[Market Analysis] Bitcoin expansion is controversial again, and the price of the currency may continue to rise

1. Market trends

The current price of Bitcoin is around 4,350 yuan, and the daily line has a double top pattern, with the neckline near 4,200, a trading concentration area. In recent days, the controversial issue of Bitcoin expansion has begun to be discussed again, such as whether to expand the capacity, whether Bitcoin will fork, and so on. Bitcoin is a decentralized system and a decentralized community. No one can make the decision, but the community involves the interests of all parties. Any small change in the Bitcoin system will lead to an increase or loss of interests for different people. It is foreseeable that similar discussions will continue endlessly.

In the past month, the average daily volatility of the currency price is about 7%, which means that a 7% increase or decrease every day is normal fluctuation. Once again, please pay attention to the risks, do not open large positions, and set up profit and loss stops in time.

Short-term support is 4320 and 4200, and resistance is 4450 and 4550.

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

The chart shows the hourly long and short index. When the price was still above 4700 yesterday morning, we pointed out in the VIP notification that "the long and short index is bearish, and the upward resistance is relatively large". After the first support level of 4650 was sideways for several hours, it failed to hold and fell directly to around 4320 last night. According to the data, there were many people who bought the bottom at 4550 and 4350 yesterday.

3. Newcomer Index: Relative Entry Funds

The chart shows the index of newcomers calculated hourly. The level of newcomers increased suddenly on Friday, and was relatively low on Saturday and Sunday. In the past 10 days, the number of newcomers has been at a low level.