Huobi Research
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Huobi Research

Evening Market Report(Dec.16)

BTC is starting to stabilize after volatility, watch for support at 48500.

According to data from Huobi Global, BTC began to stabilize after last night’s sharp swings, and maintained a sideways oscillation in the afternoon, with volume falling back significantly. Looking at the 4-hour level K-chart, the K-line broke upwards through the long-term downtrend line with a small release in the early morning, and then the price was able to stabilize temporarily, which is a signal that the rapid downtrend may be decaying. At the same time, there is a flat trend line from December 7, and the price has run out of upward momentum before it even gets close to it, which could be the main pressure in the short term. At the daily level, BTC ended its 3 straight losses today with a medium positive line and a very short upper shadow, giving a little hope to the bulls. The price is still in weakness and the prerequisite for an upside attack is to stand steady at 48500, with pressure around 49800.

According to data from Huobi Global, ETH’s intraday price is relatively stable, and its current price is at around 4050. From the 4h line, the k line returns to the upper track of the Bollinger Bands and is located at the upper end of the moving average. The trading volume has been enlarged, and the long potential is dominant. From the daily point of view, ETH is currently a long-term line and is still in the downward channel. The short-term price recovery is expected to be weak.

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

ETH contract holdings increased slightly, contract trading volume declined, and the contract market was relatively active. The basis of the delivery contract is basically stable.

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Huobi Research

Huobi Research

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Blockchain industry top think tank, affiliated to Huobi Group.