Morning Market Report November 2
BTC fell and then rebounded slightly, the short-term trend is still unclear.
According to data from Huobi Global, BTC continued to fall last night to a low of 60,321 USDT and rebounded slightly in the early morning with volume at a recent average level. From the 4h K-line, the price is close to the middle line of the oscillating triangle, the trend is becoming more and more uncertain, and the short-term may still be dominated by oscillations. Daily level, BTC is currently a small negative, the price is supported above the EMA20, again no obvious trend. Intraday attention to the changes in the down market, you can consider doing swing trading.
According to data from Huobi Global, ETH rose slightly overnight before falling back and volume was at average levels. Looking at the 4h K-line, there is a slight downward trend in the short term as the 3 consecutive highs and lows are falling in sequence. The Bollinger band opening has narrowed slightly and the volatility of the price tends to decrease. On a daily basis, the uptrend of ETH is still very certain and the current downtrend is more like a short-lived adjustment. Intraday attention will be paid to the support of 4140 and the block of 4480. A break of 4480 will ease the pressure of the short-term downtrend.
In terms of contracts, the data of Huobi Futures showed that BTC contract open interest was stable, contract volume fell slightly, and the contract market was relatively inactive. The basis of the delivery contract is basically unchanged. ETH contract OI was stable, contract volume declined slightly, and the contract market was relatively inactive. The basis of the delivery contract is basically unchanged.
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.