Bluehelix Exchange(BHEX) Daily Crypto Watch & Perpetual Contract Strategy (Nov 1st 2019)

On October 31, the 11th anniversary of the Bitcoin White Paper, we will see Bitcoin enter into the next halving in just another 195 days. After a strong recovery from 7300, Bitcoin is now sitting above 9000. It will probably continue to trend upwards when the next halving gets closer.

Huobi announced the launch of their open-source public blockchain, the world’s first financial public blockchain to support regulatory nodes. The cryptocurrency exchange industry is now moving towards public blockchain development. Bluehelix group has also announced the launch of its Bluehelix chain, a decentralized cross-chain assets custody service with broad usage scenarios.

As of yesterday, Bitfinex’s long vs short positions have hit a historical high with a ratio of 5.34. Short position closed to a new low. The ratio of the long and short positions are too broad, in short-term the market may continue to fluctuate.

Market Situation:
Yesterday Bitcoin attempted a fake breakdown below 9000 and but it quickly recovered to around 9400. The hourly chart shows the strength of the rebound is gradually decreasing and the average line continues to suppress the K line. The market may have a strong pullback in the short term. Look out for a good entry point at 8700.

(The above is an opinion, not financial advice)

Yesterday Bitcoin attempted a fake breakdown below 9000 and it quickly recovered to around 9400. The hourly chart shows the strength of the rebound is gradually decreasing and the average line continues to suppress the K line. There is still the possibility of a correction in the short term. Look out for short opportunities at 9200 & 9300. Reduce holding positions and wait for the next bottom entry.

Primary Strategy: Long 8800–8700, Stop Loss 8600, Target 9200–9500.
Secondary Strategy: Short 9200, Stop Loss 9400, Target 8900.

(The above is an opinion, not financial advice)

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