Huobi Research
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Huobi Research

Morning Market Report(Feb.14)

BTC is suspected to have a double top as it shakes sideways after falling over the weekend.

According to data from Huobi Global, BTC is down slightly again this morning after a sideways shakeout following a weekend decline. From the 4H level K-line, tentatively regard the lowest price of 42650 on February 9 as the neckline (the horizontal dashed line in the chart), the K-line on February 11 had briefly fallen below the neckline and immediately rebounded. The price fell below the neckline in the early hours of the 12th, and was again blocked by the neckline, it can be considered a short-term double top pattern, the price is under pressure. At present, the K-line came to the range of the previous crossover, if you can’t get support on this step again, the support will only go below 40,000 to find it. Daily level, BTC is still in the process of a wave of rebound, there is no clear reversal signal. Daytime concern about the continuation of the down market conditions, observe the support of 41000 and 42650 blocking role.

According to data from Huobi Global, the price of ETH pulled back slightly over the weekend, falling from 3,000 to 2,850. The gains and losses in the past two days have offset each other, and it is expected that the price will stabilize or show a slight downward trend in the near future. From the 4H K-line, the trading volume of buyers and sellers is sluggish, and shorts have a slight advantage. The opening of the Bollinger Bands shrank slightly, the K-line gradually fell from the middle track of the Bollinger Bands to the lower track, and the trend indicators also returned from oversold to within the normal range.
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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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.

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Huobi Research

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