Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-01-17)

Slightly stable around 50% or mid- to long-term bottom
1. Market Trends <br/>Today is January 17, 2017. The current price of Bitcoin is 5,700 yuan. When the price was 5,570 yuan yesterday, we expected it to continue to rebound, and the trend was basically consistent with the expectation. Yesterday morning, the price reached a high of around 5,730 yuan. This morning, the price once again rushed to over 5,730 yuan, and then was quickly suppressed by 100 yuan, the lowest price fell to 5,630 yuan, and now stabilized around 5,700 yuan.
After the decline of 6400 last week, the market has rebounded to 5700, which is around 50% of the decline, and has stabilized slightly. If we calculate the decline since 8800 yuan, the 50% position is around 6800, and this height may have to wait until after the Spring Festival to break through.
The daily K-line is still running below the 7-day moving average. After breaking through the 7-month moving average, the price consolidation range will rise to 5600 to 6000. The four-hour line is a good ascending triangle, with the upper resistance at 5730. If it effectively breaks through 5730, the price will continue to rebound.
Two or three months ago, when the price of Bitcoin was still on an upward trend, we at CoinZone said that there might be a little bubble above 5,500, but there would be very little bubble below 5,000. The current trend has further verified our judgment. Although the price fell rapidly due to bad news a few days ago, and even fell below 5,000, the total time below 5,000 was less than an hour. We have to admit that the market in 2013 and the market three years later are not the same. The same price has completely different foundations.
From the data, due to the Spring Festival holiday, the newcomer index dropped significantly yesterday. It is expected that the number of newcomers entering the market will gradually decrease before the Spring Festival, and the price of the currency will be mainly maintained by funds in the market. However, the number of newcomers entering the market in the early stage is considerable, so there is no need to be affected too much before the Spring Festival. In addition, there are many rumors spreading in the market recently, so you don’t need to pay attention to them in the medium and long term.

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.