Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-02-08)

Pay attention to callbacks when the price of currency continues to rise
1. Market Trends <br/>Today is February 8, 2017. The current price of Bitcoin is 7,400 yuan. Yesterday morning, the price of Bitcoin climbed, breaking through the recent 7,300 pressure line, and reached a new intraday high of 7,430 yuan at 4 pm. Subsequently, the price of Bitcoin fluctuated almost in parallel, accumulating momentum for a wave of market.
Looking at the 6-hour chart, the moving average system (5, 10, 20) shows a strong bullish arrangement again. When the price of the currency fluctuates sideways to the moving average system, it may boost the price of the currency again. MACD is still above the zero axis, showing a trend of cash cross, and the stochastic indicator and the strength index extend northward into the overbought zone, indicating that the price of the currency at this level is relatively strong and market confidence is gradually increasing.
Looking at the 2-hour chart, as analyzed yesterday, although the MACD and other indicators at this level are relatively weak, the price of the currency has not adjusted significantly. After the shock, the upward space has expanded. Since February 1, the price of the currency at this level has been climbing step by step, with a large positive line, a moderate adjustment, and then a large positive line. The stochastic indicator is rising, indicating that the bulls are trying to control the price changes and push the price to move north.
In general, the price of the currency rebounded strongly after a sharp drop last month, showing a deep V-shaped trend. During the entire rebound process, the daily line did not have a large positive line, but steadily attacked with small and medium-sized positive lines, and the currency price was relatively strong. At that time, the daily line had rebounded to 61.8% of the Fibonacci retracement line from a sharp drop from more than 8,000 yuan to 4,900 yuan. On the weekly line, four medium-sized positive lines were opened, accumulating a lot of profit-taking. At this time, mid-term investors should gradually reduce their positions with profits, rather than continue to chase the rise, and beware of a sharp correction and decline.
From the data observation, after the price of the currency rose yesterday, the long-short index began to turn to the short side, and more attention should be paid to market risks. There are still many new investors in the OTC market.

2. Long-Short Index <br/>The figure below shows the long-short index of the daily line.