BHEX Daily Crypto Watch & Perpetual Contract Strategy (Nov 28th 2019)


BHEX Daily Crypto Watch

Upbit has confirmed that there was only one irregular transaction made with an amount of 49 million US dollars worth of ETH, the rest were regular transitions. SlowMist, a blockchain security team said Upbit might be a victim of an APT attack which caused the funds to be stolen from its hot wallet. Jiang Zhuoer, the founder of BTC.TOP a Bitcoin Mining Pool commented on social media that the Upbit incident has driven up the price of cryptocurrencies. This could be an indication of an end to the bearish trend.

Huobi Global underwent system maintenance on 27 November. There were rumours about Huobi Global planning to shut down its operation on 30 November which led panic in the market. Bitfinex announced that a system upgrade will be carried out at 18:30 on 28 November. The upgrade is estimated to take about 3 to 7 hours. Many claimed the recent intensive upgrade may be related to in compliance with the US government regulations.

A tweet from Bakkt Volume Bot Twitter shows the daily trading volume of Bakkt Bitcoin futures has reached a record high of 4,269 BTC.

Ethereum’s daily mining reward has dropped from 12,600 ETH to a record low of 11,800 ETH. The increased difficulty of mining ETH has reduced the supply of new ETH flowing to the market by 1/10 and it will continue to decrease every two weeks. The ETH’s inflation rate has also fallen by 13% within a month. Therefore, by mid-December Ethereum may only produce 10,000 ETH per day.

Market Situation:
Bitcoin broken through its 7400 key resistance. This negative news is unable to suppress the bullish market and the market panic index has reduced significantly. All indications show the 6500 might be the bottom of this retracement.

Leading cryptocurrencies rebounded in the path of Bitcoin which is an indication of a new reversal trend. However, the amount of buy volume was only half of the volume compared to 25 November. The market may stay volatile for some time.

(The above is an opinion, not financial advice)

BHEX Perpetual Contract Strategy (Nov 28th 2019)

Bitcoin made a breakthrough of its 7400 key resistance which saw the leading cryptocurrencies lagging slightly behind. A reversal trend is absolute. Bitcoin price is showing a head and shoulders pattern which could lead to a potential breakout. Bitcoin may continue to fluctuate between 7400–7600 for awhile. Focus on the next key resistance level at 7800, it’s also the closing point of the plunged that occurred back in September 24, 2019.

Primary Strategy: Long 7430, Stop Loss 7230, Target 7800.
Secondary Strategy: Long 7290, Stop Loss 7140, Target 7700.

(The above is an opinion, not financial advice)

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