Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-20)

Wait-and-see sentiment is strong and the volume is closely watched
1. Market Trends <br/>Today is December 20, 2016. The current price of Bitcoin is 5570 yuan. Yesterday morning, the price of Bitcoin tended to surge upward in the hourly chart, with two consecutive medium-sized positive lines breaking through the moving average system, followed by a long-legged cross star, and the market moved out of a medium-long negative line. After several ups and downs, the market closed with a small positive line yesterday.
Yesterday, the price of the coin fluctuated slightly, with the maximum fluctuation of only about 0.88%. The price level for the whole day was basically the same as the day before yesterday. At present, the price of the coin has fluctuated to the end of the ascending triangle, and there is very little space left between the upper resistance line and the lower support line. Since December 13, the trading volume has shrunk rapidly, while the price of the coin has continued to rise. At the end of the ascending triangle, if the price of the coin breaks through with large volume, there will be considerable room for future growth.
In the daily chart, the price rises and the volume shrinks. If this pattern is at the end of the rise, it indicates that the market is increasingly waiting and watching, the momentum for long positions is insufficient, and the divergence between volume and price is serious, which warns that the trend may reverse and it is appropriate to distribute at high prices. If it is at the beginning of the rise, the reluctance of the short side to sell is getting stronger, and it may choose to join the long side or wait and see. At present, the price of the currency has reached a 34-month high, and investors should strictly implement risk control strategies. Combined with the specific analysis of the triangle pattern in the previous article, it is necessary to wait for the volume to increase. In fact, when the price of the currency broke through 3000 points and 4000 points, it went through a long period of shrinking and sideways trading until it rose in volume one day, and then it started to soar. Therefore, investors should pay close attention to market dynamics.
In the weekly chart, the price of the currency is still close to the upper track of the Bollinger Band, but the relative strength index and stochastic index have been in the overbought zone for 5 consecutive weeks, and there is a certain amount of profit-taking selling at this time. In addition, the trading volume of this wave of increase is far ahead of the trading volume of the previous three waves of increase. Therefore, if the market declines, the amplitude will not be out of control.

Judging from the price trend indicators, the market has been under great selling pressure in the past few days, and many people are selling at high prices. The long-short index has also been biased towards the short side for 5 consecutive days. There were many newcomers yesterday, and today's data remains to be observed.
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.