Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-07)

The price of the currency is testing the market and becoming cautious
1. Market Trends <br/>Today is December 7, 2016. The current price of Bitcoin is 5,300 yuan. Yesterday morning, the price of the currency rushed up, but was blocked by the 7-period moving average, and was pushed back to the 12-hour 30-period support line. Yesterday afternoon, there was a sudden rise, and the price of the currency was pulled back to around 5,320. The hourly line formed a good-looking double bottom pattern, but it was suppressed by the 2-hour 7-period moving average, and the price stagnated.
On the weekly chart, the weekly K line rose straight up at a 45% angle, and there was no significant increase in a single week. It is currently running close to the upper track of the Bollinger Band. The position of the middle track of the weekly Bollinger Band is around 4400. It is expected to close with a negative line this week, and the 7-period weekly support is about 5050. On the daily chart, a small cross star with a lower shadow was closed yesterday. The price does not seem to be so strong and is still subject to the suppression of the 7-period moving average of the daily K line. The main reason is that a lot of profit-taking has accumulated, and the market has become cautious. According to yesterday's analysis, if it consolidates below the 7-day moving average, the market will tend to be short, and 5100 is still a strong support.
Yesterday's hourly price trend was the same as the analysis, moving up and down in the range of 5250 to 5350. There is still no sign of a breakthrough. In the short term, you can try to sell high and buy low, and pay attention to follow up when there is a breakthrough.
From the data observation, there were more people watching yesterday's market, and fewer people participated. As the Spring Festival approaches, some on-site 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. 2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and short index" compiled by the currency zone based on the statistics of 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 the price trend.