Morning Market Report September 3
BTC falls below the 50,000, concerned about the support of the middle rail of BB
According to data from Huobi Global, Last night BTC fell below the 50,000 mark to a low of 48322.12 USDT. 4H level looks like the K-line went down through 3 EMAs in a row, the EMAs still remain long but turn down. the K-line Bollinger Band upper rail descends all the way back to near the top of the middle rail, the middle rail of the Bollinger Band slowly goes down, the opening widens slightly and then stabilizes. the MACD line and signal line remain above the 0 axis, the Bar continues to shrink but remains positive, price is under short-term pressure and pauses its uptrend. As the angle of rise of EMA5 was too steep yesterday and the trading volume did not enlarge significantly during the night, last night’s decline was more like a natural retreat. At the daily level, BTC is currently a small negative line, still in a sideways oscillation range. During the day, we are concerned about the continuation of the falling market, the blocking situation of 50000 and the support situation of the middle rail of Bollinger band and EMA20, if we get effective support, the market will stabilize sooner.
According to data from Huobi Global, ETH was in a sideways oscillation last night with a slight drop in trading volume. 4H level, ETH is temporarily resting around 3780. 3 EMAs continue to run upwards, EMA5 is obviously slowing down, Bollinger band opening remains stable, middle rail is up, K-line returns to between middle and upper rail of Bollinger band, MACD line is slowing down, Bar is decreasing. At the daily level, it seems that ETH has broken out of the narrow oscillation range, the Bollinger band opening has slightly expanded, the K-line is still above the upper rail of the Bollinger band, the angle of rise is very steep, and the possibility of adjustment cannot be ruled out. Intraday attention is paid to the continuation of the rising market, the blocking situation of 3840 and the support situation of EMA5.
In terms of contracts, the data of Huobi Futures showed that BTC contract open interest remained stable, contract volume remained stable, the basis of futures contracts declined slightly, and the contract market was relatively inactive. ETH contract open interest declined slightly, contract volume remained stable, the basis of futures contracts declined 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.
