Since August 23, BTC has been rising along the 5-day moving average. Although there have been occasional fell below the 5-day moving average during this period, the lowest level of rebound has never reached the 10-day moving average. The closing price of the first 10 days also never fell below the 5-day moving average. At present, the 10-day moving average has moved up to 7000. If the short-term trend of the candlestick chart wants to maintain the upward trend as the previous 10 days, it better not to fall below the 10-day moving average (the price can not fall below 7000). In other words, the 7000 line is the strong and weak watershed for BTC to maintain its current short-term upward shaking tendency.
Since the rebound of 7429 on September 2, the BITFINEX transaction data shows that the trading volume has been significantly increased. The price rushed back and the trading volume increased, indicating the high turnover rate, it may also be due to the leaving of some institutions after short-term investment profit. Judging from the weekly candlestick chart , there is room for rise. In this short-term uptrend, it can absorb some retail investors. For the future market, it will be helpful to alleviate the pressure to continue the upward trend. The current rebound is still seen as absorbing those retail investors from those two days of the weekend.
During last week(August 27 – September 2), the overall situation of the cryptocurrency market has improved. Most cryptocurrencies have a certain degree of rise. BTC keeps maintaining its upward shaking tendency with the overall increase around 9%. According to the weekly candlestick chart, BTC has risen for three consecutive weeks and the market trading investment enthusiasm is slowly rising. As for the other cryptocurrencies, they basically all follow the upward trend but with different level of increase.
Major Asian Policy
Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License
South Korean Lawmaker Proposes Special Crypto Zone for ICOs
China Now Has a Way for the Public to Report Illegal Token Sales
After Beijing, Guangzhou Hub Bans Cryptocurrency Events
Substantial actions have been taken in the regulation of the blockchain industry in the Asian region in the past week. The Thai government has updated the details of ICO license requirements; the Korean legislative institution has tried to establish a unique policy environment for the ICO projects; China has stepped up its efforts against illegal Token fundraising and roadshow activities, set up specialized agencies and issued a series of prohibitions.
Important industry news
Firefox Plans to Block Crypto Mining Malware in Future Releases
Hong Kong is Greasing Immigration Doors for Blockchain Professionals
Baidu Joins Tencent and Alibaba in Cryptocurrency Blockade
Japanese Soccer Star Honda Paid in Crypto to Promote Exchange
Korea’s 2nd-Biggest Crypto Exchange Resumes User Registrations as Market Improves
Samsung SDS Introduces a Blockchain Certification Platform for Banks
North Korea to Hold a Crypto Conference
Asian events preview
Sep 14 China · Taibei
Sep 22 China · Guangzhou
Nov 1-2 China · Shenzhen
ACM Weekly Report consists of different columns, including market analysis, industry news, policy and events previews, etc. It aims to provide readers with the highlight and important information of the Asian cryptocurrency market for the week, so you can be informed of the cryptocurrency market dynamics in Asian region within a few minutes of reading.
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