Bluehelix Exchange(BHEX) Daily Crypto Watch & Perpetual Contract Strategy (Nov 19th 2019)

China state-run CCTV in its “Focus Interview” aired a televised program on “Blockchain” stating that scammers are using the word Blockchain in their fraudulent acts. They have also highlighted the need to accelerate the legislative processes on cryptocurrencies.

A report from China’s National Internet Emergency Center (CNCERT) claims that there are 755 tokens on the market which do not have a backing or a hit zero value after inception. There are 102 tokens which are related to Ponzi schemes. Therefore, consumers have to be cautious buying such cryptocurrencies.

The U.S. Federal Reserve Meister said that the Fed is studying the digital currency but there are no plans to launch it as yet. The U.S. Securities and Exchange Commission is reviewing the Bitcoin ETF proposal by Bitwise Asset Management. The United States is very cautious about digital currency-related financial products.

Bitcoin Core developers pointed out that Bitcoin might hold a better dollar value compared to the US Dollar in an inflation following the next Bitcoin halving.

Market Situation:
Bitcoin made a plunge this morning. It fell to 8057 with a massive selloff. The amount of short-selling has reached 64,900,000 USDT in just 24 hours. This shows that the market has reacted in extreme panic. Presently, there is no signal or indication of a long market in the short term. Spotted support at 8050 level. The current market is dominated by shorts. Therefore, it is likely to see another dive.

Amongst the leading cryptocurrencies EOS and TRX are leading the fall followed by BCH. Both EOS and TRX have broken through the support level and this is not promising in the short term. Bitcoin and leading cryptocurrencies reflected a similar downtrend pattern but showing a certain degree of resilience. Leading cryptocurrencies might recover faster than Bitcoin when the market stabilises.

(The above is an opinion, not financial advice)

Bitcoin is falling continuously breaking through its support levels at 9500 and 8700 after reaching a recent high at 10350. New support level spotted at 8050. We see a weakening in buying. The current support level might not hold. The next support level will be 7700 and 7400. The market is showing signs of panic after the plunge. Volatility range is getting narrower. It is recommended to wait for fresh funds to enter the market before making your next move.

Primary Strategy: Short 8280, Stop Loss 8360, Target 8130.
Secondary Strategy: Long 8140, Stop Loss 8070, Target 8250.

(The above is an opinion, not financial advice)

<<View Previous Post