Huobi Research
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Huobi Research

Morning Market Report(Jan.24)

BTC has seen a short-term uptrend after a small rebound following a rapid decline.

According to data from Huobi Global, BTC first continued its rapid decline over the weekend, reaching a low of 34,000 USDT, before recovering slightly. Looking at the 4H level K-line, BTC has been on a rapid dip since Friday, and now the price has fallen well below the long-term trend line, with continued long-term price pressure. Looking at yesterday’s and this morning’s K-line, the price has a short-term uptrend and the early morning K-line formed a bullish engulfing, which is a natural rebound after a rapid decline. If the price can get support above 35,000, the price can stabilize relatively quickly. At the daily level, the decline in recent days has been unusually harsh, with a 2-day drop of more than 20%, which is rare in even the current bull market. Although the last two days BTC appeared two consecutive positive, in front of the huge decline is still not enough to mention the long-term downtrend is the dominant force. Focus on the continuation status of the upward market during the day and examine whether the short-term uptrend can be sustained.

According to data from Huobi Global, the price of ETH plummeted over the weekend, and so far there has been no rebound trend. From the 4h line, the Bollinger Band opened wide, the K line gradually recovered from the lower track of the Bollinger Band to the middle track, and all trend indicators returned to the normal range. From the daily point of view, the k-line crosses the lower track of the Bollinger Band, and the short-term momentum is strengthened. It is expected that the slight downward trend will continue.

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 point of contracts is stable.

The open interest of ETH contracts fell, the contract trading volume declined, and the contract market was relatively inactive. The contract basis point remains unchanged.

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.

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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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