Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-14)

4800 long and short boundaries are being cleaned up
1. Market Trends <br/>Today, November 14, 2016, the current price of Bitcoin is 4,800 yuan. In early November, Bitcoin fell from 5,100 yuan. The currency zone mentioned many times that the price might be in the range of 4,500 to 4,800 for a period of time, but the market was relatively strong at that time. After the decline, it rose for 5 consecutive days and the price quickly returned to around 5,000 yuan. Then it was suppressed and fell for 4 consecutive days. Yesterday, the price once fell to 4,650 yuan. In terms of US dollars, the current price is just at 700 US dollars, which is also an integer mark.
From a weekly perspective, when the price is above 4,600, the overall trend is still bullish. If the price drops below 4,600, forming a large double-top technical pattern, the entire market will be bearish and the market will turn bearish. The weekly K-line is currently running close to the upper track of the Bollinger Band, which belongs to a bullish market. Domestic trading platforms with no handling fees have a large trading volume, but observing foreign trading platforms that charge handling fees, it can be found that the trading volume is less than that in June, and the upward momentum is lacking. At this time last year, a similar situation occurred. The trading volume of domestic trading platforms was very large, and then the price of the currency rose directly from 2,300 yuan to around 3,000 yuan.
The daily chart has a not very good-looking pattern, resembling a double top, with a feeling of falling down. After the decline last night touched the EMA30 period moving average support, it encountered a strong rebound, but if it can go sideways around 4800 for a few days, this concern will be quickly dispelled. It is recommended that those who already have coins can continue to hold them, and those who are short should wait and see.
Looking at the data, the long-short index calculated on a 24-hour basis has been bullish for two consecutive weeks, and the newcomer index has fallen slightly, but is still at a relatively high level.
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.