Evening Market Report November 5
BTC retreated slightly in the afternoon, focusing on the breakout of 60650 and 61650.
According to data from Huobi Global, BTC fell back slightly in the afternoon after a small rise in the morning, and the volume was at a recent low level. Looking at the 4h K-line, the K-line showed a twilight star-like pattern in the late afternoon, breaking through the descending trend line and then falling rapidly, indicating that pressure on the price still exists and it is not advisable to buy rashly. The medium-term uptrend line is currently strong support, and the two trend lines are about to intersect. When the price effectively breaks through one of the sides, the trend will be clear. Daily level, BTC is currently a small positive line, the upper shadow line are longer, the volume is depressed. The market has continued to shake recently, with no obvious trend. In the evening, we are concerned about the continuation of the down market, the support situation of 60650 and the blocking situation of 61650, if we can effectively break through the down trend line, the short-term pressure will be relieved.
According to data from Huobi Global, ETH dropped slightly within a day and is currently located at 4500USDT, with a slight decline in trading volume compared to previous days. From the 4h K line, the three moving averages are gradually converging. The MACD line shows that the bear trend is dominant, and this advantage is gradually reduced. Pay attention to the reversal trend of the bears. At the daily level, ETH presents a short positive line, the price is still at the high level of the Bollinger Bands, and the trading volume is at an average level. Pay attention to the continuation of the rising market in the evening.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings were stable, contract trading volume dropped slightly, and the contract market was relatively inactive. The basis of the delivery contract remained basically unchanged.
ETH contract holdings remained basically unchanged, contract trading volume declined slightly, and the contract market was relatively inactive. The basis of the delivery contract remained basically unchanged.
About Huobi Research
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.