Morning Market Report August 20

BTC, which rose rapidly in the evening, has returned to above 47000. Pay attention to the continuation of upward trend.

According to the data from Huobi Global, BTC bottomed and rebounded. The rising process was relatively smooth, so BTC broke through the upper edge of the previous consolidation interval, reaching the highest 47400.00 USDT. It is currently moving sideways around 47000 for a short period of time. The trading volume is enlarged slightly. In day level of picture, BTC is now a short positive, which is close to the resistance of last week. The long sides are dominant, so the intraday market is more likely to move upward.

In four-hour level of picture, the K-line continuously crossed each EMA, presenting a gold cross. All EMAs move upward steeply. From the analysis of the Bollinger Bands, The K-line is located between the middle rail and the upper rail, approaching the upper one. The market may continue to rise in the short term. In the evening, KDJs continue to increase and MACD presents a gold cross. Specifically, DIF turns from negative to positive, indicating the long sides energy are getting stronger. In the afternoon, pay attention to the continuation of upward trend and the breakthrough of 48000 above and the support of 46000 below.

According to the data from Huobi Global, ETH is basically the same as BTC. ETH rose rapidly in the evening, reaching the highest 3243.59 USDT. It is now moving sideways around 3200 for a short period of time. The trading volume is at a normal level. In day level of picture, ETH ushered in the first positive after three consecutive negatives. ETH rose slightly, covering the total decline from the past three days. In four-hour level of picture, the K-line stays above each EMA, presenting a gold cross. All EMAs move upward. From the analysis of the Bollinger Bands, the K-line is located between the middle rail and the upper rail, approaching the upper one. All rails move upward. KDJ continues to move upward. MACD shows a gold cross signal. Both DIF and DEA move upward and may turn from negative to positive, indicating the long sides are getting stronger. In the afternoon, pay attention to the continuation of the upward trend and the breakthrough of 3350 above and the support of 3100 below.

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

The open interest of ETH futures contracts increased slightly. The trading volume decreased slightly and the market is inactive. The basis of futures contracts decreased 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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Blockchain industry top think tank, affiliated to Huobi Group.

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