Morning Market Report August 6
BTC has returned to above 40000. Pay attention to the support of 39500 below.
According to the data from Huobi Global, BTC rose rapidly last night and broke through the 40000 line. The trading volume was enlarged significantly for a short period of time so the long sides were dominant. In this morning, the short sides began to counter back. BTC fell slightly and is currently oscillating around 40000, with both sides competing fiercely. In day level of picture, BTC is now a short positive, with a strong resistance. The daily market has a more volatile upward trend.
In four-hour level of picture, the K-line stays above each EMA. EMA5 crosses EMA10 and EMA20 to form a golden cross. All EMAs move upward. From the analysis of the Bollinger Bands, the K-line is located between the middle rail and the upper rail. It briefly broke the upper rail and the market is overbought, which is a normal callback. Both rails move upward and the bandwidth tends to expand. BTC may oscillate to rise in the short term. The KDJ lines move upward and are approaching the overbought interval, indicating BTC may fell back. However, DIF, which turns from negative to positive, move upward with DEA. The long sides bar is increasing. The callback amplitude may be limited. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 42000 above and the support of 39500 below.
According to the data from Huobi Global, ETH continued to rise last night, reaching the highest 2845.00 USDT. In this morning, ETH fell slightly and is currently moving sideways around 2780. The trading volume is enlarged for a short period of time. In day level of picture, ETH ushered in three consecutive positives. In four-hour level of picture, the K-line stays above each EMA. All EMAs move upward. From the analysis of the Bollinger Bands, the K-line is located between the upper rail and the middle rail, approaching the upper rail. Both rails move upward and the bandwidth tends to expand. DIF stays above DEA, both of which are positive and move upward. The long sides bar is increasing now. The J line of KDJ exceeded 100 for a short time, so ETH fell slightly. In the afternoon, pay attention to the changes of the trading volume and the breakthrough of 2900 above and the support of 2750 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 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.
