Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-10)

The price fluctuation of the currency widens and profit-taking is carried out
1. Market Trends <br/>Today is February 10, 2017. The current price of Bitcoin is 6,850 yuan. Yesterday, the price of the currency continued the previous trend and fluctuated upward, reaching a new intraday high of 7,640 yuan at 12 noon. After that, the price of the currency fell sharply, once reaching 6,347 yuan, and then rebounded strongly. As of press time, the price of the currency rebounded and broke through 6,850 yuan, indicating that the battle between the long and short sides is in full swing.

Weekly, the volume of this round of rebound is shrinking, and there is a possibility of a big double top. The current price has fallen below 7,000 yuan, and the mid-line trend is not very optimistic. The support below the mid-line is the 7-period moving average of the daily EMA at 6,400 yuan, and the resistance above is the integer mark of 7,000 yuan. Yesterday, the daily line once pierced the EMA30 weekly moving average of 6,600 points, and then rebounded. The trend in the next few days will be more critical.

Looking at the 4-hour chart, the market has a very long negative line, which often means that the short side has exhausted the selling climax, the momentum is exhausted, and the long side will take the opportunity to counterattack, and the price will rebound strongly. However, the moving average system (5, 10, 20) is seriously damaged, MACD crosses the zero axis downward, and the stochastic indicator and the strength index both enter the oversold zone. Therefore, it will take time for the currency price to recover the lost ground, and it is unlikely to be achieved overnight.

Looking at the 1-hour chart, the price of the currency rebounded slightly and showed a round bottom. After the moving average showed a golden cross, the rebound was still suppressed by the 20-day moving average. MACD showed a golden cross, and the green column representing the bullish energy reappeared, indicating that there is still room for the price of the currency to rebound at this level. The stochastic indicator and the strength index quickly moved out of the oversold zone and stretched northward, indicating that the bulls will control the market trend in the short term.

As analyzed yesterday, after a sharp drop on January 5, the price of the currency continued to rise, showing a deep V trend, accumulating a lot of profit. However, the rebound did not break through the previous high point and fell sharply. The previous high point was consolidated again as a resistance line, accumulating risks. For short-term investors, it may be possible to intervene with a small position when the short side's power is exhausted. Long-term investors should lock in profits and open positions after the medium- and long-term trends are clear. Last night's futures contract fell by an astonishing 32.5% in two hours. Those with more than three times leverage basically had their positions liquidated or were facing the risk of liquidation. Investors who trade contracts must control risks and keep their positions less than three times at any time.

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.