Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-30)

The volatility of currency prices is gradually decreasing, and the market is moving forward cautiously
1. Market Trends <br/>Today is November 30, 2016. The current price of Bitcoin is 5150 yuan. Yesterday, the fluctuation of Bitcoin price was even smaller. If we look at the 2-hour or 4-hour K-line, the low point shows signs of rising continuously, and the upper resistance is 5220. The 12-hour line is supported by the 30-period moving average and is about to cross the middle track of the Bollinger band. The daily line is also about to touch the middle track of the Bollinger band. The price of the foreign market is still around 5050, which is about 15 US dollars lower than the price of the domestic exchange. Perhaps this is one of the reasons why the currency price is currently blocked.
As the market has reached its current position, investors have become extremely cautious and are patiently waiting for direction.
Let’s take a look at the news. The perennial topic of “Should the Bitcoin blockchain be expanded and how to expand it” has once again been hotly debated on Weibo, WeChat and other channels. Currently, the discussion has not led to further price fluctuations.
The market sentiment brought about by this kind of discussion usually starts with those who like to have more radical views, gradually spreads to the entire market, and then affects the investment confidence within the market. However, we know that the upward trend of Bitcoin prices has never been affected by the internal market. The upward trend of Bitcoin prices has always been driven by off-market funds. The downward trend of Bitcoin prices is affected by the internal market. Due to the influence of news, emotions, and future uncertainties, holders sell Bitcoin in large quantities, causing the market price to fall. As the opinions of multiple parties are deadlocked, it is possible that this endless discussion will continue in the future.
The source of Bitcoin's value is that Bitcoin allows two parties in two different places to complete the transfer of value without meeting each other or involving any third party (various institutions such as Alipay or banks). This is the decentralized trust issue that everyone talks about every day. At the current stage of development, whether 10 million people use Bitcoin or a few people who can afford the high blockchain fees, it will not affect the essential attributes of Bitcoin, that is, it will not affect the source of Bitcoin's value.
Since the first Bitcoin bubble in 2013, we have seen the tenacious vitality of Bitcoin. Bitcoin has recovered to a price close to the price during the 2013 bubble, but now the market foundation is more solid and the audience is more extensive. If you are still worried about whether one of the more than 10,000 altcoins that have appeared on the market since 2013, such as Litecoin or other altcoins, will replace Bitcoin, it is purely groundless for the time being.
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.