Evening Market Report December 8
BTC oscillated narrowly in the late afternoon, with prices still operating in a downtrend.
According to data from Huobi Global, BTC oscillated in a narrow range in the late afternoon, with volume gradually contracting. Looking at the 4-hour level K-line chart, last night the price quickly retreated after touching the downtrend line from November 11, indicating that the price is still operating in a long-term downtrend. Since December 4, the price has shown signs of a short-term uptrend and has seen 2 lows and 2 highs in a row, and this trend is expected to continue if the downtrend line can be broken. At the daily level, BTC ended two consecutive positives today with a small negative line. Now the price is testing the support at the 50,000 mark. If the support is effective, there is a chance to challenge the pressure at 51100 and 52000 and continue the short-term uptrend.
According to data from Huobi Global, ETH fell during the daytime, with the price fluctuating around 4300 recently. Judging from the 4h line, the recent k-line is relatively short, and it has risen to the level of last week. From the daily perspective, it is currently a short line, located in the middle of the Bollinger Band, which is a normal callback after the price rebound.
In terms of contracts, the big data of Huobi Futures showed that BTC contract holdings are almost unchanged, contract trading volume is falling, and the contract market is relatively inactive. The basis of the delivery contract is basically stable.
The ETH contract holdings are almost unchanged, the contract trading volume remains unchanged, and the contract market is relatively inactive. The basis of the delivery contract is basically stable.
About Huobi Research
Huobi Research was founded in April 2016 and started research and explorations in various aspects in the 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 judgments 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.