Morning Market Report September 7
BTC continued its upward movement in the early morning, breaking above its recent previous high.
According to data from Huobi Global, Looking at the 4h line, BTC has strong support near 51000 below, continued upward overnight, and broke through the recent previous high, the highest level of 52785.64, currently running above the EMA5, the averages are multi-headed arrangement, running steeply upward. The K-line is currently running on the upper rail of the Bollinger band, which has expanded significantly. Volume is little changed from yesterday, DIF up through DEA, both steeply upward, multiple sustained momentum prevails from the daily, BTC is currently a short negative, the upward trend slowed down, but the upward pattern remains unchanged. At present, the k-line stands stable on the upper rail of the Bollinger band, the three averages parallel upward, short-term or will continue to rise, pay attention to whether it can break through the 53000 barrier.
According to data from Huobi Global, ETH continues to move sideways overnight, oscillating slightly between 3800–4000. From the 4h line, the three averages are almost level. k-line is running near the middle rail of the Bollinger band, which is slightly tightened with the opening running horizontal and parallel. Volume is relatively depressed, DIF continues to lie below DEA, and both are running parallel downward. From a daily perspective, ETH is currently a short positive line, located in the middle of the Bollinger band. At present, ETH has been sideways for a long time, the subsequent trend is unclear, if the overall market situation continues to be active, the short-term or will return to the upward channel.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures remained stable, the volume remained stable, and the contract market was relatively inactive. The basis of futures contracts remained stable.
The open interest of ETH futures remained stable, the volume decreased slightly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
About Huobi Research
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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