[Market Analysis] Big data shows the trend of currency prices: Bitcoin pulls back, Litecoin rises slightly

1. Market trends

The current price of Bitcoin is 3860 yuan. In the past 24 hours, the highest price of Bitcoin has reached 3940 yuan, and the lowest price has reached 3830 yuan, which is just stuck in the range of 50% to 61.8% of the Fibonacci retracement line. The golden cross of Bitcoin's 12-hour line failed to break through quickly, resulting in further decline and correction as expected. Litecoin rose, but Bitcoin fell. Selling Bitcoin to buy Litecoin highlights the relative lack of funds in the market. Bitcoin's daily K-line has a trend of forming an ascending triangle. You can chase longs when it breaks through the upper edge at 3950. If it falls below 3750, you will be bearish. Data shows that when it fell to 3880 yesterday, there were not many bottom-fishing, and the newcomer index was also slightly flat.

At around 1:00 a.m. on August 24, Coinbase.com officially announced that Litecoin trading has been launched. Influenced by this news, Litecoin rose by about 8%, from a high of 24.2 to around 27 yuan. From the weekly chart, it is a small rebound after five consecutive weekly K-lines fell. Litecoin has always been seen as a supplement to Bitcoin, especially when the problem of Bitcoin blockchain volume cannot be solved, many people put their hopes on Litecoin and even Dogecoin. However, according to reports, Bitcoin version 0.13.0 with the Segregated Witness code will be released within a few weeks to expand the transaction capacity of the Bitcoin blockchain. If the Segregated Witness plan is implemented, it may delay the time for Litecoin to play its value and role, and investing in Litecoin requires more patience.

2. The long-short index shows the recognition of the value of Bitcoin by the OTC market

The chart shows the long and short index at the hourly level.

3. Newcomer Index: Relative Entry Funds

The chart shows the newcomer index calculated on a daily basis.