Bluehelix Exchange(BHEX) Daily Crypto Watch & Perpetual Contract Strategy (Nov 12th 2019)
Bakkt announced that they have officially received authorization from the New York Department of Financial Services (NYDFS) to offer Bitcoin custody to all institutional enterprises. The Bakkt custodial services will help to increase the adoption of Bitcoin by the regulated institutions. Galaxy Digital Asset Management, a division of the merchant bank Galaxy Digital will be launching its Bitcoin Funds product this month. This product is very similar to the Bitcoin custodial services offered by Bakkt.
Canaan Creative, a Bitcoin miner manufacturer, is set to list its U.S. initial public offering (IPO) on Nasdaq on 20 November. Canaan Creative has reported a decline of 85% in revenue compared to the previous year. Gross profit fell 97% to just $1.6 million in H1’2019.
Bitmain is expected to list its IPO in early 2020 targeted to raise up to US$500 million.
The market value of the USDT has barely changed in the past four months. The incremental of new USDT is limited and the current USDT in circulation is unable to generate new money in the existing market. Therefore, the cryptocurrency market might not see drastic changes for some time.
Market Situation:
Bitcoin has reversed all of its recent gains and break through the support level testing 8600 again. Pay attention to the 8600–8700 key levels and there might be a slight rebound today. However, if the 8600 support level couldn’t hold, it may continue to heading downwards.
Ethereum continued to fluctuate within the 180–192 range. Bitcoin Cash (BCH) was unable to cross the 300 mark. BCH might have a significant impact on price if there is a correction. Litecoin has recently tested the 64 resistance level but has returned to its support line. The trend is relatively strong and it might continue to grow. Ripple is under pressure on a 120-day moving average of 0.27 and it might further decline. Traders, be cautious and wait for a clearer market indication before placing your next order.
(The above is an opinion, not financial advice)
Bitcoin’s (MA5) at 8820, (MA30) at 8705, (MA60) at 8792, and the moving averages are intensively intersected each other to one point, facing the possibility of a change in the market trend. 8700 is a key support level for the short-term. If it breaks through this position, we may see the (MA250) at 8300 very soon. The trading volume has fallen significantly which is unfavourable to the bulls. After the short-term rebound, observe the rebound strength before placing your orders cautiously.
Primary Strategy: Long 8700, Stop Loss 8600, Target 8850.
Secondary Strategy: Short 8880, Stop Loss 8960, Target 8720.
(The above is an opinion, not financial advice)
<<View Previous Post
Published at Tue, 12 Nov 2019 04:28:52 +0000
{flickr|100|campaign}
