BHEX Daily Crypto Watch & Perpetual Contract Strategy (Nov 29th 2019)

BHEX Daily Crypto Watch

Fan Yifei, the Vice Governor of People’s Bank of China (PBC) said the Chinese central bank’s digital currency/electronic payment (DC/EP) might begin its trial in two of China’s most developed regions, Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area. He added the stability, security, and controllability are the key aspects of the trial in introducing the digital currencies. There are still many challenges ahead for the central bank to be the first central bank to issue digital currencies.

European Commission President Ursula von der Leyen expressed that the EU should develop its blockchain technologies. Digital currencies may soon replace the current cash system and the central bank should not stop private companies from developing such technologies. However, EU has excluded Libra, Facebook’s Cryptocurrency in its plan to establish its own central bank digital currency.

Ethereum 2.0 public Testnet will be launched next week. It’s a new stepping stone that the Ethereum (ETH) Network Team has achieved and it will bring Sharding, Proof of Stake (PoS), a new virtual machine (eWASM) and many more innovations to its network.

EOS New York block producer has initiated a removal vote on six EOS nodes stargalaxybp, validatoreos, eoszeusiobp1, eosunioniobp, eosathenabp1, and eosrainbowbp which were all controlled and managed by one single EOS block producer EOShenzhen. Vitalik Buterin has suggested that EOS use fragmentation technology instead.

Upbit’s CEO responded to the recent hack resulting in a loss of 342,000ETH worth US$42 million. Dunamu the operator of cryptocurrency exchange Upbit, has sufficient funds to make up for the losses. The theft from exchanges is a huge concern for the cryptocurrency industry.

Market Situation:
Bitcoin has tried to break the 7600 resistance mark but failed. Leading cryptocurrencies didn’t have much price action yesterday. The market may continue to move sideways for some time. Focus on the 7280 support and resistance levels at 7400 and 7600. No indication of a bull market yet.

The impact of Bitcoin’s pullback was less compared to early this week. It is trading slightly above 50MA and is forming a bullish divergence. The hourly chart shows a rapid decreased in buying volume.

(The above is an opinion, not financial advice)

BHEX Perpetual Contract Strategy (Nov 29th 2019)

Bitcoin has failed to break the 7600 resistance level and it fell back to 7400. The selling pressure has gradually decreased but there is an inadequate amount of buying volume. The market may continue to fluctuate sideways for some time. Focus will be on the 7280 support and resistance levels at 7400 and 7600.

Primary Strategy: Long 7280, Stop Loss 7150, Target 7600.
Secondary Strategy: Long 7180, Stop Loss 7080, Target 7500.

(The above is an opinion, not financial advice)

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