Morning Market Report August 4
BTC continued to move sideways at a low level. Pay attention to the breakthrough of 39500 above.
According to the data from Huobi Global, BTC continued its intraday decline last night, oscillating around 38000. In this morning, the long sides began to counter back, but the resistance is not strong and the trading volume is not enlarged significantly. In day level of picture, BTC ushered in the first positive after three consecutive negatives. It rebounds slightly but tends to oscillate.
In four-hour level of picture, the K-line stays below EMA10 and EMA20, oscillating around EMA5. All EMAs move downward and tend to flatten. From the analysis of the Bollinger Bands, the K-line is located between the middle rail and the lower rail, approaching the middle one. The bandwidth remains unchanged, indicating the market may move sideways in the short term. The KDJ lines move upward and return to the hovering zone, which means BTC may rebound. Moreover, DIF and DEA are negative and tend to flatten. The short sides bar is decreasing. If the long sides continue to increase, contributing to a reverse of DIF and DEA, the market may continue to rebound. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 39500 above and the support of 37500 below.
According to the data from Huobi Global, ETH is similar to BTC. ETH moved sideways around 2500, which rebounded slightly. The trading volume is relatively sluggish. In day level of picture, ETH is now a short positive with strong support, locating at 1/5 of yesterday’s decline. In four-hour level of picture, the K-line is oscillating around each EMA. 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 rail. The bandwidth tends to shrink. DIF stays below DEA, both of which are positive and move downward. The long sides bar tends to decrease now. KDJ is in the hovering zone. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 2600 above and the support of 2400 below.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures remained stable. The trading volume decreased slightly and the market is inactive. The basis of futures contracts decreased 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 decreased slightly.
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Disclaimer
Investing in digital assets carries risks and this article does not constitute operational advice.
