Morning Market Report September 1
BTC continues to fall overnight, focus on support at 46300
According to data from Huobi Global, BTC failed to continue the afternoon rally yesterday night, falling all the way from a high of 48248.56 USDT to a low of 46510.83 USDT, with a small drop in volume. 4H level looks like the downtrend is still continuing and the downtrend line has been confirmed once. ema5 shows strong resistance, all 3 ema’s are down, short alignment, k-line running along the lower bollinger band and 2 times pierced the lower rail, the middle rail of the Bollinger band is down, the opening is slightly expanded, the MACD line and signal line are down, the brush chart is negative, the absolute value is stable, the RSI continues to move down, the short-term price may be under greater pressure. However, the lower lead of last night’s K-line is longer, and the price still has some support. Daily level, BTC is currently four consecutive negative, the recent small decline in trading volume, reflecting the market scramble will not be high, the price downside may be a natural retreat. Intraday concern about the continuation of the down market, pay attention to the support of 46300, if fall down this step, the uptrend may be reversed.
According to data from Huobi Global, ETH oscillated upwards last night to a high of 3472.00 USDT, trading at a recent high level. 4H level, price encountered resistance near 3450 and was supported at EMA5. 3 EMAs continue to run upwards, Bollinger band opening widened slightly, mid-rail is up, MACD line and signal line are up, brush chart values are stable. The daily level is breaking out of the narrow oscillation range, the Bollinger band opening has widened slightly, the K-line broke through the upper rail of the Bollinger band, and ETH seems to be taking the lead. Intraday attention is paid to the continuation of the rising market, the blocking of 3480 and the support of EMA5.
In terms of contracts, the data of Huobi Futures showed that BTC contract open interest remained stable, contract volume dropped slightly, the basis of futures contracts dropped slightly, and the contract market was relatively inactive. ETH contract open interest rose slightly, contract volume dropped slightly, the basis of futures contracts dropped slightly, and the contract market was relatively inactive.
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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.
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Investing in digital assets carries risks and this article does not constitute operational advice.
