Morning Market Report November 23

BTC continued its downward movement and was briefly supported at the 56000.

According to data from Huobi Global, BTC has continued to move lower overnight and is currently sitting near 56,500, with brief support around 56,000. From a 4-hourly perspective, the averages are arranged short and the Bollinger band opening is little changed; volume is relatively enlarged and all indicators currently indicate that bearish sentiment in the market still persists. From the daily level, BTC is currently a short negative line, intra-day volume is relatively depressed, short-term or slow shock climb from the low, pay attention to the follow-up can form a W bottom pattern.

According to data from Huobi Global, ETH has continued its downward movement overnight, trending in the same direction as BTC and now sits around 4130. From the 4h line, the averages are arranged short and the K-line is running near the lower rail of the Bollinger band; all indicators currently indicate that the bearish sentiment in the market still continues. From a daily perspective, ETH is currently a short negative line, with strong support at 4000 below and subsequent attention to stabilization.

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.

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Disclaimer

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

Blockchain industry top think tank, affiliated to Huobi Group.