Morning Market Report November 12
BTC is consolidating sideways, focusing on the support below at 62800.
According to data from Huobi Global, BTC continued to consolidate sideways overnight, with the amplitude gradually decreasing, and is currently located near 64800. The three averages are slowing down their downward trend, the Bollinger band opening is expanding slightly, the volume is relatively depressed, and the indicators still indicate that bearish sentiment prevails in the market. From the daily level, BTC is now nearly a line, do a small oscillation, the overall uptrend continues to maintain, the daily volume is relatively depressed, the short-term trend is uncertain, continue to pay attention to whether it can stand stable below the support level of 62800.
According to data from Huobi Global,ETH trend is converging with BTC, a small sideways consolidation, now located near 4730. From the 4h line, EMA5, EMA10, EMA20 almost horizontal running; K line in the Bollinger band near the middle track running, Bollinger band opening almost unchanged; volume is relatively depressed, DIF continues to be located below DEA, but the gap between the two gradually narrowed, the empty side potential gradually weakened. From a daily perspective, ETH’s upward channel continues to hold, this retracement range is in the normal retracement range, the follow-up concern above the breakthrough situation.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures decrease slightly, the volume decrease slightly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
The open interest of ETH futures remained stable, the volume remained stable, and the contract market was relatively inactive. The basis of futures contracts remained 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.