Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-23)

The range oscillation is large and still needs to accumulate strength to move upward
1. Market Trends <br/>Today is November 23, 2016. The current price of Bitcoin is 5330 yuan. The price of Bitcoin plummeted from 5350 yuan on November 19, and it remained sideways for two days. Yesterday, it rose from 5150 to around 5350 yuan.
Weekly chart shows that the current price is close to the sideways position after the sharp rise and correction in 2013. The last time it was close to this position was in June. If the current position can stand firm, then 5,000 yuan will become a mid- to long-term bottom. If it cannot stand firm, it will have to fall back to accumulate more strength. Compared with the trading volume of multiple foreign platforms and domestic contract platforms, it is lower than when it reached 5,000 yuan in June.
Looking at the daily chart, the price of the coin dropped to 5,000 yuan on the 21st, and after touching the middle track of the Bollinger Band, it rebounded to above 5,100, forming a long lower shadow. The currency zone made a chip distribution chart and found that there were a large number of transactions in the range of 5,100 to 5,150 yuan, forming a short-term bottom. However, the sharp rise on the 22nd yesterday did not bring much trading volume. If the daily chart is similar to a double top, then the neckline area is around 5,100.
From the hourly chart, the current coin price is oscillating between 5300 and 5400. The 15-minute K-line has formed a dead cross pattern and needs to be adjusted in the short term.
Judging from the long-short index of the currency zone, in the past month or so, the market will only be bearish when the price is suddenly pulled up to a new high, and the rest of the time it is basically bullish. The newcomer index of the currency zone indicates that the number of newcomers entering the market every day is two to three times that of the previous time.
In summary, from the perspective of K-line technical analysis, the current price is bearish, while the results of big data analysis are still bullish. Operation suggestions: At present, short-term and medium-term operations are mainly based on bargain hunting, and high positions are not accepted. 2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long-short index" calculated 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.