BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Feb 6, 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 2.0 Deposit Contract is expected to launch this spring.
The US Federal Reserve Governor Lael Brainard said the Fed is studying the issues related to the regulation and security of digital payments and digital currencies and may potentially issue its own digital currency.
The heads of six central banks together with the heads from the Bank for International Settlements from Japan, the United States, the United Kingdom, Switzerland, Sweden, and Canada will hold their first meeting in mid-April to discuss how to develop their own digital currencies.
Lighting Labs revealed that it has raised US$ 10 million in a Series A funding round to upgrade its payment system and expand its developer network.
Market Situation:
The total cryptocurrency market capitalization is U.S. $ 272 billion U.S. dollars (+5.70%) and the 24h trading volume is U.S. $ 132 billion U.S. dollars (+24.02%). Bitcoin surged 4.5% yesterday surpassing the key resistance at 9550, an indication of a bullish trend. It is currently oscillating around 9600.
Amongst the leading cryptocurrencies, BCH gained 16.8% yesterday, followed by BSV with 11% growth. The market is now focusing on the currencies with upcoming halving.
BTC surged 4.5% and broke through the key resistance at 9550. It is now hovering above 9600. The 4H MACD has formed a golden cross and the three deviations Bollinger Bands are heading upwards. From the perspective of the movement, it may test the 10,000 mark anytime soon.
Strategy: Long 9500, Stop Loss 9400, Target 9800/10000.
LTC has followed Bitcoin in an upward pattern with MACD forming a golden cross above the zero axis in the 4H chart. However, the three deviation Bollinger bands are moving sideways fluctuating between 67–73 range. As Bitcoin is Gold, Litecoin is Silver, Litecoin will quite likely replicate the Bitcoin movement towards an upward trend.
Strategy: Long 70, Stop Loss 68, Target 73/75.
(The above is an opinion, not financial advice)
BHEX BIG DATA: Number Of Active Sell Orders Spiked, And Shorts Are Struggling
As of 6 February, 10.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 1.86.
Perpetual Contract Funding Rate is -0.0033%;
The total number of BTC Contracts is 146,209,079;
The total number of BTC USDT Contracts transacted is 75,597,458;
68,298,224 BTC Perpetual Contract active Buy orders, and 81,049,848 of Sell orders.
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Published at Thu, 06 Feb 2020 06:35:12 +0000
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