Morning Market Report September 2
BTC rises sharply overnight, watch for 50,000 block
According to data from Huobi Global, Last night BTC fierce struggle, after a small price retreat in the evening, the early morning multiparty suddenly pull up, the price of volume broke through the downward trend line, the short side then began to counterattack and swallowed half of the increase, then the volume fell back, the price rose slightly, this morning multiparty momentum to launch a second attack, continue to pull up the volume, the price is close to the 50,000 mark. 4H level seems to break the trend line K line leads and entities are longer, the volume is also a recent high level, the current high price is higher than the 29-day high, the short-term downtrend has been broken. The K-line broke through the upper Bollinger band, the middle Bollinger band turned upward, the opening expanded slightly, the MACD line and signal line turned upward, the Bar turned positive from negative and increased, the short-term price is stronger. Although the K-line crossed the upper Bollinger band, but RSI and KDJ are showing no obvious signs of overbought, the market is difficult to judge the risk of short-term pullback. At the daily level, BTC is currently mid-positive, while trading volume remains at depressed levels. Pay attention to the continuation of the rising market during the day, and pay attention to the 50000 block and the EMA5 support.
According to data from Huobi Global, ETH rose sharply last night to a high of 3842.60 USDT, trading volume zoomed back down. 4H level, ETH has been very strong recently with strong support from EMA5. 3 EMAs continue to run upwards, Bollinger band opening slightly enlarged, mid-rail up, K-line broke through the upper rail of Bollinger band and returned to near the upper rail, MACD line and signal line up, Bar remains stable. At the daily level, it seems that ETH has broken out of the narrow oscillation range, the Bollinger band opening has slightly enlarged, and the K-line has broken out of the upper rail of the Bollinger band. Intraday attention is paid to the continuation of the rising market, the blocking situation of 3880 and the support situation of EMA5.
In terms of contracts, the data of Huobi Futures showed that BTC contract open interest rose slightly, contract volume rose slightly, the basis of futures contracts rose slightly, and the contract market was relatively inactive. ETH contract open interest dropped slightly, contract volume rose slightly, the basis of futures contracts rose slightly, and the contract market was relatively inactive.
About Huobi Research
Huobi Research was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March 2018. We cover various fields such as Blockchain technology research, industry analysis, application innovation and economic model explorations. We aim to establish a research platform and to offer theoretical foundations as well as judgements of trends in Blockchain to the public, ultimately promoting the development of the Blockchain industry.
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