regain some lost ground.
Yesterday, the price of the currency broke the rebound since February 11 and entered a correction trend. However, investors should note that the decline in the price of the currency this time is significantly smaller than that of January 11 and 16. The price of the currency rebounded by nearly 2,000 points before, and it is normal to see a downward adjustment. Investors who like risks can look at charts with smaller time levels and intervene with small positions when the price drops but does not break new lows. Conservative investors should mainly wait and see and be cautious in building positions.
In addition, we noticed that due to the restrictions on Bitcoin withdrawals on domestic trading platforms, the internal market is generally lower than the external market. The average price of the internal market platform is about US$970, while the external market is hovering around the integer mark of US$1,000.
The data shows that there are still many new investors. The market sentiment reflected by the long-short index is easily affected by unexpected events. Yesterday morning, it began to turn from short to long, and at noon, it began to turn long, and the price began to rise slightly. However, at around 16:00 in the afternoon, bad news broke out, causing the currency price trend to suddenly change direction.

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.