Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-12-05)

There are many profit taking orders, so it is not recommended to chase high prices
1. Market Trends <br/>Today, December 5, 2016, the current price of Bitcoin is 5450 yuan. Last Friday, the price of the currency reached an exciting high of more than 5500 yuan in the past three years, and then experienced a very rapid fluctuation of about 4% within a few minutes. Some platforms reached a maximum of more than 5550 and a minimum of 5350. On Saturday, the price of the currency once fell back to below 5400 for consolidation, and it fell to 5350 three times and then pulled back. The last time it fell, the price of the currency was pulled back to more than 5400.
On a weekly basis, it has been the fifth consecutive week of positive closing, with a cumulative increase of about 15%. Since the beginning of October, anyone who has been long in the contract market has basically made a profit every week. The weekly K-line is rising at a 45% angle, and 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. On a weekly level, the current coin price is oscillating in a large range of 4700 to 5700.
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. The current daily K-line is also close to the upper track of the Bollinger Bands, and the position of the middle track of the Bollinger Bands has moved up to around 5250. From the daily chart level, the price of the currency is running in the range of 5000 to 5500. If it breaks through 5500 again, it is possible to further explore 5700.
The long-short index and the newcomer index provided by the currency zone are still biased towards the bullish side. Judging from the trend of price fluctuations, there are many profit-taking orders in the market, which are still within a reasonable range. Operation suggestions: the trading volume of each K-line time level has shrunk compared with the previous few days when it rushed to 5500. The four-hour line has the risk of forming a double top, so it is not recommended to chase high.

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.