BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Feb 3, 2020)
Bluehelix is the leading DeFi Services & Tech Provider and is dedicated to providing world-class professional financial trading and assets management services. Bluehelix has businesses of BHEX Exchange, Bluehelix Cloud, and Bluehelix Chain. The in-house developed Bluehelix decentralized blockchain-based assets custody and clearing system serves more than 120 BlueHelix Cloud Partners with 5 million end-users with custody of more than 6 billion USD worth of assets.
Join our Bluehelix Official Telegram for discussion.
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
China’s stock market plummeted 8.42% when the market reopened after an extended Lunar New Year break. Over 3,000 stocks fell setting a new record in 23 years. China’s central bank launched of 1.2 trillion yuan to reverse market repo on February 3, failed to boost market confidence.
The Internal Revenue Service (IRS) announced that cryptocurrencies will continue to be the main focus in 2020.
A China brokerage firm issued a document stating that the outbreak of the coronavirus had stimulated a safe-haven in the cryptocurrency market. However, investors hold a different opinion on hedging Bitcoin (BTC)s.
The premium of CME Bitcoin futures contract has risen over 5% whereas the premium of Bitcoin futures contract from unregulated exchanges (Kraken, BitMEX) remains at 4.5%.
An U.Today article posted on February 2, stated the third Bitcoin halving will happen in 100 days time. The date of BTC halving is estimated to be on May 12, 2020. This may stimulate a continuous rise in price.
Market Situation:
The total cryptocurrency market capitalization is U.S. $ 261 billion U.S. dollars (+0.74%) and the 24h trading volume is U.S. $ 114 billion U.S. dollars (+14.23%). BTC managed to touch 9600 this morning but fell immediately. BTC is currently fluctuating between the 9400–9300 range.
Amongst the leading cryptocurrencies, ETC, ZEC and BCH performed relatively well. Cryptocurrencies with halving this year will be the main focus for all traders.
BTC has not been affected by the traditional market plunge. BTC is building up its formation towards a breakout. Although it was at 9500–9550 for 5 consecutive days, it has been well supported at 9200.
Strategy: Long 9300, Stop Loss 9150, Target 9550.
The price of BCH has doubled since December 2019. It has also broken the 360 resistance level and is hovering above the 380 mark. The overbought condition has been fixed. The 4H MACD has a possibility of forming a golden cross above the zero axis. BCH is approaching it’s halving in April. It may continue to head upwards till the end of March.
Strategy: Long 380, Stop Loss 370, Target 400.
(The above is an opinion, not financial advice)
BHEX BIG DATA: Bitcoin Popularity Increased, Investors Are Holding Their Positions
As of 3 February, 10.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 1.66.
Perpetual Contract Funding Rate is -0.0039%;
The total number of BTC Contracts is 156,494,735;
The total number of BTC USDT Contracts transacted is 100,972,602;
86,370,392 BTC Perpetual Contract active Buy orders, and 78,371,193 of Sell orders.
<<View Previous Post
Published at Mon, 03 Feb 2020 07:55:02 +0000
{flickr|100|campaign}
