Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-22)

The trend may be clear and the callback should be paid attention to
1. Market Trends <br/>Today is December 22, 2016. The current price of Bitcoin is 5950 yuan. Yesterday morning, the price of the currency rushed up by about 100 points. After three days of adjustment, the moving average system in the hourly charts once again showed a strong bullish trend. Last night, the price of the currency soared 300 points without any callback, and rose to the right position in one step, closing with a large positive line.
Looking at the daily chart, as analyzed yesterday, the coin price hit the upper track of the Bollinger Band, and the short-term upward trend is becoming clearer. After more than half a month of adjustment, the coin price broke through the upper track of the Bollinger Band last night and is still running above the upper track this morning. This shows that the trend momentum is strong and the trend can continue. The possibility of further price increases is very high.
The relative strength index and stochastic index in the daily chart are too large in the overbought period. By backtesting historical data, it can be concluded that this does not mean an immediate downward adjustment. The market will continue the previous trend for several trading days, but there is a high possibility of a pullback in the near future. It should be noted that after the currency price crosses the upper track of the Bollinger Band, if the currency price shows a reversal pattern, it indicates that the trend may reverse.
Yesterday's trading volume increased significantly compared to the previous few days. As of press time, today's trading volume is basically the same as yesterday. MACD showed a golden cross yesterday, indicating a bullish trend. All of these indicate the beginning of this wave of market.
On the weekly chart, the price of the currency has already broken through the upper track of the Bollinger Band, but the stochastic indicator and the RSI have been in the overbought zone for too long and may be adjusted downward.
There are many people with floating profits now, and everyone sees the money in the account growing continuously, but at this time they should pay attention to the pullback, take partial profit first, and wait for a more suitable entry opportunity.
2. Newcomer Index <br/>In October 2016, the number of new entrants into the Bitcoin investment market doubled to triple every day. Therefore, we also saw that the price of Bitcoin has risen from 4,000 yuan at the beginning of October to nearly 6,000 yuan now. The Newcomer Index reflects from another aspect that the current development of Bitcoin has entered another stage, and the market base and mass base are more solid.