Morning Market Report August 23
BTC falls slightly from 50,000, focus on support at 48,200
According to data from Huobi Global, BTC oscillated at a high level yesterday evening, reaching a high of 50,500 USDT, then oscillated down and fell below the 50,000 mark to a low of 48,767 USDT, with volume falling back slightly. Despite the slight drop in price, it still stands on the uptrend line and there is a possibility of a short-term price recovery. At the four-hour level, the k-line continuously penetrated EMA5, EMA10, EMA20, EMA5 and EMA10 are close, or will cross. the K-line penetrated the middle rail of the Bollinger band, the Bollinger band opening tightened and remained stable, while the MACD line and signal line are relatively close and crossed several times, the long and short forces are balanced, the price may continue to oscillate for a period. Daily level BTC collected a small positive line yesterday, the upper lead and the entity length is close, upward breakthrough by some resistance. Intraday attention to the change in volume, the rising trend line support. If it falls below the trend line, the support of 48200 needs to be observed.
According to data from Huobi Global, ETH oscillated downwards overnight to a low of 3279.16 USDT, trading at recent average levels. At the four-hour level, the k-line penetrated EMA5 and EMA10 during the day, and the averages are still in a multi-headed alignment. The Bollinger band opening is basically stable, the middle rail is close to the level, the MACD line and signal line are also showing a twisted state, the market may be in a stalemate, the short-term may continue to oscillate.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures fell slightly, the volume decreased slightly, and the contract market was relatively inactive. The basis of futures contracts dropped significantly. The open interest of ETH futures contracts was basically stable, the volume declined slightly, and the contract market was relatively inactive. The basis of futures contracts dropped significantly.
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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