Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-06)

Mid-term consolidation and wait-and-see short-term high-sell and low-buy
1. Market Trends <br/>Today is December 6, 2016. The current price of Bitcoin is 5,300 yuan. In yesterday's market, the long and short sides fought fiercely. In the early trading, it was once pulled up to around 5,475, and then it was suppressed to around 5,250 yuan, the middle track position of the daily line, and the rebound was relatively weak. Litecoin, which was relatively cold in the market, was ruthlessly pushed down from 27 yuan to 19 yuan by strong selling pressure, with the maximum drop of about 30%.
The analysis released by Coin Zone yesterday morning was titled "There are many profit-taking orders, so it is not recommended to chase high prices." The analysis mentioned that "the trading volume at each K-line time level has shrunk compared to the surge to 5,500 in the past few days. There is a risk of forming a double top on the four-hour line, so it is not recommended to chase high prices." The subsequent market conditions verified the conjecture, and the currency price surged upward and then went straight down.
Looking at the weekly chart, the weekly K-line is rising in a straight line at an angle of 45%. 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.
From the daily chart, it has been running in the range of the middle and upper tracks of the Bollinger Bands since October, showing strong buying. At the same time, the sharp rise for two consecutive months has also accumulated a large number of profit-taking orders. An appropriate correction may be more suitable for the further advancement of the market outlook. The daily K-line has been pressed down below the 7-day moving average. If it consolidates below the 7-day moving average, the market will tend to be short, and 5100 is still a strong support.
Short-term operations at the hourly level may oscillate in the range of 5250 to 5350 to re-establish a new direction. Short-term operations can be carried out by selling high and buying low.
As the Spring Festival approaches, some on-site investment funds may withdraw from the market, but the newcomer index of Coin Zone Trend still observes that many newcomers have entered the Bitcoin investment market. Based on this, it is 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 Coin Zone Trend 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.