Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-01-24)

The upward momentum is limited to the pressure range
1. Market Trends <br/>Today is January 24, 2017. The current price of Bitcoin is 6250 yuan. Yesterday morning, the price of Bitcoin was 6200 yuan and then tested 6400 yuan, but was quickly pushed back to 6250 yuan. The trend from last night to this morning was similar. After testing 6400 yuan, it was pushed back to the current price. 6300 to 6500 is still a strong pressure range. Below 6300, it tends to be short, and above 6500, it tends to be long.
If the weekly line closes below 6,200 yuan this week, it will remind people that the weekly line may be on the trend of a double top, ending the rebound since the drop of 8,000 yuan and ushering in a second decline.
Looking at the daily chart, it is still blocked by the MA30 period moving average. It has been consolidating at this position for the fourth day, showing a weak upward trend. If it can break through 6400 strongly and stand firm for more than one or two days, it may be a signal that the market is turning for the better. The trend of the four-hour and six-hour lines is relatively ugly. Since the strong rebound after breaking through the golden cross at 5600 yuan, it has formed an ascending triangle pattern, but the resistance is not a line, but a large range, from 6300 to 6500. Therefore, although the lowest price of each downward exploration has been raised successively, the upward momentum has also been weakened successively. After two upward explorations yesterday, it was suppressed. If the price of the currency falls by 6200, it is possible to fall further to below 6000 yuan.
It should be noted that today, major domestic Bitcoin trading platforms have begun to charge handling fees, with a 0.2% charge for both buying and selling, and a handling fee of 4,000 yuan for a transaction of 1 million. CoinQushi has counted several foreign Bitcoin trading platforms, and the fee rate is basically around 0.2% per transaction.
This week is the last week before the Spring Festival holiday. According to our random survey, many investors have temporarily stopped trading. It seems that the big funds in the market are trying to buy time for the final game. It is recommended that retail investors wait until various things are determined and observe the market again before entering the market for trading.
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.