Bluehelix Exchange(BHEX) Daily Crypto Watch & Perpetual Contract Strategy (Nov 6th 2019)

Bluehelix Exchange(BHEX) Daily Crypto Watch

Kevin Weil, VP of Product at Facebook’s Calibra spoke at the Web Summit Technology Conference. He said the Facebook cryptocurrency Libra would be similar to email technology and that the number of Libra Association members is expected to increase.

It was reported that Bitcoin futures from CME Group suffered another flash crash. BTC/USD futures suddenly fell below $8,500 and then rebounded to $9,300. This lower level has created a gap in futures trading.

The Chairman of the Bank of China said they are conducting research on digital wallets and that there is a huge potential of blockchain scenarios to be discovered.

Currently, Bitcoin is floating at around 9300. The volatility is slowing and paving the way to a consolidation corridor very similar to the wyckoff consolidation. The lows are rising and the market selling pressure reduced which will benefit the bulls. Look out for the next resistance level of 9500 and 9900.

Leading cryptocurrencies Ethereum, Litecoin and Ripple spotted huge buying orders, the intention is still uncertain. The market trend is very uncertain. Traders have to pay more attention to the risks involved.

(The above is an opinion, not financial advice)

Bluehelix Exchange(BHEX) Perpetual Contract Strategy (Nov 6th 2019)

The volatility of Bitcoin is narrowing, trapped between the heavy support and resistance and the recent spike has caused the trading towards sideways. Bitcoin is now entering into a consolidation corridor which is very similar to the wyckoff consolidation. Be patient and wait for a clearer direction before placing large orders. The 9500 and 9720 are the major resistance levels and supports are at 9080 and 9000.

Primary Strategy: Long 9280, Stop Loss 9160, Target 9500.
Secondary Strategy: Short 9700, Stop Loss 9780, Target 9400.

(The above is an opinion, not financial advice)

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