Morning Market Report August 30

BTC oscillated sideways over the weekend, focusing on the breakout of 49300 and 47700

Huobi Research
3 min readAug 30, 2021

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According to data from Huobi Global, After a small pull-up on Friday night, BTC oscillated around 48500 over the weekend, reaching a high of 49623.35 USDT on relatively depressed volume. In this round of rally that started at the end of July, the price trend has the following characteristics: long sideways time, short pull-up time, basically similar sideways period time, and EMA20 has a strong support role. It seems that the uptrend is still continuing, but the trading volume has not risen significantly, and risk awareness needs to be maintained. At the daily level, all 3 EMAs are flat to the upside, the K-line is running between the middle and upper Bollinger band, the middle rail of the Bollinger band is flat to the upside, the opening remains stable. the MACD line and signal line are flat to the downside, the spacing is small, the price may continue to move sideways. Intraday attention is paid to the change of volume, the blocking situation of 49300 and the support situation of 47700.

According to data from Huobi Global, ETH moved sideways and oscillated over the weekend. Recently ETH has been trading sideways for almost 20 days, the bigger block above is the previous high, and the market seems to be waiting for an upside signal. At the daily level, EMA5 and EMA10 are almost overlapping, and EMA20 is moving more and more flat. The Bollinger band opening is basically stable, the middle rail is almost horizontal, the MACD line and signal line are slowly moving downward, the Bar is maintained at a low level, and the volume is slightly reduced. Overall it seems that there is little willingness to fight between long and short, perhaps waiting for a clear signal from BTC. Intraday attention is paid to the change in volume, the blocking situation of 3280 and the support situation of 3150.

In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures was stable, the volume was stable, and the contract market was relatively inactive. The basis of futures contracts increased slightly. The open interest of ETH futures contracts was stable, the volume was stable, and the contract market was relatively inactive. The basis of futures contracts increased slightly after fluctuations.

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Disclaimer

Investing in digital assets carries risks and this article does not constitute operational advice.

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Huobi Research

Blockchain industry top think tank, affiliated to Huobi Group.