Morning Market Report October 29
BTC downside overnight with strong support below 57000.
According to data from Huobi Global,BTC went down last night and is now located near 60000 oscillation. From the 4h line, the night pin probing bottom after a rapid recovery, the support below near 57000 more effective, EMA5, EMA10, EMA20 almost overlap; K line in the Bollinger band near the middle rail running, Bollinger band open almost unchanged; volume in yesterday night has been enlarged, DIF up through DEA, the two are now parallel upward, the long momentum gradually prevailed. From the daily level, BTC is currently a short negative line with a long shadow below, short-term attention to stabilize above the support level, if you can continue to maintain, the short-term upside momentum may reopen.
According to data from Huobi Global,ETH continues to rise overnight, currently up 3.56%, the previous pressure level of 4200 has been broken. From the 4h line, currently close to 4300, EMA5 steeply up through EMA10, EMA20, the formation of a gold cross; K line gradually close to the upper rail of the forest band, Bollinger band opening a small expansion; volume is relatively active in previous days, DIF up through DEA, both steeply upward, multi-party momentum accounted for the absolute advantage. From a daily perspective, ETH is currently a medium-positive line, short-term attention continues to focus on the maintenance of the upward trend.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures decrease significantly, the volume increase significantly, and the contract market was relatively active. The basis of futures contracts remained stable.
The open interest of ETH futures decrease significantly, the volume increase slightly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
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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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