Evening Market Report October 19
BTC shocks to the downside in the afternoon, focusing on the blocking effect of 63000.
According to data from Huobi Global, BTC is shaking to the downside in the late afternoon, with volume remaining at moderate levels. The highest price this morning is basically the same as the highest price in the previous days, but the lowest price recently is increasing, and the possibility of the price returning to the uptrend increases. From the 4h line, the last 5 days of EMA are long alignment, prices occasionally fluctuate, the overall is still relatively strong. The Bollinger band is expanding slightly, and the support of the middle rail is strong. At the daily level, today’s K-line is close to the crosshair, and the market has some divergence on prices. Although the recent uptrend has been suspended, the RSI has been above 70 for 13 consecutive days, showing that prices are still very strong. If the price can effectively break through the 63000 block and remain stable for some time, it is likely to challenge the previous high; meanwhile, the support role of 61500 and 60000 can be watched.
According to data from Huobi Global, ETH has acted as the dominant player in the day and dropped slightly in the afternoon. From the 4h line, the K-line runs near the middle track of the Bollinger Band, and the Bollinger Band opening remains unchanged; DIF continues to be located below the DEA, both of which run downwards, and the short position continues to dominate. From the daily point of view, ETH is currently a short-term positive line. The recent market situation is still bullish, so ETH continues to fluctuate at a high level, and it is predicted that there will be no sharp downward trend in the near term.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings increased slightly, contract trading volume decreased slightly, and the contract market was relatively inactive. The basis of the delivery contract is basically stable.
ETH contract holdings remained almost unchanged, contract trading volume declined slightly, and the contract market was 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 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.