Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-23)

Long-term or bullish trend, short-term sell high and buy low
1. Market Trends <br/>Today is December 23, 2016. The current price of Bitcoin is 6,200 yuan. Yesterday, the price of Bitcoin continued its strong performance the day before yesterday, reaching new highs every day, climbing step by step, and rising by about 300 points throughout the day. Until the evening, the price of Bitcoin entered a sideways fluctuation pattern.
After yesterday's large-volume increase, the long-term bullish outlook may be basically confirmed. Looking at the weekly chart, after three months of shrinking volume and shocking out of a round bottom, the price of the currency continues to increase in volume to hit a new high. From the perspective of technical effectiveness, the effectiveness of a round bottom is far better than other single forms.
6000 points is an important psychological price in the market. From the chart, the only resistance level is the big negative line on December 3, 2013, which is about 6400 yuan. If the price of the currency stabilizes at 6000 points, it will impact this price. If successful, there will only be a psychological price of 8000 yuan left.
Backtesting historical data shows that when the market moves out of a big positive line, there will often be a certain degree of adjustment in the short term. As analyzed yesterday, such a correction rarely follows the first big positive line, and it takes several trading units of time, such as the trend after the big positive line on November 16. Looking at the daily chart, after two big positive lines, as of press time, this morning the market has seen a hanging line with almost no entity, which is a signal worth paying attention to.
Therefore, short-term traders may be able to buy low and sell high between 5900 and 6210, but they should strengthen position management, pay close attention to market dynamics, and follow up when there is a breakthrough. At the current price, generally only new investors continue to follow up, and old investors may have been slowly selling, so always pay attention to the risk of callbacks.

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.