Morning Market Report August 2
BTC rose and fell below 40000. Pay attention to the support of 38000 below.
According to the data from Huobi Global, BTC rose slightly on Saturday, reaching the highest 42585.00 USDT. BTC suffered a strong resistance and failed to break twice at this point. Therefore, BTC fell slightly, moving sideways around 42000. In this morning, the short sides began to counter back. BTC fell rapidly, reaching the lowest 39240.00 USDT. It is currently moving sideways around 39500 for a short period of time and the trading volume is relatively sluggish. In day level of picture, BTC ushered in two consecutive negatives. The total decline basically reversed the increase of Saturday. So intraday trend is more downward.
In four-hour level of picture, the K-line stays below each EMA. EMA5 crosses EMA10 and EMA20 in turn to form dead crosses. All EMAs move downward. From the analysis of the Bollinger Bands, the K-line crosses the middle rail, approaching the lower rail. The bandwidth remains unchanged and the trading volume is relatively sluggish, indicating the market may move sideways in the short term. The KDJ lines move downward, being close to the oversold interval. So BTC tend to rebound in the short term. However, DIF continuously moves downward and the short sides bar is increasing. Therefore, the market hardly rebound and may continue to fall during the day. In the afternoon, pay attention to the continuation of the downward trend and the breakthrough of 40500 above and the support of 38000 below.
According to the data from Huobi Global, ETH is similar to BTC. ETH rose slightly on the weekends, reaching the highest 2697.57 USDT, and then fell rapidly. It is currently moving sideways at 2550 for a short period of time. The trading volume is relatively sluggish. In day level of picture, ETH ushered in the first negative after five consecutive positives. It fell slightly but is in a normal callback interval. In four-hour level of picture, the K-line stays above EMA20, oscillating near EMA5 and EMA10. All EMAs move downward. From the analysis of the Bollinger Bands, the K-line is located between the upper rail and the middle rail, approaching the middle rail. The bandwidth tends to shrink. DIF stays above DEA but tends to move downward, which may form a dead cross. The long sides bar is decreasing now. KDJ is in the hovering zone. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 2650 above and the support of 2450 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 decreased 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 decreased slightly.
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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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