Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-10-24)

The indexes are all bullish and the bull market may start
1. Market Trends <br/>Today is October 24, 2016. At around 9 p.m. on Saturday, the 22nd, Bitcoin began to rise, from 4,330 yuan to 5,580 yuan, a huge increase of 250 yuan, or 5%. Yesterday morning, the price of the currency rose again, but the trading volume was much smaller than before, forming a small double top pattern, and the price fell accordingly. This morning, the price fell to a low of 4,450 yuan, a correction to a position of 50% of the increase.
There is no clear positive news in the cryptocurrency circle for this rise. One thing that is more conducive to the rise of the coin price is the recent depreciation of the RMB. From the Bollinger Bands, the daily K-line is close to the upper track of the Bollinger Bands and is suppressed by the upper track. The upper track position of the Bollinger Bands of the weekly K-line is around 4,800 yuan.
At the miners' meeting on the afternoon of the 22nd, a friend gave a speech and made the following inference: "If the Bitcoin block is filled to 1G, which is 1,000 times the current size, how much will the miners earn? The average daily miner income for a 1M block is 59BTC, and 1,000 times is 59,000BTC." I personally think that this "pure technical reasoning" does not take into account the mechanism of social operation. We must first understand why the current 1MB transaction fee is 59BTC? In October last year, the daily miner transaction fee income was 25BTC. After October, the transaction fee continued to increase until now it is 59BTC per day. The reason why the transaction fee has more than doubled is that after October 2015, the blockchain has been full. In order to quickly confirm their transactions, users have to bid for ranking, which leads to an increase in transaction fees. If this restriction is now broken and the block size is increased to 2MB, 4MB or even infinity, relying entirely on users to voluntarily donate transaction fees, will the transaction fees collected be more or less than now?
Looking at the data, the long and short indexes have been leaning towards the bullish side recently. There are still many new entrants, and the market may turn to a bull market. 2. The long and short index looks at the recognition of the value of Bitcoin by the outside world <br/>The figure shows the long and short index with a period of 1 hour.
3. The newcomer index looks at the relative amount of entry funds <br/>The figure shows the newcomer index calculated on a daily basis.