Dec. 3 Mars Market Recap: BTC may See a Range-Bound, Short-Term Weak Market will Continue; HT Grows against Trend by 7%, may Continue to be Strong after a Short-Term Correction

Dec. 3 Mars Market Recap: BTC may See a Range-Bound, Short-Term Weak Market will Continue; HT Grows against Trend by 7%, may Continue to be Strong after a Short-Term Correction

Dec 3rd| Investment By:Mars Finance
After a day of callback, BTC trades less than the week before and the volume continues to decline.

Topic in Discussion

After market test of the weekend, the short side can be judged to be exhaust at $4,000, the resistance of the long side in this position is fierce. Long forces smashed many sell-offs of the short side, and rebounded with the trend. After a shrinkage rise, it was blocked at $4,400 and declined. Although the current short side is weak, but long side did not follow up the victory. The main reason is, under the big background of bear market, investors dare not to give a try after a continuous fall and do not believe that the rebound comes so easily. Short-term BTC trend is affected by these factors, more likely to continue to make a range-bound.

Although the force of the short side tends to be weak, but under the influence of bear market endorsement and investor sentiment, BTC is still difficult to see a strong market, and the range-bound after is likely to continue the recent rapid rise and fall, and continue to test the trend of the upper and lower boundaries. The 4-hour MACD index is similar to that on Dec 1. DIF and DEA double lines fell through 0 with MACD, and the weakness continues, and the trading volume continues to shrink. The support strength of bulls is greatly challenged. Sustained pressure tests at $4,000 of short side in the short term may lead to a drop by around $3,700.

Affected by short-term technical indicators decline judgment, investors need to observe the trend of the market before making decisions.

Market Overview

As of 6pm on Dec 3, according to CoinMarketCap, the total market value of digital money market is $130.91 billion, $5.31 billion less than the total market value of yesterday, 3.90% less than the previous month. Total market turnover was $13.97 billion, down $1.1 billion from yesterday and 7.32% from the previous month.

Today, the major stablecoin changes as follows, USDT current price of $0.995097, down 0.25%; The other four stable COINS TUSD, USDC, PAX and GUSD all declined slightly to $1.01. TUSD, GUSD and PAX increase the cash flow.


Mars Finance (WeChat: hxcj24h) monitored 14 of the top 100 digital currencies by market value, and 62 digital currencies rose within the range of -5%~0.

The 100 digital currencies fell an average of 2.68%. Mithril was the top gainer with 23.36%, followed by Golem with 11.66%. Metaverse ETP had the worst performance, down 11.73%, followed by Bitcoin Private, down 11.57%.


Market Forecast

BTC

After a day of callback, BTC trades less than the week before and the volume continues to decline; DIF and DEA double lines decline with the MACD index and fell through zero. The support of $4000 is strong, technical indicators show that a range-bound above $4,000 will be continued in the short term; but the continuous testing on the support level in a weak market will still bring a relatively high risk.

The main net outflow is 201 million yuan over 24 hours, retail net outflow is 307 million yuan, which shows a strong short dominated.


ETH

ETH continues to follow BTC, and the recent volume bottomed out, and the weakness continues. The 4-hour MACD index fell through zero and the ROC index fell sharply, and will continue to test the support of $112 in the short term. Although the overall trend went upward with BTC, but the recent volume of both currencies all seen a bottom-out situation, the market will have to choose a direction.

The main net outflow is 16.33 million yuan over 24 hours, retail net outflow is 228 million yuan, which shows a strong short dominated.


HT

HT saw a strong rebound with the market yesterday, 4-hour MACD index trended upward, and today held the position of $1.2, and had a relay rebound, with 4-hour amplitude of 10%, volume up 7%. Short-term technical indicators are normal, and may form a sideways movement in this position, with the lower support within the $1.27- $1.28 range.

The main net inflows is 1.04 million yuan over 24 hours, retail net inflows is 6.67 million yuan, which shows a strong short side dominated.


EOS

EOS maintained the weak downward trend in the second half of November. Driven by the rebound of BTC, it adjusted slightly, but the overall trend was downward. The current trend goes with the market, the decline in the daily line is obviously more gentle than before, but the top was pressed by MA5, and the bottom continued to test the position of $2.80 support, if the small volume increase market continues, it will maintain the current weak downward.

The main net inflow is 21.3 million yuan over 24 hours, retail net outflow is 107 million yuan, which shows a strong short side dominated.


Industry Overview

As of 5pm, 3 out of 27 blockchain industry sectors of 5 categories went up, according to TokenInsight. Among them, "social networking and content platforms" sector saw the best performance with an average increase of 1.82%, followed by "cross-industry applications" sector with an average increase of 1.21%. The "energy and mining applications" sector saw the worst average decline of 9.07%, followed by the "information technology service platforms" sector with an average decline of 7.01%.