BTC down with volume increasing, look for support below 60,000.
According to data from Huobi Global, BTC fell with volume increasing during the day, falling below 60,000 in the evening. All EMAs steeply downward, Bollinger band opening significantly expanded, the current indicators are indicating a high bearish sentiment in the market. From the daily level, BTC is now a long negative line, the short-term uptrend has broken, daily volume is enlarged, the short-term trend may continue to move downward, pay attention to the support below.
According to data from Huobi Global,ETH has fallen extremely fast on intra-day volume, down 11.15% and now sits around 4100. From the 4h line, EMA5, EMA10 and EMA20 are steeply downward and short-shared; the K-line is running below the lower Bollinger band and the opening of the Bollinger band has expanded significantly; all indicators are now indicating a high bearish sentiment in the market. From a daily perspective, the upside channel of ETH may be broken, and this retracement falls below the short-term support level, and the follow-up continues to look for whether there is effective support below.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures remained stable, the volume increase significantly, and the contract market was relatively active. The basis of futures contracts remained stable.
The open interest of ETH futures decrease slightly, the volume increase significantly, and the contract market was relatively active. The basis of futures contracts remained stable.
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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.