Huobi Research
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Huobi Research

Morning Market Report(Dec.29)

BTC pulled back sharply overnight, focus on 47000 support below.

According to data from Huobi Global, BTC pulled back sharply overnight and has temporarily stabilized at the 47,000 support level. The three averages are steeply downward, with a short head alignment. The k-line is currently located on the lower track of the Bollinger band, which has a sharply expanded opening and somewhat enlarged volume, with the short-side momentum significantly dominant. From the overall trend, BTC is currently experiencing high upside resistance and a strong pullback. From the daily level, BTC is still located in the downside channel, short-term upside is less likely, concerned about whether it can stabilize.

According to data from Huobi Global, ETH retraced sharply overnight, trend converged with BTC, now located near 3800. From the 4h line, EMA5,EMA10,EMA20 is steeply downward, with a short alignment. k line is located below the lower bollinger band, the bollinger band opening is slightly expanded; volume is somewhat enlarged, with significant short-side momentum. From a daily perspective, ETH is currently a long negative line, currently in a downside range, short-term concern whether it can stand stable 3800 support level.

In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures decreased significantly, the volume decreased slightly, and the contract market was relatively inactive. The basis of futures contracts remained stable.

The open interest of ETH futures remained stable, the volume decreased significantly, and the contract market was relatively inactive. The basis of futures contracts remained 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.

Contact Huobi Research Institute:
Consulting email:
research@huobi.com
Official website: https://research.huobi.com/
Twitter: @Huobi_Research
Medium: medium.com/huobi-research
Telegram: t.me/HuobiResearchOfficial

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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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