Biweekly Market Report (2020/05/18~2020/05/31)
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BTC/USD (BitMEX)
9,979 (05/18) → 8,618 (05/25) → 9,765 (05/31) → 9,550 (05/31) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 06/01 09:00
After entering the second half of May, BTC price failed to attack 10k on many occasions. BTC spent most of the time scrubbing around 9,000, and after many failed attempts at reaching 10k, it fell all the way to 8618 on 05/25. However, between 05/25 and 05/31, BTC’s trend recovered suddenly and reached a high of 9,765. But in the case of continued low volatility, BTC struggles to break through the 8,600~10,000 range. Investors deploying quantitative strategies should avoid investing in too many positions or high leverage options to avoid continuous losses caused by shocks.
ETH/USD (BitMEX)
191.75 (05/22) → 248 (05/31) → 239 (05/31) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 06/01 09:00
Since BTC halving, the volatility of Ethereum and altcoins has continued to decrease. Most of the time between 05/18~05/28 Ethereum stayed horizontal between 191.75 and 210. The trend continued until the volatility converged on 05/27 and 05/28. An incline that had not been seen for a long time presented itself and shot the price from 210 to 248, an increase of nearly 18%. Such a large increase/decrease after the end of the triangle convergence is not uncommon in the crypto market. Investors should grasp these opportunities.
Binance mainstream crypto trend analysis
Mainstream cryptocurrencies in the past two weeks have finished consolidation and made steady climbs. However, not all currencies have risen as sharply as ETH. Not only did BTC fail to rise as the face of the market, it fell by 2.07%. In the meantime, other currencies have increased by about 3–8%. ETH has strongly regained the champion in gains in these two weeks, marking a 14.13% increase in price.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
Overall, last week’s rally encountered a 2–5% retracement in various currencies. We can’t be certain if the rally continues, but we can use trial orders and enter the market in batches to explore the trend, which can not only reduce losses when looking in the wrong direction, but also temporarily embrace the profit in the right segment.
Bincentive’s Selected Strategies
Recently, due to the rising trend of ETH’s spot, the strategy of profiting by buying and selling spot has performed relatively well. The best performing strategy has been “Smart HODL ETH”. Historical performance shows that there has been good profitability in the long market, and there were no buy-ins during short-selling or consolidation periods. In last week’s ETH trend, this spot strategy made about 12%, capturing almost all the gains. If investors have long-term confidence in ETH, this strategy is highly recommended for mirror trading.
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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