Evening Market Report November 4
BTC continued to fall in the afternoon, focusing on the breakout of 61200 and 62450.
According to data from Huobi Global, BTC continued to fall in the late afternoon, reaching a low of 61,265.64 USDT with volume at a recent low level. Looking at the 4h K-line, the market’s willingness to battle was greatly reduced after the pin was inserted in the early hours of this morning, with volume falling back rapidly. Five consecutive K-lines with not-so-short upper shadows and prices accelerating down in the late afternoon all point to some short-term price pressure. Combined with the sluggish trading volume it can be assumed that this downward pressure is more of a natural retreat and that the medium-term trend is still up. The current downtrend line is close to 60° and a correction is possible. Towards evening the K-line showed a lower shadow, suggesting that the bulls are starting to come out of the woodwork and that both forces are reaching parity, with the price expected to stop the trend. At the daily level, BTC is currently a small negative line with both long upper and lower shadows and depressed volume. There has been a slight upward trend in price in recent days, but it is still dominated by volatility. The evening is concerned about the changes in the falling market, the support situation of 61200 and the blocking situation of 62450, if the price does not fall below the support or break through the block, it is expected to stabilize quickly.
According to data from Huobi Global, ETH dropped slightly within a day and is currently located at 4500USDT, with a slight decline in trading volume compared to previous days. Looking at the 4h K line, after three consecutive declines, the current price presents a cross-star line with a tendency to rebound. At the daily level, ETH ushered in the first negative after three consecutive positives, which is a reasonable price correction, the price is still at a high level, and the trading volume is at an average level. Pay attention to the reversal of the falling market in the evening.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings increased slightly, contract trading volume increased slightly, and the contract market was relatively inactive. The basis of the delivery contract remained basically unchanged.
ETH contract holdings remained basically unchanged, contract trading volume rose slightly, and the contract market was relatively inactive. The basis of the delivery contract remained basically unchanged.
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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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Investing in digital assets carries risks and this article does not constitute operational advice.
