Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-22)

The wait-and-see sentiment is strong and the selling pressure may come from miners
1. Market Trends <br/>Today is November 22, 2016. The current price of Bitcoin is 5,160 yuan. Since the price of Bitcoin dropped to around 5,000 yuan the day before yesterday, it has rebounded to around 5,150 yuan. The rebound is not bad. The 6-hour line is close to the 30-period MA moving average and is moving up. Looking at the daily line, yesterday closed with a long lower shadow positive line. If the price of the currency can be maintained above 5,160 today, it will close with another positive line, otherwise it will be a negative line. At present, the market is in a wait-and-see mood. The medium and long-term are still collecting more data to support the trend. Friends who have time can participate in short-term transactions with a small amount of funds.
At present, mining is still the main way to get low-priced Bitcoin. Many investors are concerned about whether Bitcoin computing power is related to Bitcoin price. In fact, the simplest truth is: the higher the Bitcoin computing power, the higher the cost of producing Bitcoin. Other implicit relationships between computing power, production costs, and coin prices are included in the complex society and economy, and it is difficult to find out. Since miners need to pay for electricity to participate in mining, the general practice is to sell some of the mined coins in time when the price is right to pay the required electricity bill. As for the remaining coins that have not been sold, it depends on the miners' own strength and the current coin price to increase in order to obtain greater profits.
Since Bitcoin has a futures contract market, when the price of Bitcoin suddenly rises to a very high level one day, or rises to a new level, a large number of miners will choose to hedge the price of the currency in the contract market. A few days ago, when the price of the currency was still above 5,300, we saw news from relevant channels that miners cashed out a lot in the spot market. A rather strange phenomenon has also appeared in the contract market. In the past, the weekly contract position was larger than the quarterly position, and the transaction was more active. The current situation is the opposite. The quarterly futures position and the number of transactions are more than the weekly contract.
When the price of Bitcoin was around 4,000 yuan in September this year, the computing power of Bitcoin was around 1,600P. The current price of Bitcoin is 5,000 yuan, up 25%, and the computing power of Bitcoin is 1,900P, up about 20%. According to the growth rate of the price and computing power, the profit gained by miners is indeed more than two or three months ago. The daily transaction fee for users to use the Bitcoin blockchain has also increased from an average of 60BTC per day in September to about 70BTC at present. In just two or three months, the transaction fee paid by users has also increased by about 17%. This shows the value of Bitcoin from another perspective.

2. Price trend indicators
The "Bitcoin Price Trend Index" is an indicator similar to the "Long-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.