Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-26)

The price of the currency rebounded strongly and the short-term rise may be consolidated
1. Market Trends <br/>Today is December 26, 2016. The current price of Bitcoin is 6480 yuan. After three days of rising, the price of Bitcoin has entered a period of adjustment over the weekend. Yesterday morning, the price of Bitcoin once fell below the 60-day moving average in the 1-hour chart, and then rebounded all the way, breaking through the moving average system, showing a relatively strong performance.
On a weekly basis, the price of the currency rose sharply last week and is currently running close to the upper track of the Bollinger Band. The position of the middle track of the weekly Bollinger Band is around 4900. It is likely that the price will continue to close positively this week. On a daily basis, the price of the currency closed with a long-legged cross star last Saturday, indicating that the bulls were hesitant for a while. This is mainly because after three days of sharp rise, the profit-taking increased, and the bears were once evenly matched with the bulls.
As analyzed on December 22, after the price of the currency moves upward step by step, when a big positive line is closed, the market will continue the previous trend for several trading days. When the price of the currency was adjusted yesterday, the market did not panic. In the 4-hour chart, the price of the currency stopped falling at two cross stars and rebounded all the way to break through the moving average system. In other hourly charts, the rebound strength of the currency price is also relatively strong, indicating that the possibility of the currency price continuing to fall deeply is not great.
Looking at the 12-hour chart, the price of the currency fell below the 7-day moving average yesterday and quickly stabilized. Both the stochastic indicator and the strength index reversed the trend and moved towards the overbought zone. The short-term trend is still bullish, but since the price of the currency has been rising for several days, the possibility of entering a volatile state cannot be ruled out.
From the data observation, there were more people watching yesterday's market, and fewer people participated. As the Spring Festival approaches, some investment funds may withdraw from the market, but the newcomer index of the currency zone still observes that many newcomers have entered the Bitcoin investment market. Based on this, it can be judged that the market before the Spring Festival may be mainly consolidation to consolidate the upward trend since October.
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.