Huobi Research
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Huobi Research

Evening Market Report(Dec.15)

BTC upward trend blocked, strong pressure at 50500

According to data from Huobi Global, after BTC went up at night, it was blocked at 48500 during the day and oscillated sideways. The current price is basically the same as in the morning. The resistance during this upward movement shows the weakness of the multiple force. This upward movement did not break through the 50500 pressure level formed by the previous round of rebound, and a flat yet stable decline trend at the 4h level has been formed. Trading volume is relatively sluggish, and prices are expected to decline slightly in the future. This downward trend is more clearly reflected on the daily k-lines. The BTC price k-line is steadily in the downward channel, and it has been formed for more than a month. In short term, pay attention to changes in the price direction and the magnitude of adjustment.

According to data from Huobi Global, ETH was also blocked in the daytime upward movement and grew slowly. It is now around 3870, which basically kept the same trend as BTC price. From the 4h k-lines, although the price of ETH has been in a slow upward trend since the early hours of yesterday, multiple force is very fragile, and it is very likely that it will turn to a rapid downward trend in the future and offset the increase during the past few days. Bollinger Bands opening is slightly tightened, and trading volume is relatively sluggish. The price may decline slightly in the future. From the daily perspective, the volatility is greater and the downward trend is more obvious. In short-term, focus on change in the direction of ETH price.

In terms of contracts, the data of Huobi Futures showed that BTC contract holdings decreased slightly, contract trading volume kept stable, and the contract market is relatively inactive. The basis of the delivery contract is basically stable.

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