Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-19)

The price of the currency reaches a new high and the volume reaches a new low. Position management should be strengthened
1. Market Trends <br/>Today is December 19, 2016. The current price of Bitcoin is 5566 yuan. Yesterday morning, the price failed to rise, and then the price fell below the 30-period moving average in the hourly chart, and finally closed with a small negative line.
On the daily chart, the three flat tops formed from November 16 to the present have increased by about 100 points in sequence, and the difference between the adjacent lows has increased and decreased by about 150 points, showing a compressed pattern as a whole. At present, the price of the currency has fluctuated to the end of the ascending triangle, and the price fluctuation range has become narrower.
In the past two days, the price of the currency has been running at a high level after hitting a 34-month high, but the trading volume has continued to hit new lows. The market has hit a new high under the condition of light trading volume, indicating that the current trend is weakening, which is a signal worthy of attention.
Looking at the Bollinger Bands on the daily chart, the price of the currency has been running between the upper and middle tracks of the Bollinger Bands, which are shrinking, and has been suppressed by the upper track for nearly a month. It is unlikely to break through the upper track in the near future. At present, the middle track of the Bollinger Bands on the daily chart is around 5400, which is still an important support position.
Looking at the weekly chart, the price of the currency closed with a mid-line positive last week. So far, it has been running close to the upper track of the Bollinger Band for eight consecutive weeks, which has set a historical record. The position of the weekly Bollinger Band middle track is around 4600, and the upper track is around 5767. It is likely to fluctuate in this range this week. The weekly currency price has fluctuated for 3 months since July to form a round bottom, and then after washing enough chips, it broke through the previous 5100 pressure level in one fell swoop. Therefore, on the weekly chart, this price is a strong support level. After the price hits a new high, the operation is much more difficult than at a low level. The price reversal is often completed quickly. After locking in profits, it is advisable to operate with an appropriate position.
After the Fed raised interest rates, the Bitcoin market rose instead of falling, which on the one hand shows that the speculative nature of funds entering the Bitcoin market from traditional capital markets is relatively weak. On the other hand, since the Fed's interest rate hike will harvest the wealth of emerging markets and cause turmoil, it will stimulate the demand for Bitcoin in the long run.

From the data observation, there are more people watching the market these days, and fewer people participating. 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.
Judging from the price trend, the current price is high and sideways, and the selling pressure is not small. The current market is a slow-rising market, and it is necessary to strengthen position management, both long and short.
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.