Evening Market Report October 09
BTC fell back after a small rise, focusing on the breakout of 56000 and 53500.
According to data from Huobi Global, During the day, BTC retreated after a slight rise on sluggish volume. Looking at the 4H level K chart, the last 3 days of price have been sideways oscillating, which contains a slight uptrend. The price action for the last 10 days has been strong and having a period of sideways movement would rather put the market more at ease. The EMAs are starting to move closer together and flatten out, the Bollinger Band opening continues to narrow, and the K-line is running immediately above the middle rail of the Bollinger Band. the DIF is slightly below the DEA, both are above the 0 axis, and the Bar is stable. Short-term prices are likely to remain sideways, and if prices rise in the future there could easily be a bullish signal with the DIF moving up through the DEA in the long control area. From the daily level, today’s BTC is a small positive line with little scope for price change. The price is still at a relatively high level in the near future, and it is normal to have shocks or pullbacks. In the evening, we are concerned about the continuation of the rising market, the block of 56000 and the support of 53500.
According to data from Huobi Global, ETH fluctuates slightly during the day and is currently located around 3580. From the 4h line, the three EMA lines run in parallel and gradually move closer; the k line descends to near the middle track of the Bollinger Band, the opening of the Bollinger Band is narrowed; DIF is located below the DEA, the gap is still widening, and the short side has the advantage. From the daily point of view, ETH is currently a short-term positive line, and the CCI indicator has broken through +100 for four consecutive days. There is a downward trend today, and ETH might be difficult to maintain a strong price.
In terms of contracts, the data of Huobi Futures showed that the BTC contract holdings remained basically unchanged, the contract volume declined slightly, and the contract market was relatively inactive. The basis of the delivery contract is basically stable.
ETH contract holdings remained basically unchanged, contract trading volume declined slightly, and the contract market was relatively inactive. The basis of the delivery contract is basically 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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Investing in digital assets carries risks and this article does not constitute operational advice.
