Huobi Research
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Huobi Research

Morning Market Report(Mar.07)

BTC price held steady over the weekend, further cuts not ruled out, likely to fall further.

According to data from Huobi Global, the price of BTC continued to fall on Friday, reaching the lowest point at 38,500. Then it encountered resistance, fluctuated sideways, and changed direction several times. It is currently around 38,420, which is almost the same as the price level on Friday evening. From the 4-hour K-line, the moving averages are in short positions, but the magnitude has slowed down, the trading volume has remained stable. DIF is about to cross DEA, but it does not rule out the possibility of further price reductions. From the daily level, the price has fallen for five consecutive days, and the trend is relatively stable, but the momentum is not large. In the short term, pay attention to the direction of the price after adjustment and the support of the 34000 position below.

According to data from Huobi Global, ETH stabilized over the weekend after falling to 2575 on Friday, and then began to fall again in the early hours of this morning. It is now around 2540, and the trading volume has been at a low level. Judging from the 4-hour K-line, although the price adjusted sideways over the weekend, short side is still dominant, and the downtrend is likely to continue. Three moving averages are arranged in a short position, and the opening of the Bollinger Bands shrinks slightly. From the daily level, ETH has been falling continuously for several days, and the trend has not yet ended. Pay attention to the support at the 2320 position below.

In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures remained stable. The volume remained unchanged, 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.

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Disclaimer

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2. The information and data cited in this report are from compliance channels. The sources of the information and data are considered reliable by the author, and necessary verifications have been made for their authenticity, accuracy and completeness, but the author makes no guarantee for their authenticity , accuracy or completeness.

3. The content of the report is for reference only, and the facts and opinions in the report do not constitute business, investment and other related recommendations. The author does not assume any responsibility for the losses caused by the use of the contents of this report, unless clearly stipulated by laws and regulations. Readers should not only make business and investment decisions based on this report, nor should they lose their ability to make independent judgments based on this report.

4. The information, opinions and inferences contained in this report only reflect the judgments of the researchers on the date of finalizing this report. In the future, based on industry changes and data and information updates, there is the possibility of updates of opinions and judgments.

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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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