Huobi Research
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Huobi Research

Morning Market Report(Mar.21)

BTC retreated after a small gain over the weekend, watching for support at 41200.

According to data from Huobi Global, BTC retreated after a small rise over the weekend. Looking at the 4H level K-line, BTC has seen an uptrend in the last week, but the price failed to break the March 9 high, thus showing the lack of upward strength. The price is now approaching the short-term uptrend line, which is an opportunity to examine the power of the trend. In the long term, the K-line is running in a symmetrical triangle, with a decreasing range of fluctuations and no sign of an end to the ongoing pattern for now. At the daily level, BTC has seen 2 consecutive negatives after 6 consecutive positives, and the current price is slightly above the pivot of the oscillation range, with the possibility of another oscillation towards the lower part of the range. Daytime concern whether the down market can continue, pay attention to the support of 41200.

According to data from Huobi Global, ETH fell over the weekend after a shakeout. Looking at the 4H K-line, the K-line rebounded immediately after touching the upper boundary of the previous triangle in the early hours of today, which is a signal that price pressure is falling and ETH may come out of a box or ascending triangle pattern. At the daily level, ETH is a small positive today, the price volatility weakened and the market tends to oscillate afterwards.

In terms of contracts, the data of Huobi Futures shows that the open interest of BTC contracts remains unchanged, the contract trading volume is basically stable, and the contract market is relatively inactive. The basis for delivery contracts is stable.
The ETH contract open interest remains unchanged, the contract trading volume is basically stable, and the contract market is 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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