Morning Market Report September 8
BTC plunged late in the evening, watch for support at 46000.
According to data from Huobi Global, BTC suddenly fell sharply in the evening after a sideways shakeout, with volume amplifying sharply and the price reaching a low of 39818.18 USDT, a drop of 17% at one point. The bulls then launched a counterattack, pulling the price back above 46,000 USDT, after which volume quickly fell back and the price went sideways and oscillated. At the 4H level it appears that the K-line showed a twilight star signal yesterday at midday, giving a hint of one of the price declines. The low of this selloff is already below the low of the previous wave, and the uptrend is decreasing in certainty, whether it will reverse remains to be seen. the K-line penetrated 3 EMAs in a row, the EMAs turned down and turned into a short alignment, and all 3 EMAs went down. RSI plunged from above 70 to below 30 in 1 day, showing that the market is under short-term pressure, RSI has returned to above 30, oversold phenomenon is weakening. The market will stabilize in the future, and risk control is needed. Daily level, BTC is currently a large negative with a long lower shadow, the uptrend uncertainty increases. Intraday attention to changes in volume, attention to the support of 46000, if support can be obtained then the market will stabilize faster, pay attention to the EMA5 blocking situation.
According to data from Huobi Global, ETH dropped sharply last night, with the lowest price of 3000USDT in 24H. From the 4h line, EMA5 continuously fell below the EMA10 and EMA20 lines, forming a dead cross. The k-line is lower than the lower track of the Bollinger Bands, and the RSI is lower than 30. The Bollinger Bands opening has expanded significantly, and the volatility has risen, showing an oversold state. Judging from the daily line, ETH is currently a short bulllish line, located in the middle track of the Bollinger Band. At present, ETH has experienced relatively large fluctuations, and subsequent minor corrections may appear, showing a slight fluctuation upward trend.
In terms of contracts, the big data of Huobi Futures showed that BTC contract holdings declined slightly, contract trading volume rose significantly, and the contract market was relatively active. The basis of the delivery contract decreased.
ETH contract holdings declined slightly, contract trading volume rose, and the contract market was relatively active. The basis of the delivery contract decreased.
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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.
Investing in digital assets carries risks and this article does not constitute operational advice.