BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Feb 14, 2020)
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What is Perpetual Contract?
Perpetual contract is a derivative product that is settled in digital tokens such as Bitcoin (BTC)s (BTC). Traders enter either into a long (profit from upward trend) or short (profit from downward trend) position. Available leverage ranges from 1–100x.
Find out more about BHEX Perpetual Contract
The team from Ethereum Classic expressed that their network upgrade for Aztlan and Phoenix will fall on the same block. Moreover, the scheduled hardfork will be postponed to June 10. ETC has been very volatile recently, please be cautious about the risk involved.
U.S. agencies seek millions in new funding to support their implementation of regulations and enforcement efforts for cryptocurrencies.
Analyst found that the bitcoin involved in the PlusToken scam case has completed its layering phase and now entering the phase of smaller fraction a process of cashing out.
As of February 13, the number of BTC active addresses was 714,600, an increase of 11.86%. The number of on-chain transactions was 339,900, a decrease of 1.31%. There were 776 large on-chain transactions each holding over 100 BTC’s, a decrease of 5.25%.
Market Situation:
The total cryptocurrency market capitalization is U.S. $ 300 billion U.S. dollars (-0.95%) and the 24h trading volume is U.S. $ 187 billion U.S. dollars (+13.58%). BTC oscillated between 10100–10500 yesterday, a huge volatility which saw large trading volumes and strong resistance at 10,500. This pattern may continue for a couple of days.
Leading cryptocurrencies followed through BTC with huge volatility. XRP performed exceptionally strong. After ETH broke through several resistance levels, the margin of its volatility has been narrowed but is still in the bullish trend. On-chain activity and transactions have been increasing gradually and pushing the price of the coins up.
BTC oscillated between 10100–10500. The 4H MACD formed a death cross. Bearish divergence formed, there will be short term correction.
The 4H mid bollinger band is sitting at 10200 and lower band at 9780 which constitutes the two key support levels.
Primary Strategy: Long 10100, Stop Loss 10000, Target 10500.
Secondary Strategy: If BTC falls below 10000, Long 9850, Stop Loss 9700, Target 10200.
ETH’s rapid increase has stopped temporarily. The deviation rate soared, an overbought phenomenon occurred and there was a pullback yesterday. The 4H MACD formed a death cross. The 4H mid bollinger band was at middle sitting at 252 but spotted support at 260. Short-term key support is between 253–260.
Strategy: Long 255, Stop Loss 250, Target 270.
(The above is an opinion, not financial advice)
BHEX BIG DATA: Long Soared, Active Buying And Selling Hit New High
As of 14 February, 10.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 2.27.
Perpetual Contract Funding Rate is 0.0789%;
The total number of BTC Contracts is 93,479,733;
The total number of BTC USDT Contracts transacted is 92,357,700;
80,028,131 BTC Perpetual Contract active Buy orders, and 80,194,053 of Sell orders.
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Published at Fri, 14 Feb 2020 05:56:00 +0000
