BTC is currently fluctuating at a low level, and we need to pay attention to whether the 47,000 support is effective.
According to data from Huobi Global, BTC fluctuates at a low level in the day, and currently has strong support at the 47000 line. Follow-up will pay attention to whether the support level is effective. If it breaks below the support level, it may continue to fall. The K-line runs along the lower track of the Bollinger Bands and has a downward breakthrough trend. The opening of Bollinger Bands slightly expanded. Trading volume was relatively sluggish, DIF and DEA dived from high positions, both of which were negative. The energy of the short side is relatively strong. From the perspective of the daily level, BTC is currently a negative line, and the upward trend pattern has not changed. If the standing point can be effectively maintained, a new round of stretching may start. From the weekly level, the candlestick line closed overcast, but it has not yet broken below EMA5, and the current trend is relatively normal. In the short term, focus on effective support below.
According to data from Huobi Global, ETH’s correction was stronger than BTC in the day, with the lowest level being 3080USDT. Looking at the 4-hour line, the K-line has stepped back to the lower rail of the Bollinger Band, DIF and DEA highs spread downward, and the 4-hour K-line has fallen below EMA60. It is necessary to pay attention to whether the 3000 line support below is effective. From the perspective of the daily line, the k-line stepped back on the middle track of the Bollinger Band, and the Bollinger Band closed at a high level. It has basically stepped back on EMA15, and the bulls are blocked. From the perspective of the weekly level, the overall trend is synchronized with BTC, and the k-line closed negative, but the upward trend pattern has not changed, and the current trend is relatively normal. In the short term, focus on effective support below.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures increased slightly, the volume decreased significantly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
The open interest of ETH futures contracts increased slightly, the volume remained stable, and the contract market was relatively inactive. The basis of futures contracts remained stable.
According to data from Huobi Study Club, DeFi TVL increased significantly and valued at $114.72 billion, the true locked value increased slightly and valued at $84.87 billion. Among them, the top programs have not changed much. Today’s total DeFi trading volume decreased slightly and it is $4.53 billion.
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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.
Investing in digital assets carries risks and this article does not constitute operational advice.