Morning Market Report September 22
BTC continued to fall after the sideways movement, focusing on the support of 40,000 and the blocking of the downtrend line.
According to data from Huobi Global, BTC continued to fall after trading sideways during the Mid-Autumn Festival, and the volume was enlarged. From the 4H level, it seems that BTC started to fall significantly at 8:00 am on the 20th, and the volume increased; after that, the downward price pressure was very high within 1 day, and when the multiple parties started to resist and the market was about to enter the equilibrium, the short side launched a second round of offensive to suppress the price to a minimum of 39585.25 USDT, and the volume was enlarged again. In the short term it seems that the downward trend line is clearly blocking, and this morning’s price rally failed to break through. The trend line angle is somewhat steep, and it remains to be seen whether such a strong trend can be maintained. the EMA5 is also clearly blocking, with the 3 EMAs short-headed and widening in spacing. The middle rail of the Bollinger band turned down, the opening widened, and the K-line pierced the lower rail of the Bollinger band several times. the RSI was below 30 for a long time (the longest time since the current bull market), and the market has been quite weak recently, so you can consider waiting and watching first. At the daily level, the lower shadows of BTC’s daily lines for the last 3 days are long, showing that the price has some support. However, the recent price highs and lows are lower than the previous period, may enter a downtrend, it is still recommended to stabilize. Intraday attention to the continuation of the down market, attention to the support of 40,000 and the descending trend line blocking situation.
According to data from Huobi Global, during the Mid-Autumn Festival, the price of ETH went down to near 2850. From the 4h line, the three moving averages all twisted their heads downwards, showing short positions and extending the distance. Line k is located on the lower rail of the Bollinger Band, and the opening of the Bollinger Band is wide. The trading volume rebounded significantly, and the RSI crossed downward in a short period of time, showing an oversold state. From the daily point of view, ETH is currently the short line, and the downward trend is sufficient. Continue to pay attention to the effectiveness of the support below and the subsequent trading volume.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings remain basically unchanged, contract trading volume fluctuates greatly, and the contract market is active. The basis of the delivery contract decreased.
ETH contract holdings remained basically unchanged, contract trading volume fluctuated greatly, and the contract market was active. The basis of delivery contracts dropped 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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