Morning Market Report July 16

BTC moved sideways at a low level. Pay attention to the support of 31000 below.

According to the data from Huobi Global, BTC fell rapidly last night, reaching the lowest 31146.92 USDT, and then rebounded slightly. It is currently moving sideways around 31800 for a short period of time. The trading volume is at a relatively high level. In day level of picture, BTC had a medium negative yesterday. The short sides are significantly stronger. Now BTC is presenting as a short positive but is still at a relatively low level.

In four-hour level of picture, the K-line basically stays below EMA5, EMA10 and EMA20. The decline basically covers yesterday’s rebound. All EMAs move downward. From the analysis of the Bollinger Bands, the K-line is continuously located between the middle rail and the lower rail, briefly breaking the lower one. The market is “oversold”. Both of two rails move downward and the bandwidth remains stable. BTC may still in a downward trend in the short term. DIF continues to stay below DEA, both of which are negative, indicating the downward energy is strong. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 32500 above and the support of 31000 below.

According to the data from Huobi Global, ETH rebounded slightly last night. It is now moving sideways around 1950 for a short period of time. The trading volume is at a relatively high level. In day level of picture, ETH ushered a short negative yesterday. The short sides were dominant. It is now a short positive. In four-hour level of picture, the K-line basically stays below EMA5, EMA10 and EMA20. However, the difference is continuously shrinking. All EMAs tend to flatten. From the analysis of the Bollinger Bands, the K-line is located between the lower rail and the middle rail, approaching the middle one. All rails tend to flatten and the bandwidth tends to shrink. DIF stays above DEA, both of which are negative and move upward. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 2000 above and the support of 1850 below.

In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures increased slightly. The trading volume decreased slightly and the market is inactive. The basis of futures contracts increased slightly.
The open interest of ETH futures contracts remained stable. The trading volume decreased slightly and the market is inactive. The basis of futures contracts increased slightly.

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Disclaimer

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

Blockchain industry top think tank, affiliated to Huobi Group.