BHEX Daily Crypto Watch & Perpetual Contract Strategy (Oct 11th 2019)

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BHEX Daily Crypto Watch

The U.S. Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert said ETH is a commodity and therefore it should fall under the jurisdiction of the CFTC.

The controversial issue between SEC and CFTC on whether digital currencies should be treated as commodities or securities is still under debate. This involves the ownership of regulatory rights and interests. To a certain extent, it will also affect the development of the digital currency.

Bakkt is considering a launch of a derivative product related to the bitcoin market. However, due to the current lacklustre interest in the market with the daily volume averaging at around 50 bitcoins, in which too minimal to have an impact on the market.

Alipay Security Center and WeChat Pay both have announced that they will stop supporting virtual currency transactions. OTC merchants have to seek alternatives to avoid risk.

The New York State Attorney General’s Office (NYAG) prohibits Tether to continue issuing any funds to Bitfinex and suggests that the USDT holdings be reduced appropriately to avoid the risk of USDT depreciation.

Bitcoin faces resistance at around 8700. With the market news interference, the probability of breaking through 8700 in the short term is very unlikely. Sighted a support level at 8450 which might enter to a critical point.

Ethereum has recently performed relatively strongly as a leading cryptocurrency, with its announcement of Ethereum 2.0 launch date scheduled to be in the first quarter of 2020.

(The above is an opinion, not financial advice)

BHEX Perpetual Contract Strategy (Oct 11th, 2019)

Bitcoin encounters resistance and returns to the hourly moving average. There is a slight resistance in the short term, but the market selling pressure is not significant. There will be a small correction with a narrow pullback gap. Bitcoin fell to 8460 yesterday, and it is recommended to reposition to the previous support level, can consider multiple entries.

Primary Strategy: Long 8430, Stop Loss 8350, Target 8630.
Secondary Strategy: Short 8620, Stop Loss 8720, Target 8450.

(The above is an opinion, not financial advice)

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