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.
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.
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