Huobi Research
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Huobi Research

Evening Market Report(Dec.30)

BTC rallied and then fell back again with very high short-term pressure.

According to data from Huobi Global, BTC first rebounded slightly this afternoon, then fell back again with significantly shrinking volume. From the 4-hour K-line, the price has formed a clear downtrend, and the angle of descent is very steep, close to 60°. The K-line formed a “star of enlightenment” pattern in the afternoon, but the K-line immediately twisted down once it touched the trend line, indicating that the short-term price pressure is very high, and there may be a possibility of falling in the evening. In the last two days, prices have fallen rapidly, but still managed to get support above 45500, indicating that prices appear to be in a long-term sideways oscillating trend. Looking closely at the last few lows, of which there is a weak uptrend, you can start by examining the support at 46000 today. At the daily level, BTC suffered three consecutive negatives and today is a small negative. Evening concern about the continuation of the down market. 46000 support if effective, the short-term pressure will soon lift, there is a rebound possible.

According to data from Huobi Global, ETH had a small rebound after today’s decline. Looking at the 4h line, ETH’s pattern is relatively similar to BTC’s in that both prices are rushing from the upper boundary of the parallel range to the lower boundary, but its lows are trending slightly lower, which is a sign of relative price weakness. The only support for the price at the moment is 3580. From a daily perspective, ETH is also in a triple negative streak, showing a small negative line today. If the price breaks below 3580 again, the downtrend can be confirmed.

In terms of contracts, the data of Huobi Futures showed that the BTC contract’s open interest remains unchanged, while the contract volume declines slightly, and the contract market is relatively inactive. The basis of delivery contracts is basically stable.

The ETH contract holdings remains unchanged, and the contract trading volume declines slightly, and the contract market is relatively inactive. The basis of the delivery contract is basically stable.

About us

Huobi Blockchain Application Research Institute (referred to as “Huobi Research Institute”) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding the research and exploration of various fields of blockchain. As the research object, the research goal is to accelerate the research and development of blockchain technology, promote the application of blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content includes industry trends, technology paths, application innovations in the blockchain field, Model exploration, etc. Based on the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with governments, enterprises, universities and other institutions through various forms to build a research platform covering the complete industrial chain of the blockchain. Industry professionals provide a solid theoretical basis and trend judgments to promote the healthy and sustainable development of the entire blockchain industry.

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Blockchain industry top think tank, affiliated to Huobi Group.

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Huobi Research

Huobi Research

Blockchain industry top think tank, affiliated to Huobi Group.

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