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

The price of the currency is high and it is still necessary to be cautious when going long
1. Market Trends <br/>Today is December 12, 2016. The current price of Bitcoin is 5390 yuan. In the early trading, the price of Bitcoin rose from 5350 to the current price, an increase of about 1%. On Saturday, the price of Bitcoin once rose from 5330 on Friday to 5430, an increase of about 100 yuan. On December 5, the price of Bitcoin fell straight from about 5500 yuan to 5250 yuan on December 6, and then began a small increase for several consecutive days.
Let's review the weekly trend. After the weekly line fell below the death cross of 3,500 yuan in August 2014, it began to fall, and the total decline lasted for about 60 weeks. Since the weekly line broke through the golden cross of 1,600 yuan in early October 2015, it has started to rise for a year, and the total number of weeks of rise has exceeded 60 weeks. So looking at the weekly line, the currency price has reached the current position, and it is necessary to open a long position with more caution. However, because the recent rises in the past few weeks are small positive lines, everyone is also looking forward to a larger positive line or a long upper shadow line.
The daily K-line is a bit like stagflation recently. It has been sideways for many days below 5450 and still has not broken through with large volume. For the analysis of the daily line, if it can break through 5450, it can be regarded as a breakthrough of a kind of ascending triangle, and the price of the currency may go to another height. However, if it continues to sideways, it may go up and form a triple top. No matter which direction, it may open up another completely different market.
In the short term, the current coin price is above 5,300 and is supported by the 6-hour and 12-hour 30-period EMAs. It has moved up a little, with resistance and support levels at intervals of 50 yuan each.
Operation suggestion: It is not advisable to open a position, just wait and see patiently.
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.