Morning Market Report（Mar.11）
BTC oscillates sideways at night, with room for further decline.
According to the data of Huobi Global, the price of BTC was blocked from falling yesterday and oscillated sideways. The lowest point reached 38500, and then it rebounded slightly, and then fell again this morning, and is now around 38800. Judging from the 4-hour K-line, after the price rose sharply on Wednesday, the price of BTC has a strong retrace trend, and the potential energy of short side is strong. There is still room for further decline at present, the trading volume is enlarged, and the three EMA lines downward arranged. From the daily level, the price volatility is obvious in the past two days. The current price is basically the same as that of the three days ago. In the short term, pay attention to the support of 37300 below.
According to the data of Huobi Global, the price of ETH fluctuated slightly sideways at night, similar to the trend of BTC price, and is currently around 2560. From the 4-hour K-line, the three EMAs are short arranged, and the DIF crosses the DEA to form a bearish signal. After the sharp drop yesterday, the price recovery is not obvious, the short side had strong energy, and trading volume increased. From the daily level, the price of ETH has returned to the descending channel, paying attention to the support of 2450 below.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures decreased slightly. The volume increased, and the contract market was relatively active. The basis of futures contracts remained stable.
The open interest of ETH futures contracts remained stable. The volume increased, and the contract market was relatively active. The basis of futures contracts remained stable.
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: email@example.com
Official website: https://research.huobi.com/
1. The author of this report and his organization do not have any relationship that affects the objectivity, independence, and fairness of the report with other third parties involved in this report.
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.
5. The copyright of this report is only owned by Huobi Blockchain Research Institute. If you need to quote the content of this report, please indicate the source. If you need a large amount of reference, please inform in advance (see “About Huobi Blockchain Research Institute” for contact information), and use it within the allowed scope. Under no circumstances shall this report be quoted, deleted or modified contrary to the original intent.