Evening Market Report October 28
BTC rose slightly in the evening, keeping an eye on the breakout of 61000 and 58000.
According to data from Huobi Global, BTC first oscillated sideways during the day and started to rise slightly in the evening, with the price rising back above 60,000 and a small increase in volume. Looking at the 4h K-line, from noon on the 24th to now, the price came out of two U-shaped reversals with very high volatility. Despite the strong rebound momentum, it cannot be judged to have come out of a downtrend as today’s high price is still lower than the 26th high price and it has not broken through the trend line. As the price rebounded, all 3 EMAs started to turn upward and the K-line approached the middle rail of the Bollinger band, showing signs of price recovery. At the daily level, today’s K-line is a mid-positive, recovering a large part of yesterday’s decline, the downtrend is still evident. In the evening, we are concerned about the continuation of the rising market, the blocking situation of 61000 and the support situation of 58000.
According to data from Huobi Global, ETH rose slightly in the morning, took a short break at noon, and continued to rise in the afternoon with a small increase in volume. The price also came out in a U-shaped reversal, with greater volatility than BTC. ETH prices have been oscillating around 4080 in recent days, and the direction is not clear. The daily level, today’s K-line is a mid-positive, the recent price fluctuations, the overall upward trend is suspended, the short-term trend is not clear. ETH no obvious downward trend line pressure, you can pay attention to the breakthrough near 4230, if you can effectively break through, it may be the first to enter the uptrend.
In terms of contracts, the data of Huobi Futures showed that BTC contract open interest is basically stable, contract volume increased slightly, the contract market is relatively active. The basis of the delivery contract is basically stable. ETH contract open interest decline slightly, contract volume increase slightly, and the contract market is relatively inactive. The delivery contract basis do not change much.
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.