Biweekly Market Report (2020/03/30~2020/04/13)
5,800 (3/30) → 7,400(4/07) → 6,700(4/10) → 7,100(4/12) → 6,600(4/13) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 04/13 10:00
BTC/USD (BitMEX)
It has been about two weeks since the 03/12 crypto bloodbath and global stock market disaster. During this period, traditional financial commodities such as Dow Jones, Taiwan Index, etc. along with cryptocurrencies have stabilized. The panic massive deleveraging behavior two weeks ago seemed to have slightly relieved.
In the past two weeks, Bitcoin price has gradually been overcome from 5k to 6k, reaching a peak of 7,475 on 4/7. The falling point is similar to that of 03/12 with bulls lacking strength. Under the momentum and the frequent inflow and outflow of large-scale funds, even with slight increases in open positions, BTC price hesitates between 6,500–6,900.
ETH/USD (BitMEX)
Compared with the indecisive BTC price, Ethereum has differed in a sense of speed and determination. During the increase from 03/30 to 04/07, Ethereum has risen fiercely by about 44% from 123 to 177 while Bitcoin only increased by 27% in the same period. Under current circumstances where level of funds is insufficient, it is difficult for even Ethereum to have a bigger breakthrough. This was evident in the slight callback to the level of about 150 on 04/13.
Binance mainstream crypto trend analysis
From Table 1, it can be seen that the general price of all currencies has increased by 12% — 25% in the past two weeks. Among them, the most remarkable ones are ETH, BNB and EOS. Even though most cryptocurrencies have had a good increase from 03/30 to 04/07, the following week still presents consolidation and revision.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
Even if the panic has eased a little, investors cannot underestimate the overall financial environment that will be adversely affected by the subsequent economic impact of the epidemic. This tsunami may only be halfway through, and even if the assets of traditional finance are facing a large-scale shrinkage, everyone in the crypto space should still be cautious.
Bincentive’s Selected Strategies
The Bincentive trading team believes that under current circumstances, the trend of Ethereum has a relatively large profit margin relative to other currencies with large fluctuations. Among the three Ethereum strategies listed on Bincentive at this time, ETH Anchor is an excellent trend following strategy.
This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.
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