Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-07-25)

The currency market is quiet, waiting for a direction
1. Market trend <br/>The current price of Bitcoin is 4430 yuan. It was basically sideways on Saturday and Sunday, with very small price fluctuations. Like every holiday, the price began to react on Sunday afternoon. The price trend began to reverse around 21:00 last night, rebounding quickly from 4360 to above 4400, ending four consecutive days of decline. From the daily line, the price is still in the range of triangular oscillation, and has not broken up or down. The support and resistance of the large cycle has been revised from the original 4200 and 4600 to 4300 and 4500. There are many newcomers entering the market recently. Although the long-short index is bearish, the bearish value has decreased compared with the previous data.
The following is the explanation of "Symmetrical Triangle Pattern" from Encyclopedia:
"The symmetrical triangle is formed because the power of buyers and sellers is evenly matched in this price range and temporarily reaches a state of equilibrium. The price fell from the first short-term high point, but was quickly absorbed by the buyers, pushing the price back up; but the buying power did not have much confidence in the future market, or was a little hesitant about the prospects, so the price failed to rise to the last high point and turned around and fell again. In the falling stage, those investors who were waiting to sell were unwilling to sell at too low a price or still had hope for the prospects, so the pressure to fall back was not strong, and the price rose before falling to the last low point. The wait-and-see struggle between buyers and sellers made the small fluctuations of prices narrow day by day, forming this pattern. The trading volume continued to decrease during the formation of the symmetrical triangle, reflecting the hesitant wait-and-see attitude of the bulls and bears about the future market, making the market fluctuations smaller and smaller.
Under normal circumstances, the symmetrical triangle is a consolidation pattern, that is, the price will continue to move in the original trend. Only after the price has clearly broken through one side in the mid-term, can the corresponding buying and selling actions be taken. If the price breaks through the resistance upward (must be supported by large trading volume), it is a short-term buy signal; on the contrary, if it breaks down (breaks down on low trading volume), it is a short-term sell signal. " 2. The long and short index looks at the recognition of the value of Bitcoin by the outside market . The figure is the long and short index at the hourly level. 3. The newcomer index looks at the relative amount of funds entering the market . The figure is the newcomer index calculated on a daily basis.