Evening Market Report October 27

According to data from Huobi Global, BTC continued to fall in the late afternoon with increased volume. From the 4h K-line, after the early morning drop, the price temporarily stabilized in the morning, and continued to fall after the unsuccessful multiparty counterattack, as low as 58000 USDT. Now the price rebounded slightly, to around 59000. The price direction is finally clear and is now in a short-term downtrend. The price fell out of the lower boundary of the oscillating box, the original support role of 59600 into a blocking role. With the larger drop in action, the SMA, Bollinger band and MACD line all reflect greater pressure. It is not recommended to buy quickly and need to wait for the price to stabilize before operating. Daily level, today’s K-line is a large negative line, continuous down through the 3 EMA and Bollinger band middle rail, short-term pressure is very large. However, the daily level of volume is not too large, indicating that the possible decline of this fall is limited. In the evening, we are concerned about the continuation of the falling market, the blocking situation of 59600 and the support situation of 58000.

According to data from Huobi Global, ETH fell slightly during the day, with a drop of 4%. Looking at the 4h line, today’s decline has driven the 5-day average line went down through the 10-day and 20-day average lines; the K-line has also entered the lower track of the Bollinger Band, and the opening of the Bollinger Band has increased; the trading volume has increased, and the short position showed a strong power. The CCI indicator breaks down and enters the oversold range, indicating that the weak state of the market price has been formed. Judging from the daily line, ETH is currently a short line. In the short-term, pay attention to whether it can stand at 4000.

In terms of contracts, the data of Huobi Futures showed that BTC contract holdings increased slightly, contract trading volume increased slightly, and the contract market was relatively active. The basis of the delivery contract decreased.

ETH contract holdings declined slightly, contract trading volume rose slightly, and the contract market was relatively inactive. The basis of the delivery contract decreased.

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.

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Disclaimer

Investing in digital assets carries risks and this article does not constitute operational advice.

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