Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-01-18)

The strong rebound in the price of the currency shows the characteristics of a bull market again
1. Market Trends <br/>Today is January 18, 2017. The current price of Bitcoin is 6,300 yuan. Yesterday morning, the price was still 5,700 yuan. After breaking through the resistance of 5,730 yuan, the price has been rising all the way and now it has reached 6,300 yuan. The 24-hour increase has exceeded 11%. This is the strongest rebound since the big pullback of 8,800 yuan.
Looking at the weekly K-line, this week's big positive line has almost covered last week's big negative line. It is a big correction from 4,000 yuan to 8,800 yuan. This big correction has a very important role, clearing most of the short-term speculative profit-taking in the past few months.
Looking at the daily K-line, it just touched the position of the 30-period moving average, which is also the middle track of the Bollinger Band. After the price of the currency fell to the current price last week, it directly fell to around 5,000 yuan, and now it has recovered 100% of the decline. Due to the special current position and the excessive continuous rise in 24 hours, short-term investors are not recommended to chase high at this price, but short selling still needs to be very cautious, and it is inevitable that there will be another wave of price increases to force short sellers to sell at a loss.
The 1-hour K-line runs closely on the upper track of the Bollinger Band, and the rise is relatively stable. However, the 1-hour K-line stands above the 7-period moving average. While the currency price is relatively strong, we must always pay attention to callbacks.
Looking back at last year's data and market conditions, before the Spring Festival last year, the price of the currency was consolidating around 2,800. Various Bitcoin experts at home and abroad issued various negative remarks, such as developers saying that "Bitcoin is dead" and the dispute over expansion. Under the pressure of various remarks, the price of the currency was sideways below 3,000, and even once dropped to around 2,300 yuan. However, our long-short index has always been relatively bullish, and the number of new entrants detected by the data has also increased a lot compared to before. Today, a year later, the price of the currency has been suppressed again, from 6,400 to 4,800, but in less than a week, the price of the currency has returned to the initial point of the decline. At this time, the market is still full of various intimidating short-selling remarks, all of which are issued by those who hold a large number of short orders, attempting to suppress prices through remarks. However, for new investors entering the market, these remarks have not played a corresponding role.
According to the newcomer index of the currency zone, the number of new investors has been several times that before October 2016. Referring to the market situation during the Spring Festival in 2016, if the price of the currency can stay above 6,000 before the Spring Festival, the price will most likely return to 7,000 or even 8,000 soon after the Spring Festival.

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.