Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-16)

The 5,000-point ascending triangle
1. Market Trends <br/>Today is November 16, 2016. The current price of Bitcoin is 4920 yuan. Yesterday morning, the price of the currency rose from 4870 to around 4940, and then it continued to consolidate for a day, with more small fluctuations and a very active market. In the early morning of this morning, the price of the currency once again rushed to a position close to 5000. This is the third time in the past half month that it has rushed to the 5000 mark. The first time it broke through 5000 was on November 1st, when the price of the currency rushed to around 5100, and then there was a deep correction, and the price of the currency went straight down to 4500 yuan. The second time it rushed up was on November 9th, when the price of the currency reached around 4995 yuan, and it was only a few yuan away from breaking through the 5000 yuan mark, but it was suppressed as soon as it approached 5000. The third time it rushed to 5000 was in the early morning of this morning, when the price of the currency was close to 4990 yuan, it was strongly suppressed by the air force.
From the daily chart, it is possible to form an ascending triangle. The 5,000 yuan mark is a strong barrier, but the support points below are constantly increasing. The two supports that have been formed are 4,550 and 4,700. The price of the currency may still drop to 4,850, and then rise again. In the first half of this year, the price of the currency was strongly blocked by the 3,000 yuan line. The slogan "If it reaches 3,000 yuan, it will be empty, it is an ironclad truth" was shouted out, but as soon as the price of the currency broke through 3,000 yuan, most of the air force surrendered. After 3,000 yuan, it took less than half a month for the price of the currency to touch the 5,000 yuan mark, the highest point in the past three years, for the first time. Will the spectacular scene of breaking through 3,000 yuan be staged again? Everyone will wait and see. 2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and 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.