Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-06-14)

High price elasticity and many short-term opportunities

1. Market trend <br/>The current price of Bitcoin is 4650 yuan. From May 27 to today, in just half a month, the price of Bitcoin broke through the 3000 yuan mark. It rose without brakes or callbacks, and the highest increase was close to 60%. From the hourly line, the price has been oscillating between 4600 and 4800 in the past 24 hours. After continuous rises, it seems a bit weak. Yesterday, the price fell back to below 4700 yuan, oscillating between 4600 and 4700 yuan. Short-term support is 4580, 4450, and resistance is 4720.
It is difficult to define the current Bitcoin market as "irrational" because the halving is approaching and many people continue to hold on to their coins in anticipation of a rise; the rapid global rollout of blockchain technology has allowed more social elites to gain a deeper understanding of Bitcoin; various funds using Bitcoin as an intermediary have been booming since the beginning of the year and have not stopped; the central bank has been releasing liquidity from time to time, which has also allowed more legal currencies to continue to find various outlets. All these reasons have led to the current price of Bitcoin.

2. Newcomer Index: Look at the inflow of off-market funds <br/>The chart shows the newcomer index at the hourly level. After the price rose yesterday, a group of people were attracted to enter the market during the day, and the number of people entering the market decreased slightly at night. The newcomer index was 69 on June 12, and it reached 100 yesterday on the 13th. It is expected that the number of newcomers entering the market will be at a relatively high level in the next two days.

3. Sentiment Index to see how the market reacts to prices <br/>The graph shows the sentiment index calculated on a daily basis. As shown in the graph, the sentiment index in the last two days is the highest in the last six months. Yesterday’s analysis suggested that “at this time, we dare not continue to let everyone increase their positions and go long in the short and medium term. We should recover the profits in batches at the appropriate time.” We still hold this view today. Those who go long in the short and medium term should be careful to guard against pullbacks.