Bluehelix Exchange(BHEX) Daily Crypto Watch & Perpetual Contract Strategy (Nov 22th 2019)

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Bluehelix Exchange(BHEX) Daily Crypto Watch

Canaan Creative, a Bitcoin mining machine manufacturer has successfully listed on the Nasdaq stock market. Canaan Creative is the first Blockchain stock to be listed on the market. However, its stock price closed at a negative of 0.11% on the first day of listing.

The Financial Action Task Force (FATF) has published a set of guidelines on virtual assets and summarized efforts in its encrypting assets.

TokenInsight data shows the 24h transaction volume of BTC at $22.7 billion. The number of active addresses have increased by 15.9% but the number of transfers have decreased by 0.93% from the previous day. BTC mining difficulty has fallen for the first time in 2019 and the hashrate has increased from the previous month.

Jiang Zhuoer, the founder of BTC.TOP mining pool responded to the recent bearish market by saying the more people who fear the faster we will reach the bottom. BTC plunged to a recent new low of 7500 yesterday.

Market Situation:
Bitcoin plunged to the 7500 mark yesterday almost touching 7300, which was the recent low in October. The market has shown a severe oversold with very little buying orders. The market sentiment indicator shows market panic has driven the plunge. Shorts will dominate the market for some time.

Leading cryptocurrencies followed through the Bitcoin’s correction. Ethereum has fallen to the 160 mark with strong support at this level. The probability of breaking through this support level is quite unlikely at this moment.

(The above is an opinion, not financial advice)

Bluehelix Exchange(BHEX) Perpetual Contract Strategy (Nov 22th 2019)

Bitcoin plunged to the 7500 mark, expect an oversold rebound soon. Hourly MACD has formed a golden cross. However, there is no obvious signal or indication of a recovery. There is strong support at 7450 and resistance at 7750. In the short term it will continue to retest both the support and resistance levels.

Primary Strategy: Short 7730, Stop Loss 7830, Target 7500.
Secondary Strategy: Long 7450, Stop Loss 7350, Target 7650.

(The above is an opinion, not financial advice)

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