Biweekly Market Report (2020/04/27~2020/05/10)
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BTC/USD (BitMEX)
7,651 (04/28) → 9,481 (04/30) → 8,614 (05/04) → 10,085.5 (05/08) → 8100 (05/10) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 05/10 22:00
In the second half of April, the price of Bitcoin began to climb gradually until it reaches a rapid climb in the last two days of the month (as shown in Figure 1-A). This was likely attributed to the eminent halving event. Right when the crypto market is ready to cheer for the arrival of bullish signals, the price of Bitcoin quickly slid again (as shown in Figure 1-B), permeating shocks up and down. On 05/04, bullish signals reappear (as shown in Figure 1-C), and continued to attack to recover to the $10,000 mark, but it did not stand firm. After two slips, a momentary drop of about 8% occurred (as shown in Figure 1-D), falling back to the past price level.
ETH/USD (BitMEX)
194 (04/28) → 227.6 (04/30) → 199.10 (05/04) → 217.65 (05/08) → 176 (05/10) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 05/10 22:00
Ethereum climbed up in the second half of April following the trend of Bitcoin (as shown in Figure 2-A), but on the last day of April, Ethereum experienced a major decline and began to consolidate, similar to the trend of Bitcoin (as shown in Figure 2-B). However, in Figure 2-C, the movements of Ethereum and Bitcoin diverge. Bitcoin is benefiting from the halving event, while Ethereum continues to consolidate. In the end, Ethereum and the overall market concluded on a major decline (Figure 2-D).
Binance mainstream crypto trend analysis
In the past two weeks, except for the halving-driven BTC, mainstream currencies have not revealed an obvious direction. As can be seen from Figure 3, when BTC first rose (04/29), it led the other coins to rise together, but the subsequent second rise (05/07) did not have the same effect. In the end, the overall market experienced a major decline (05/10), and no one escaped this decline, with many currencies falling more than their levels two weeks ago.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
The volatility of the crypto market has become increasingly large compared to the previous period. If you have been using a fixed amount of money to buy and sell risks, the risk is now greater than before, and because the volatility is clustered, it can be assumed that upcoming volatility will be even greater. We recommend that investors reduce their own positions when the volatility is high, so that their own profit and loss volatility is within a controllable range. This will allow investors to survive in the market and wait for the real profitable opportunities to arrive.
Bincentive’s Selected Strategies
Given the several long waves in recent trends of BTC, trend-tracking strategies on Bincentive have had good returns, especially Trending Tunnel in the past two months. Before the latest market collapse on 05/10, Trending Tunnel shorted ahead of time to get payment on the collapse. At present, Trending Tunnel earns 29.1% of the reward with 10.3% max drawdown. Trending Tunnel represents an objectively good strategy with a risk-reward ratio of nearly 3 times.
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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