BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Feb 18, 2020)
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What is Perpetual Contract?
Perpetual contract is a derivative product that is settled in digital tokens such as Bitcoins (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
Ethereum developers proposed EIP 2515, a proposal to replace “difficulty bomb” with a “difficulty freeze”.
The People’s Bank of China (PBOC) has launched a 200 billion yuan (S$39.8 billion) medium-term lending facility (MLF) on February 17, 2020
to cushion the economy due to shortage of liquidity.
Fcoin exchange revealed a shortage of 7000–13000 BTC worth an estimated value of US 130 million. Most of the assets from its cold wallet have flowed into other cryptocurrency exchanges.
The Russian central bank has approved the Nornickel blockchain platform. Nornickel (a.k.a Norilsk Nickel) is the world’s largest producer for palladium, nickel, platinum and copper. The palladium stablecoin tested in December 2019 and has started trading its tokens.
The chief scientist of Bitcoin Unlimited said that when the financing plan for Bitcoin ABC is implemented, Bitcoin Cash (BCH) will no longer serve as Bitcoin Cash.
Market Situation:
The total cryptocurrency market capitalization is U.S. $ 280 billion U.S. dollars (-1.34%) and the 24h trading volume is U.S. $ 180 billion U.S. dollars (+5.71%). BTC slid from 9800 to 9460. It is currently oscillating at around 9680.
Leading cryptocurrencies rebounded from oversold yesterday. BSV once again led the growth at 320 and recovered all losses. ETH performed relatively well and returned to the resistance level at 260. The market is expected to rise again today with many positive outlook.
BTC rebounded after falling below the 9500 support yesterday. The strength of shorts shown in the 4H MACD has decreased gradually. The MACD and signal lines are moving below the zero axis and are flattening, thus providing some stabilization. Focus on 9500 support and 10500 resistance.
Strategy: Long 9600, Stop Loss 9400, Target 10000.
ETH shows outstanding performance. It broke the 260 resistance and regained the 4H mid bollinger band. The MACD and signal lines are also showing signs of forming a golden cross above the zero axis, a very positive trend.
Strategy: Long 262, Stop Loss 258, Target 278.
(The above is an opinion, not financial advice)
BHEX BIG DATA: Margin Hits New High, Active Buying Surpassed Active Selling
As of 18 February, 10.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 2.57.
Perpetual Contract Funding Rate is 0.0529%;
The total number of BTC Contracts is 102,361,345;
The total number of BTC USDT Contracts transacted is 86,242,317;
70,499,485 BTC Perpetual Contract active Buy orders, and 67,627,601 of Sell orders.
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Published at Tue, 18 Feb 2020 05:06:54 +0000
