Morning Market Report November 8
BTC is pulling up quickly, watch for a breakout of 65600.
According to data from Huobi Global, BTC rebounded after a small drop over the weekend, and the price pulled up rapidly from early this morning, reaching a high of 65586 USDT, while the volume was also significantly enlarged. From the 4h K-line, the highs of the last 10 days have been rising one by one, which meets the criteria of an uptrend; the price lows are also basically rising one by one, although the low on the 6th of this month was slightly lower than the 4th low, and overall the uptrend of the price can be considered to be confirmed. ema showed two golden crosses at the weekend, which also hinted at a rising price. With today’s gains, the Bollinger Band opening has widened significantly and price volatility has increased, especially with today’s gains and the possibility of a pullback. At the daily level, BTC is currently mid-positive, and volume has not yet grown significantly. The same is true for price highs more in line with the uptrend. Intraday attention to the continuation of the rising market, pay attention to the blocking of 65600.
According to data from Huobi Global, ETH’s rose in the weekends, with a maximum of 4700USDT, and the trading volume was at the recent average level. Judging from the 4h K line, the increase began to be obvious on Saturday night, with two downward trends in the middle, but it was quickly adjusted, indicating that the upward momentum is strong. The MACD line shows that the bullish trend is dominant. This advantage has not yet shown signs of weakness. It is expected that there will be a slight upward trend in the short term. At the daily level, ETH presents a mid-positive line, and the price is still at the high level of the Bollinger Bands. Pay attention to the continuation of the rising market in the day, and there may be a fall in the evening.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings have increased, contract trading volume has risen sharply, and the contract market is relatively active. The basis of the delivery contract remained basically unchanged.
ETH contract open interest increased, contract trading volume rose slightly, and the contract market was relatively active. The basis of delivery contracts 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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Disclaimer
Investing in digital assets carries risks and this article does not constitute operational advice.
