Morning Market Report（Mar.07）
BTC price held steady over the weekend, further cuts not ruled out, likely to fall further.
According to data from Huobi Global, the price of BTC continued to fall on Friday, reaching the lowest point at 38,500. Then it encountered resistance, fluctuated sideways, and changed direction several times. It is currently around 38,420, which is almost the same as the price level on Friday evening. From the 4-hour K-line, the moving averages are in short positions, but the magnitude has slowed down, the trading volume has remained stable. DIF is about to cross DEA, but it does not rule out the possibility of further price reductions. From the daily level, the price has fallen for five consecutive days, and the trend is relatively stable, but the momentum is not large. In the short term, pay attention to the direction of the price after adjustment and the support of the 34000 position below.
According to data from Huobi Global, ETH stabilized over the weekend after falling to 2575 on Friday, and then began to fall again in the early hours of this morning. It is now around 2540, and the trading volume has been at a low level. Judging from the 4-hour K-line, although the price adjusted sideways over the weekend, short side is still dominant, and the downtrend is likely to continue. Three moving averages are arranged in a short position, and the opening of the Bollinger Bands shrinks slightly. From the daily level, ETH has been falling continuously for several days, and the trend has not yet ended. Pay attention to the support at the 2320 position below.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures remained stable. The volume remained unchanged, and the contract market was relatively inactive. The basis of futures contracts remained stable.
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