Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-11-01)

The trading volume is mildly increased, and short-term investors should wait and see
1. Market Trends <br/>Today is November 1, 2016. The current price of Bitcoin is 4870. The market has been very active in the past few days. Yesterday, the price of Bitcoin dropped directly from 4870 to around 4650, and then quickly rebounded to above 4800. The rise in June from 3000 to 4000 took only three days, and the rise from 4000 to 4700 also took only two or three days. It was also very urgent to reach the top of 5000. The rise in the price of Bitcoin this month has been relatively stable, and the trading volume has gradually increased. At present, short-term fluctuations are relatively large, and operations are not recommended. At present, it is more recommended to do mid-term or long-term operations, holding the currency and betting on the rise to the previous high point, above 5200.
In June this year, the price of the coin was above 5,000 for three days. After the sideways movement ended, the price fell sharply. The other time the price of the coin was above 5,000 was the period after Bitcoin increased 10 times at the end of 2013, which was quite a long time ago. When it comes to the locked-in disk above 5,000, the most impressive thing for old leeks should be two large foreign chess and card companies. One company bought 10,000 bitcoins and the other company bought 20,000 bitcoins, both at a cost of about 5,000 yuan. The coins that have been locked for a long time should have been sold long ago, and those who have not sold should not care. On the contrary, the main resistance in the market at present is the profit disk in the early stage. A large number of profit disks have accumulated in the two intervals of 3,800 to 4,100 and 4,300 to 4,500, mainly purchased by new investors, and the current profit is 10% to 20%.
Another selling pressure comes from miners. In the past, mining pools were the most loyal fans of Bitcoin and the investors who hoped that the price of the currency would rise the most. Because the large amount of hardware equipment invested by miners requires a certain amount of time to recover the cost, which can be as short as half a year or as long as more than a year. But since the short hedging mechanism was introduced, when the price is right, miners generally choose to short sell some of the coins to be produced in the next one or two months in the market to quickly recover the cost in advance. Therefore, at some key price points, the potential selling pressure from miners is still quite large. At present, participating in mining is still the main way to obtain low-cost Bitcoin.
Looking at the data, compared with the sideways trend around 4,500, the market is not so bullish at present, and the market price may be mainly driven by new entrants. 2. The long-short index looks at the recognition of the value of Bitcoin by the outside world <br/>The figure shows the long-short index with a period of 4 hours.
3. Newcomer Index to see the relative amount of entry funds <br/>The figure shows the Newcomer Index with a period of 24 hours.