Evening Market Report（Feb.28）
BTC is rallying in a shakeout, watch for a break of 38000.
According to data from Huobi Global, BTC fell quickly in the early morning and recovered slightly in the shakeout during the day. Looking at the 4H level K-line, the pressure around 40,000 is strong and in the recent past, the K-line has broken through unsuccessfully several times. During the day, the price rallied with a twist and a short-term uptrend, but the volatility of the market remains strong. If you ignore the large fluctuations in the market on the 24th and 25th two days, the K-line came out of a dome like pattern, and the pressure level may have to move down in the future. Daily level, BTC today is a small hammer line, the recent signs of a downtrend. The evening is concerned about the continuation of the rebound market and the breakthrough of 38000.
According to data from Huobi Global, ETH is in a weaker trend than BTC, with a deeper drop and a smaller rebound. Looking at the 4H K-line, a large negative line like a broken guillotine has again pinned ETH below the long-term downtrend line (from Nov 10). None of the small daytime rallies have been able to effectively break through, and prices will continue to face pressure. At the daily level, ETH is a big negative today, engulfing the gains of the previous two days in a row, with obvious short-term downward pressure.
In terms of contracts, the data of Huobi Futures shows that the open interest of BTC contracts remains unchanged, the contract trading volume drops, and the contract market is relatively inactive. The basis for delivery contracts is stable.
The ETH contract open interest remained unchanged, the contract trading volume fell, and the contract market was relatively inactive. The delivery contract basis remains unchanged.
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