BHEX Daily Crypto Watch, Perpetual Contract Strategy & BigData (Mar 26, 2020)
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What is Perpetual Contract?
Perpetual contract is a derivative product that is settled in digital tokens such as Bitcoins (BTC). Traders enter either into a long (profit from upward trend) or short (profit from downward trend) position. Available leverage ranges from 1–100x.
Tether claimed that the newly minted 120 million USDT for Ethereum’s network was authorized, however the newly minted USDT hasn’t been issued.
The total cryptocurrency market capitalization is U.S. $ 185 billion U.S. dollars (-0.89%) and the 24h trading volume is U.S. $ 137 billion U.S. dollars (-8.63%). Bitcoin took a roller coaster ride fluctuating over 500 points. Bitcoin is currently trading at $ 6,677.
The performance of leading cryptocurrencies was relatively weak. ETH priced was at $ 136.2 (-2.28%); BCH priced was at $ 222.16 (-0.82%); XRP priced was at $ 0.16104 (+0.56%); LTC priced was at $ 39.54 (-1.74%); EOS priced at $ 2.311 (-0.33%).
Bitcoin took a dive after testing the 7000 resistance, fluctuated between 6450–6950. In the 4H trend, the bollinger bands are heading upwards with strong resistance above. MACD has formed a death cross. It is recommended to place orders at the key resistance and support levels.
Primary Strategy: Short 6850, Stop Loss 7050, Target 6400.
Secondary Strategy: Long 6200, Stop Loss 6000, Target 6600.
Ethereum performance weakened. In the 4H trend, the bollinger bands flatten, the upper band sitting at 144 and the lower band sitting at 125. The current price point of 135 is very near to the mid band.
Primary Strategy: Short 142, Stop Loss 145, Target 130.
Secondary Strategy: Long 127, Stop Loss 123, Target 136.
(The above is an opinion, not financial advice)
BHEX BIG DATA: The Ratio of Long & Short Increases, Number of Contract Decreases
As of 26 March, 9.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 0.83.
Perpetual Contract Funding Rate is -0.0566%;
The total number of BTC Contracts is 31,188,998;
The total number of BTC USDT Contracts transacted is 45,490,583;
38,606,109 BTC Perpetual Contract active Buy orders, and 37,574,028 of Sell orders.