Morning Market Report（Dec.17）

BTC continues to retreat overnight, watch for support at 47500.

According to data from Huobi Global, BTC continued to retreat last night with a small increase in volume. Looking at the 4-hour level K-line, the K-line started its downward movement yesterday evening and has stopped its decline and started a small rebound this morning. This indicates that the short-side energy is decaying and the price pullback may not be sustainable until there are other signals. At the daily level, BTC is currently a small negative line with a lower shadow and a solid length. The K-line is approaching the long-term downtrend line and seems to be able to stay above the trend line for now as there is some support below. The first concern during the day is whether the price can be stabilized near 47500, if not, then observe the support role of 46700, downward breakthrough can be considered temporarily away from the field. The short-term price pressure level is at 49500, where the pressure may be relatively large.

According to data from Huobi Global, the price of ETH dropped from last night until now, and it is now around 4000. From the 4h line, the k line has fallen twice in a row, and has just shown a rebound trend. It is still on the upper track of the Bollinger Bands. The trading volume has been enlarged, and the long potential is dominant. From the daily point of view, ETH is currently a short negative line, which is a normal callback after the price has rebounded sharply.

In terms of contracts, the data of Huobi Futures showed that BTC contract holdings decreased, contract trading volume declined slightly, and the contract market was relatively inactive. The basis of the delivery contract is stable.
ETH contract holdings increased slightly, contract trading volume decreased, and the contract market was relatively inactive. The basis of the delivery contract is stable.