Morning Market Report August 31

BTC dives overnight, focus on support at 46300

According to data from Huobi Global, BTC fell slightly on Monday evening, then took small steps upward, up to 48696.69 USDT, diving high overnight to a low of 46700.00 USDT. 4H level seems that the highs and lows of the last 3 days K-line are decreasing, 3 EMAs are downward, short alignment, K-line pierced the lower Bollinger band, and is still running below the Bollinger band, the middle Bollinger band is starting to go down. The opening suddenly expanded, MACD line and signal line downward angle increased, the brush chart is negative and the absolute value increased, RSI fell below 50, the above signals all indicate that the current downtrend is stronger, the short-term price may have greater pressure. Daily level, BTC is currently three consecutive negative, the recent small decline in trading volume, reflecting the market is not high willingness to fight, the future may continue to appear “grinding” market, the price may be in the down — back up in the cycle. Intraday concern about the continuation of the down market, pay attention to the support situation of 46300, if fall below this step, the certainty of the uptrend will decline.

According to data from Huobi Global, ETH evening and BTC trend is similar, but its rise is greater, up to 3346.23 USDT, stabilized faster after diving. 4H level, the price encountered strong resistance near 3350, elevated back after the average line gathered again, the trend is flat. The Bollinger band opening is basically stable after a small enlargement, the middle rail is almost horizontal, the MACD line and signal line are close, the volume is enlarged for a short time and then falls back. Daily level still maintains a narrow oscillation, today is currently an inverted hammer line, the Bollinger band opening to maintain a narrow state. Overall, it seems that there is little willingness to fight between the long and the short, still waiting for the state. Intraday attention to the change in volume, 3350 blocking situation and 3150 support situation.

In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures increased slightly, the volume increased slightly, and the contract market was relatively inactive. The basis of futures contracts decreased slightly. The open interest of ETH futures contracts increased slightly, the volume increased slightly, and the contract market was relatively inactive. The basis of futures contracts increased 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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Investing in digital assets carries risks and this article does not constitute operational advice.

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