BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Jan 14th 2020)

BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Jan 14th 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

BHEX Daily Crypto Watch

Huo Xuewen, Director of the financial regulator in Beijing, China said the Chinese government would not issue cryptocurrency exchange licenses in China. China remains stringent on its cryptocurrency policy and decisions making.

Chicago Mercantile Exchange Group (CME) has launched its Bitcoin options. CME surpassed Bakkt’s reported volume in just one day.

Bitmain to cancel its IPO listing in the U.S. while being under investigation by the U.S. Department of Justice for its recent deals involving BitClub an infamous Ponzi scheme network.

The number of active BTC addresses was 570,300, an increase of 25.01% from yesterday. The number of on chain transactions was 293,300, an increase of 3.57% from yesterday. There were 574 large-scale transactions of more than 100 BTCs per transaction, an increase of 114.18% from yesterday. There is a positive correlation between the transaction activity and the price of the currency.

Market Situation:
The total cryptocurrency market capitalization is U.S. $ 217 billion U.S. dollars (+4.29%) and the 24h trading volume is U.S. $ 77 billion U.S. dollars (-4.26%). BTC has continued to oscillate between U.S. $ 8050 to U.S. $ 8200. At 8 am this morning, BTC rose and broke through the 8200 resistance level. It is currently trading around 8300.

Leading cryptocurrencies followed through with the rise of BTC. BSV, BCH, DASH, ZEC and ETC with upcoming halving are performing relatively well.

BHEX Perpetual Contract Strategy (Jan 14th 2020)

Bitcoin has rose from 8100 to 8500 and it has broke the major trendline from the October 26. Bitcoin may continue to rise and test the 8700 resistance. There is signs of overbought, a correction may occur when the price touches the key resistance mark.

Aggressive Strategy: 8350 Long, Stop-Loss 8200, Target 8700.
Steady: 8200 Long, Stop-Loss 8100, Target 8700.

(The above is an opinion, not financial advice)

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Published at Tue, 14 Jan 2020 08:44:38 +0000

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