Morning Market Report October 08
BTC has risen strongly in the past week, watch for a breakout at 55800 and 53300.
According to data from Huobi Global, BTC has risen strongly over the past week, peaking at 55,757.69 USDT, with a small increase in volume on both days of the single day gain. Looking at the daily level K-line chart, the current price has reached the highest point in nearly 4 months, exceeding the neckline of the rounded top at the peak of the first wave, and the price has the possibility to continue the upward trend. However, in the short term, it seems to have risen too much and the angle of the uptrend line is too steep, there is a possibility of a pullback or high level shakeout. ema adjusted into a long alignment between Oct. 1 and 3, and now 3 ema continue to move upwards, with strong support from ema5. The Bollinger band opening has expanded significantly and the K-line once broke through the upper rail of the Bollinger band and now stays near the upper rail. both MACD double lines are back above the 0 axis and the Bar continues to increase, the price strength is expected to be maintained. Today’s BTC is a small positive line, short entity, relatively long upper and lower shadows, the price today is more likely to shock. Day-to-day attention to changes in volume, attention to the 55800 block and the 53300 support situation.
According to data from Huobi Global, the price of ETH showed an overall upward trend during The National Day and is currently near 3600. From the perspective of the daily line, the three daily lines are rising, showing a long arrangement. The k-line is located on the upper track of the Bollinger Bands, the opening of the Bollinger Bands is basically unchanged and runs horizontally; the transaction volume has increased significantly, DIF is higher than DEA, and the multilateral potential energy is gradually increasing. CCI breaks above the +100 line and is located in the overbought zone. It shows that the market price has deviated from the normal state and entered a strong state.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings increased, contract trading volume declined slightly, and the contract market was relatively active. The basis of the delivery contract is stable.
ETH contract holdings increased, contract trading volume declined slightly, and the contract market was relatively active. The basis of the delivery contract is basically 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.