Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-09)

50% retracement position long and short relative balance
1. Market Trends <br/>Today is November 9, 2016. The current price of Bitcoin is 4830. As shown in yesterday's analysis, the price of Bitcoin is relatively strong. It once surged from 4770 to around 4820 yesterday morning, and then began to rise again after a proper correction in the afternoon. At 22:00 in the evening, the price once reached 4880 yuan. The current price is just at the 50% correction position of the decline from 5150 to 4500 yuan, which is a strong resistance level. After breaking through, the entire market should be bullish. Otherwise, the market may be mainly consolidating and re-selecting the direction. It is unlikely to go down deeply.
From the daily chart, the price of the currency has been rising for four consecutive days after falling on November 4. If the price of the currency closes above 4830 today, it will open a five-day positive candlestick trend. The middle track of the daily candlestick is supported at 4700 yuan, and the upper track of the Bollinger band is still at 5000 yuan.
After five consecutive positive lines last week, the weekly line closed with a negative line with upper and lower shadows. If the price of the currency is above 4700 this week, the weekly line will close with a positive line, which is expected to continue the previous upward trend. As a large-scale adjustment, the fluctuation last week is a large wash action. The weekly line is still running close to the upper track of the Bollinger Band.
The ascending triangle of the four-hour line has stepped on the golden cross, but it is not very strong, just slightly breaking through 4830. Aggressive mid-term investors can build positions in batches and go long, while conservative investors can wait and see for a bigger direction. In the short term, the volatility has been good recently. Yesterday, the highest price reached 4840 and the lowest price reached 4730, with a price difference of nearly 100 yuan and a volatility of about 2%, which is very suitable for short-term buy low and sell high operations.
Looking at the data, when the price of the currency rose to 4830 yesterday afternoon, the market began to be bearish. When it rose to 4880, the market was still bearish. The price of the currency fell immediately after the rise.

2. Price trend index "Bitcoin price trend index" is an indicator similar to the "long and short index" 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 prices. When the price hovered around 4780 yesterday, the market was obviously bearish. As the price rose, the long and short situation in the market tended to be balanced.