Morning Market Report November 1
BTC has recovered slightly after falling over the weekend, keeping an eye on the breakout of 62,000 and 60,000.
According to data from Huobi Global, BTC fell slightly over the weekend to a low of 59,947 USDT and started to recover in the early hours of this morning, with volume remaining low. Looking at the 4h K-line, the price is starting to decrease in volatility after nearly a week of significant oscillations. The recent maximum price shows a gradual decrease, but the lowest price in the last 5 days is incremental (if we ignore the pin on October 29), and the recent trend is unclear. The averages are repeatedly changing positions and the K-line is repeatedly crossing up and down the Bollinger band, which is opening and contracting. These signs indicate that the price may continue to oscillate for some time. Daily level, BTC ushered in the first positive after two consecutive negative, the K-line in recent days are shorter, the current price position is near the pivot of the price oscillation. The daytime concern is for the continuation of the upward trend, with attention to the 62,000 block and the 60,000 support.
According to data from Huobi Global, ETH rose after a slight pirce correction over the weekend. From the 4h line, it is currently close to 4300, EMA10>EMA5>EMA20; the K line is located between the middle and lower rails of the Bollinger Band, and the opening of the Bollinger Band is shrinking; the trading volume is relatively active in the previous few days. DIF crosses DEA in the early hours of this morning, and the bearish position took an advantage. From the daily point of view, ETH is currently a short-term positive line. In the short-term, we will continue to pay attention to the slight upward trend of prices.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings have dropped sharply, contract trading volume has dropped sharply, and the contract market is relatively active. The basis of the delivery contract rose and showed a positive value, and the market’s bullish sentiment rose.
ETH contract holdings have dropped sharply, contract trading volume has dropped sharply, and the contract market is relatively inactive. The basis of delivery contracts rose
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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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Disclaimer
Investing in digital assets carries risks and this article does not constitute operational advice.
