Huobi Research
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Huobi Research

Evening Market Report(Jan.10)

BTC narrowly oscillating, short-term trend unknown.

According to data from Huobi Global, BTC oscillated in a narrow range in the late afternoon. Looking at the 4H level K-line, BTC’s price returned to steady during the day today after a sharp rise and fall in the early morning. It is not possible to tell whether the price is in a short-term ascending channel or a parallel channel. At the daily level, BTC has seen 3 consecutive positive days after a big drop, but the 3-day gain is less than 2% combined. Today is an inverted hammer line with more pressure above. Watch for the price to be supported above 41900 in the evening, and if so, it may continue to rally and break through the 42800 block. If it falls below this position, then observe the support role of 40500 and determine if it is in sideways oscillation.

According to data from Huobi Global, the price of ETH remained stable during the day, with a small fluctuation, and is now around 3150. From the 4h line, the opening of the Bollinger Band has shrunk significantly, the K line is located in the middle rail of the Bollinger Band, and the transaction volume remains sluggish. From the daily point of view, the k line is located at the lower track of the Bollinger Band, and the potential energy of the empty side is still increasing. The price of ETH has fallen for five consecutive days, and the decline has slowed down in the past three days, with a sideways trend.
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 open interest of ETH contracts fell, the contract trading volume declined, and the contract market was relatively inactive. The basis for delivery contracts fell slightly.

Contact Huobi Research Institute:
Consulting email:
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Twitter: @Huobi_Research
Medium: medium.com/huobi-research
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