Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2016-05-9)

1. Price Trends
Since last Friday, the price of Bitcoin has tried to break through the 3000 mark several times, but it encountered resistance and callback near 2990. The upper resistance is stronger than expected. It has been more than 10 days since the price broke through and maintained above 2900 on April 24, showing that the market has a certain ability to bear, but it may still take time for the market to accept the current value of Bitcoin. The current price is still consolidating in the resistance range of 2960 to 2990. Operation suggestion: wait and see in the short term, and stick to the strategy of holding more coins. Support 2940, 2900, resistance 2990, 3030.
2. The newcomer index is based on the amount of funds entering the market
The following figure shows the two-hour newcomer index. The figure shows that last week, the number of newcomers entering the market was relatively large, causing the price to rise directly from around 2900 to 2990. The news effect of Satoshi Nakamoto has gradually weakened, and newcomers are slowly gaining momentum.

3. The long-short index looks at the market's recognition of the price
The following is the sentiment index at the two-hour level. The data shows that when the price is close to 3,000, the market sentiment of short selling is very strong, but as long as the price slightly adjusts, the sentiment of buying the bottom and going long prevails. Based on this, it can be considered that the chance of a deep correction is small, and it is advisable to go long on dips.