Morning Market Report July 8
BTC continued to fall. Pay attention to the support of 32500 below.
According to the data from Huobi, BTC failed to break through 35000 many times yesterday. In the evening, the short sides started to counter back, resulting in a rapid fell. BTC broke through the lower edge of previous consolidation interval, reaching the lowest 33088.88 USDT. In day level of picture, BTC ushered first negative after two consecutive positives, whose decline covered the sum of previous increase. The short sides were dominant.
In four-hour level of picture, The K-line crossed EMA5, EMA10 and EMA20 in turn. EMA5 descends steeply, crossing EMA10 and EMA20 to form a dead cross. From the analysis of the Bollinger Bands, The K-line is located between the middle rail and the lower rail, approaching the lower rail. All rails move downward and the bandwidth shrinks. DIF that turns from positive to negative crosses DEA to form a dead cross. DEA fluctuates around 0 and may turn into negative as well. In the afternoon, pay attention to the continuation of the downward trend and the breakthrough of 34000 above and the support of 32500 below.
According to the data from Huobi, ETH continued to fall last night. It is now moving sideways around 2280 for a short period of time. The trading volume is relatively sluggish. In day level of picture, ETH ushered first negative after two consecutive positives, recovering the last increase. In four-hour level of picture, the K-line crossed EMA5 and EMA10 in turn and is currently fluctuating around EMA20. EMA5 descends steeply and forms a dead cross with EMA10. From the analysis of the Bollinger Bands, the K-line is located between the upper rail and the middle rail. However, it crosses the middle rail and tends to move downward. The bandwidth remains stable. DIF crossed DEA to form a dead cross, both of which were positive, indicating the market may enter a downward trend. In the afternoon, pay attention to the continuation of the downward trend and the breakthrough of 2350 above and the support of 2200 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 decreased slightly. 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.
