Morning Market Report August 17

BTC encountered resistance at 48000 and then fell slightly. Pay attention to the breakthrough of 47000 above.

According to the data from Huobi Global, BTC failed to continue its intraday upward trend last night. It encountered strong resistance at 48000, where BTC failed to breakthrough more than once, and then fell rapidly, reaching the lowest 45247.70 USDT. In this morning, it began to rebound and is currently moving sideways around 46500. The trading volume is relatively sluggish. In day level of picture, BTC had a significant callback yesterday. It is now a short positive so BTC rebounds slightly.

In four-hour level of picture, the K-line basically stays below EMA5, EMA10 and EMA20. The overall decline covers yesterday’s increase. All EMAs tend to be flat. From the analysis of the Bollinger Bands, the K-line is located between the middle rail and the lower rail, approaching the middle one. All rails tend to be flat and the bandwidth remains unchanged. The market may move sideways in the short term. Both KDJ and MACD showed a dead cross in the evening. However, the current downward trend has flattened out. DIF and DEA are positive and tend to be flat, indicating the short sides are getting weaker and the market may move sideways for a short period. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 47000 above and the support of 45000 below.

According to the data from Huobi Global, ETH fell rapidly last night, reaching the lowest 3116.00 USDT. In this morning, it began to rise. It is now moving sideways around 3200 and the trading volume is relatively sluggish. In day level of picture, ETH is now a short negative. In four-hour level of picture, the K-line stays below each EMA. All EMAs tend to be flat. From the analysis of the Bollinger Bands, the K-line is located between the middle rail and the lower rail. The bandwidth remains unchanged and all rails tend to be flat. KDJ and MACD tend to be flat, indicating the short sides are getting weaker. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 3250 above and the support of 3050 below.

In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures remained stable. The trading volume decreased slightly and the market is inactive. The basis of futures contracts increased slightly.
The open interest of ETH futures contracts remained stable. The trading volume decreased slightly and the market is inactive. The basis of futures contracts increased slightly.

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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Disclaimer

Investing in digital assets carries risks and this article does not constitute operational advice.

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