BTC continues its downward spiral, falling below 57,000.
According to data from Huobi Global, BTC continued to move downward overnight, falling below the short-term support level of 57000. From the 4-hour line, the downward trend has continued for a longer period of time, the current downward speed has slightly slowed down, the average line short arrangement; volume is relatively enlarged, the current indicators show that the bearish sentiment of the market still continues. From the daily level, BTC is currently a short negative line, has been four consecutive negative, volume gradually fall back, short-term or will continue to be at a low level, the follow-up concern whether there is strong support below.
According to data from Huobi Global, ETH has continued to move downwards overnight, with the rate of descent gradually slowing and now sits around 4000. From the 4h line, the averages are arranged short, the K-line in the Bollinger band near the lower rail; the current indicators show that the market bearish sentiment still continues, but there is a weakening momentum, the volume has been enlarged. From a daily perspective, ETH is currently a line closing cross, in the lower 4000 to get more effective support, the follow-up concern can stabilize.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures decrease slightly, the volume decrease significantly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
The open interest of ETH futures remained stable, the volume decrease slightly, 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.