Morning Market Report August 26
BTC shocks to the upside overnight, focus on 49000 breakout
According to data from Huobi Global, BTC pulled up quickly yesterday evening after a mild rise, and oscillated upwards overnight, reaching a high of 49,350 USDT, before falling back slightly, with volume enlarging and then gradually shrinking. The price broke through the descending parallel channel of the last 3 days in the evening and got support at EMA5, but the trading volume was relatively low and it remains to be seen if it is sure to return to the uptrend. Now the price is still below the recent second step, whether it can climb and stand firm on this step will become a prerequisite for the market to rise. The four-hour level, the k-line continuous penetration of the three averages, EMA5 through EMA10 to form a golden cross, EMA10 is about to penetrate EMA20. K-line in the Bollinger band in the middle of the rail encountered some resistance, Bollinger band opening tends to stabilize, while MACD line and signal line gradually close or will form a golden cross, the price may be oscillating for a period of time. Daily level BTC collected a small hammer line yesterday, the first step of the support is relatively strong. Intraday attention to the change in volume, the 49000 block and the 48200 support situation.
According to data from Huobi Global, ETH moved basically similar to bitcoin overnight, surging higher to 3250 USDT and then falling back, with trading volume amplifying for a short time before quickly falling back. At the four-hour level, the k-line crossed 3 SMAs before falling back, with the SMAs in a short alignment. The Bollinger band opening is basically stable, the middle rail is close to the level, the MACD line and signal line are close and then have a tendency to move away again, the market continues to be under pressure. Daily level, ETH recent high oscillation, need to examine the middle rail of the Bollinger band pressure-bearing ability. Intraday attention to the change in volume, the 3250 blocking situation and 3100 support.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures was stable, the volume decreased slightly, and the contract market was relatively inactive. The basis of futures contracts rise slightly. The open interest of ETH futures contracts rise slightly, the volume declined slightly, and the contract market was relatively inactive. The basis of futures contracts rise 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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