Evening Market Report（Mar.21）
BTC price turns upward during daytime, with strong support below.
According to the data of Huobi Global, after one day’s drop yesterday, BTC reached as low as around 40,500 this morning, and then turned upward, and is now at around 41,300. The support below is strong, and long side potential is still relatively strong. From the 4-hour K-line, three EMA lines run horizontally, and the trading volume keeps stable at a low level. The price changes in recent days are not large, and the price direction is not obvious. From the daily level, BTC is still in the stage of sideways adjustment, and no breakthrough has been formed in last increase stage. Pay attention to the 42800 pressure level above.
According to the data of Huobi Global, the price of ETH during daytime has turned upward, which is in line with the trend of BTC. It has now rebounded to around 2900, and the transaction volume is at a normal level. Judging from the 4-hour K-line, this round of ETH price reduction is not large and the duration is short. At present, long side is temporarily dominant, and the price may increase further. From the daily level, the price of ETH in the last round has risen to 3010, which has not really formed a breakthrough. We will focus on whether the price can break through the 3050 pressure level in the follow-up.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures increased. The volume kept stable, and the contract market was relatively inactive. The basis of futures contracts remained stable.
The open interest of ETH futures contracts remained stable. The volume kept stable, and the contract market was relatively inactive. The basis of futures contracts remained stable.
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