Blue Helix(BHEX)
Jun 4 · 3 min read

Around 12am, 31 May 2019 (UTC +8), Bitcoin hit the grand $9,000 mark and the Bitcoin $9000 meme started circulating around again on social media like Twitter. However, this was short lived and price wasted no time getting back below $9000. Today, I want to talk about the potential risk off situation regarding Bitcoin, Ethereum and Ripple.

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Top 3 cryptocurrency analysis

Watch the video for extra clarity!

Bitcoin (BTC)

Highlighted candle shows a Doji- signalling indecision of the market
Similar price patterns? You bet. 1 & 2 gave similar price action, just that 2 was closer to the supply zone (purple)

When euphoria hits the masses, it’s best to stay cautious. When Bitcoin hit $9000, it spiked and reversed the high, which creates what we call a “Bull-trap”. A bull-trap implies that it traps buyers who bought the price breakout, which was $9000 in this case.
In my previous analysis, I mentioned that buying around $8000-$8400 would be a nice place to buy. It’s evident that price bounced around the $7950-$8000 region and headed back up to $8850, BUT I would not be confident in price breaching towards $9200 and above anymore.
Reason: Market structure has changed. Market trapped buyers to buy above $9000, and swiftly dumped lower. Support (green line) has also broken, and formed a lower low on the charts.

Ethereum (ETH)

Similar pattern to Bitcoin

Same story as Bitcoin; Ethereum went as high as $288, and trapped the buyers who bought the breakout towards $300. This also created a “bull-trap” scenario. Thus, I would only be confident in buying Ethereum if price broke the resistance level cleanly. If not, I would look lower to buy back into Ethereum.

Ripple (XRP)

Ripple has tested resistance 3 times now, and since the 3rd test, price still rejected it and has moved lower. Back to our article Basic trading strategies for cryptocurrencies, note that resistance becomes weaker with each test. Thus, we can target the support as a good place to buy.

BHEX Options

Now, you might be wondering how to profit if Bitcoin goes down. We have the perfect solution for you! Over the span of 6 hours, the price of bitcoin dropped by 10% while BHEX put options rose 211% over the same period. You can learn more about options in our options article here. Thus, even if Bitcoin drops in price, you stand to make some tremendous profits through put options! Head over to BHEX to trade now!


Website: www.bhex.com
Telegram: https://t.me/BHEX_EN
Twitter: https://twitter.com/BHEXOfficial
Facebook: https://www.facebook.com/BHEXofficial/

Written by: Marcus, Blue Helix Community Manager. Forex and Cryptocurrency trader.

BlueHelix (BHEX)

BHEX is the leading DeFi Service & Tech Provider. We are dedicated to providing world-class professional financial trading and assets management services. BHEX has businesses of BHEX Exchange, BHEX Cloud, and BHEX Chain.

Blue Helix(BHEX)

Written by

Blue Helix is an innovative crypto assets financial services provider. We are focus on Bluehelix decentralized custody and clearing solution and BHEX Exchange

BlueHelix (BHEX)

BHEX is the leading DeFi Service & Tech Provider. We are dedicated to providing world-class professional financial trading and assets management services. BHEX has businesses of BHEX Exchange, BHEX Cloud, and BHEX Chain.

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