Morning Market Report August 3
BTC shocks downward overnight, focus on the breakout of 40500 and 39000 during the day
According to the data from Huobi Global, BTC was first shaking sideways at 39500 in the evening, and the shaking amplitude increased and began to slowly move downward from the early morning to as low as 38690 USDT. At the four-hour level, the EMA 5 showed strong resistance in the last 3 days, and the K-line tried to break through unsuccessfully several times, the EMA 10 penetrated the EMA 20 to form a dead fork, and the three EMAs showed a small downward trend and a short alignment. The K-line is getting closer to the lower rail of the Bollinger band, and after a short period of piercing the lower rail, it quickly rallied, and the Bollinger band opening has a tendency to expand slightly, with the middle rail remaining almost horizontal, and the market may shake sideways for a period of time. the DIF continues to be located below the DEA, and the DIF turned negative from positive to negative last night, with the brush chart value being negative and remaining stable, with the short side having stronger energy, but not forming an overwhelming advantage. Volume is relatively depressed, not significantly increased or decreased. On the daily level, BTC saw three consecutive negative days and was supported at EMA 10. The day continues to focus on the continuation of the downtrend as well as the breakout above 40500 and the support below 39000.
According to the data from Huobi Global, ETH oscillated slightly overnight and then fell slightly to a low of 2540.02 USDT. at the four-hour level, the K-line crossed EMA 5 and EMA 10 continuously during the day and was supported at EMA 20, with the three EMAs having a tendency to converge. the K-line continued to lie between the middle and upper Bollinger band during the day and gradually approached the middle rail, with the Bollinger band opening narrowing slightly and the market likely to continue to move sideways. the DIF The nightly penetration of DEA, both positive and very small brush chart values. Volume is relatively sluggish, and the market is not willing to come out of the new market. At the daily level, ETH today saw its first negative after six consecutive positive days, with the decline engulfing yesterday’s gains. Continue to pay attention to the change in volume during the day as well as the breakout above 2670 and the support below 2500.
In terms of contracts, the data of Huobi Futures shows that the BTC contract position is relatively stable, the contract turnover is relatively stable, and the contract market is relatively inactive. The basis difference of the delivery contract is relatively stable.
ETH contract position decreased slightly, contract volume increased slightly, and the contract market was relatively active. The basis difference of the delivery contract 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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