BTC rallied slowly overnight, with stronger support below 56000.
According to data from Huobi Global, BTC has slowly recovered overnight and is currently sitting near 58000 with strong pressure above. From the 4h line, EMA5 twisted upwards and the Bollinger band opening narrowed slightly. Volume has fallen after rising overnight, and the indicators now indicate a slight advantage for the multiple parties, and from the overall trend, the downward trend is expected to slow down. From the daily level, BTC is currently a short negative, has formed a double top, fell below the neckline, intra-day volume is relatively depressed, short-term attention to stand stable support level.
According to data from Huobi Global, ETH has been slowly moving upwards overnight, with a slightly weeker upside than BTC, and now sits around 4320. From the 4h line, all EMAs overlap volume has fallen after enlarging overnight, and the multi-side momentum is now slightly stronger than the short-side momentum. From the daily line, ETH is currently a short positive line, between 4000–4300 has been oscillating for many days, follow-up on the change in volume and the breakout above.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures increase 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 decrease slightly, 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.
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