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Huobi Global Market Analysis

2022/02/24 03:07

BTC has pulled back sharply and will continue to dip in the short term.
According to data from Huobi Global, BTC encountered resistance to the upside last night, the retracement is strong, from above 39000 back down to below 37000, the earlier dominant long-side momentum continues to weaken. From the 4h line, EMA5, EMA10, EMA20, short head alignment, relatively depressed volume, the short term does not rule out the possibility of further downward movement. From the daily level, BTC has continued to be located in the downside channel, short-term attention to stop the decline in the 35000-37000 range.
According to data from Huobi Global, ETH night retracement is stronger, the trend and BTC convergence, the price from 2750 back down to 2600 below, is currently located near 2570, has been close to the previous support level of 2500, the lower support level is relatively strong for the time being. From the 4h line, EMA5, EMA10, EMA20 short alignment, long momentum weakened, the volume is relatively micron. From the daily level, ETH earlier upward channel has been broken, short-term does not exclude continue to dip, pay attention to the bottom support.
In terms of contracts, the data of Huobi Futures showed that the open interest of BTC futures decreased slightly, the volume decreased significantly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
The open interest of ETH futures decreased significantly, the volume decreased significantly, and the contract market was relatively inactive. The basis of futures contracts remained stable.
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DisclaimerThe content above does not represent HTX's positions.HTX does not provide any trading recommendations.

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