BHEX Daily Crypto Watch, Perpetual Contract Strategy (Mar 5, 2020)
By: Hbtc Exchange
Tags: Bitcoin, Ethereum, Perpetual Contract, Bhex, Articles

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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.

Find out more about BHEX Perpetual Contract

BHEX Daily Crypto Watch

As of March 4, the number of BTC active addresses was 751,600, an increase of 2.82%. The number of ETH active addresses was 329,700, an increase of 5.47%.

At the ninth meeting of the National Development and Reform Commission for Research on Digital Economy, especially the New Infrastructure Research project, researchers found that the China’s central bank’s digital currency may become the new 4 trillion yuan (US$572 billion) stimulus package to accelerate market growth.

Tether announced that it will migrate 200 million USDT from Omni to its ERC20 protocol. However, the migration will be postponed at the request of a third party.

The US Federal Reserve’s emergency rate cut to combat the outbreak of the coronavirus on Tuesday. Biden’s Democratic Party swept the votes in the presidential primaries and boosted market confidence. US stocks opened sharply higher on Wednesday. The S&P 500 rose 4.22%, Nasdaq rose 3.85% and Dow rose 4.53%.

SEC proposed amendments to securities issuance rules involving ICO.

Market Situation:

The total cryptocurrency market capitalization is U.S. $ 250 billion U.S. dollars (-0.32%) and the 24h trading volume is U.S. $ 138 billion U.S. dollars (-20.45%). Bitcoin fluctuated within a narrow range of less than $ 200 throughout the day. There was a slight pullback of -0.1% but it rebounded today. Bitcoin may retest the 9000 again.

Leading cryptocurrencies suffered difficulties in the upward rebound. In the 24H trend, BSV and ETC declined by about 5%, ETH, LTC, and BCH rebounded slightly but are still down by 1%. The overall trend is sluggish, maintaining a weak pattern.

BHEX Perpetual Contract Strategy (Mar 5, 2020)

BHEX BTC Perpetual Contract Strategy (Mar 5, 2020)

Bitcoin oscillated between 8600–8800. Bitcoin recovered MA4 and oscillated between the upper and lower bollinger bands. MACD did not form a death cross. The probability of breaking through 9000 is limited. Enter long only after a small correction has occurred.

Strategy: Long 8850, Stop Loss 8700, Target 9200.

BHEX ETH Perpetual Contract Strategy (Mar 5, 2020)

Ethereum oscillated between 215–235. In the 4H trend, three deviation bollinger bands flattened and did not cross the 215–235 volatility zone. No death cross in MACD below zero axis. No significant increase and will maintain a weak pattern.

Strategy: Short 234, Stop Loss 237, Target 223.

(The above is an opinion, not financial advice)

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