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Thread: Cryptocurrency Analysis

  1. #131
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    BTC. Downward channel in control, selling opportunities are preferable
    17 September 2019

    Bitcoin is still trading in the sideways regime at the price of $10,200 with no clear direction. Anyway, the downward channel is in control and do expect more downside on the Bitcoin and potential test of $9,850.

    b-p-170919.jpg

    Downward purple lines – Downward channel

    Yellow rectangle – Support level and potential downward target

    Falling purple line – Expected path

    My advice is to watch potential selling opportunities on the BTC due because the downward channel is still in control and new selling is expected. I found the breakout of the larger Pitchfork upward channel, which is another confirmation of the downward movement. Selling opportunities are preferable with the target at $9,850 and stop at $10,550.


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  2. #132
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    Technical Analysis of BTC/USD for 18 September 2019

    Crypto Industry News:
    The Dutch company Waste2Wear claims to have created the world's first collection of recycled fabrics made of oceanic plastics that can be traced using Blockchain.

    The eco-friendly company is organizing an exhibition from 17 to 19 September in Paris at the international textile fair Premiere Vision.The collection was specially developed by Waste2Wear in response to customer demand for recycled materials used in fabrics to be traceable. The company announced the introduction of the beta version of its proprietary Blockchain system into the new collection on August 22.

    Waste2Wear said that plastic waste must take a long journey from the ocean to become a finished textile product, which requires many step-by-step data records. By implementing Blockchain technology, the company intends to fully follow the fabric supply chain.

    The plastics used to produce Waste2Wear oceanic fabrics were obtained from the water and coastal areas of a small island near Shanghai. In collaboration with local authorities, Waste2Wear has built a business model enabling local fishermen to earn money by recovering plastic from the ocean. According to Waste2Wear, fishermen collect over three tonnes of ocean waste every week.


    Technical Market Overview:
    The BTC/USD pair did not make any important move after the pairs have moved down out of the horizontal price range located between the levels of $10,211 - $10,381. So far the bulls have only managed to retrace 50% of the last move down in the wave (2) of a higher degree and the momentum is not increasing as well. The next target for them is seen at the level of $10,469 and it needs to be violated in impulsive fashion in order to continue the up move, otherwise, the whole Elliott Wave scenario will be changed and updated.

    Weekly Pivot Points:
    WR3 - $11,232
    WR2 - $10,847
    WR1 - $10,552

    Weekly Pivot - $10,174
    WS1 - $9,851
    WS2 - $9,477
    WS3 - $9,160


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.

    b-s-180919.jpg




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  3. #133
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    Technical Analysis of ETH/USD for 18 September 2019

    Crypto Industry News:
    American ACC (Army Contracting Command) from New Jersey has issued a pre-order notice for cryptocurrency investigation service providers.

    According to ACC, an analytical solution in the field of cryptocurrency is sought for use by the U.S. Army Criminal Investigation Command (USACIDC) for use in criminal investigations and other missions. The notice states that the contractor must provide an online cloud service - independent of hardware or software - that can help law enforcement authorities identify and prosecute entities using cryptocurrencies for illegal purposes, such as fraud, extortion and money laundering.

    The contractor should provide the source of the cryptocurrency transactions, offering the opportunity to analyze many cryptocurrencies from Bitcoin to other major cryptocurrencies. Other requirements include providing "real-time tracking of Bitcoin transactions and other cryptocurrency transactions", including service assignment and identification, as well as the ability to identify transaction patterns and interact with other entities.

    In autumn 2018, the Diar publication revealed that US government agencies have tripled their investments in Blockchain intelligence companies this year. The vast majority of government contracts in 2018 were reportedly concluded with the New York analytical company Blockchain Chainalysis, which has since signed contracts with government agencies for a total amount of USD 5.3 million.


    Technical Market Overview:
    Another higher high has been made on the ETH/USD pair at the level of $214.24. All targets for the wave (3) has been hit, so now the market might start the corrective cycle of the wave (4). The momentum is still increasing as well, so the rally might continue even higher after the wave (4) is completed, just as Elliott Wave theory scenario proposed last week The nearest technical support is seen at the level of $202.70 and then at $186.70.

    Weekly Pivot Points:
    WR3 - $212.96
    WR2 - $200.24
    WR1 - $196.12

    Weekly Pivot - $184.92
    WS1 - $179.10
    WS2 - $168.22
    WS3 - $163.07


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

    e-s-180919.jpg



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  4. #134
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    BTC. Broken Pitchfork trendline, more downside yet to come
    18 September 2019

    Bitcoin has been trading downwards since our last forecast exactly what I expected. BTC did test the level of $10,058 Anyway, the downward channel is in control and do expect more downside on the Bitcoin and potential test of $9,850.

    b-p-180919.jpg

    Downward purple lines – Downward channel

    Yellow rectangle – Support level and potential downward target

    Falling purple line – Expected path

    My advice is still to watch potential selling opportunities on the BTC due because the downward channel is still in control and new selling is expected. I found the breakout of the larger Pitchfork upward channel, which is another confirmation of the downward movement. Selling opportunities are preferable with the target at $9,850 and $9,600 and stop at $10,550. I do expect larger volatility due to FOMC meeting minutes today.



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  5. #135
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    Technical Analysis of BTC/USD for 19 September 2019

    Crypto Industry News:
    Craig Wright, the self-styled inventor of Bitcoin, asked for another extension of the deadline for settling the case with his late partner Dave Kleiman.

    Wright's lawyers have filed a new request for a 30-day extension of the deadline, citing the need to facilitate ongoing discussions with Dave Kleiman's assets as the parties began "extensive settlement negotiations."

    According to the document, Wright's lawyers and Kleiman's property reached a non-binding agreement to settle the case and continue to negotiate and finalize all relevant conditions.

    Referring to a number of upcoming deadlines, such as Wright's opposition to Judge Reinhart's sanction to be held on September 24, the defendant claimed that the final binding settlement is the best interests of both parties, and this requires a prolongation.


    Technical Market Overview:
    The BTC/USD pair broke below the technical support at the level of $9,795 and made a new local low at the level of $9539 at the time of the writing the analysis. This move down might be the last subwave of the corrective cycle in the wave (2, so the (a) (b) (c) corrective pattern might have been terminated already. In a case of a trend resumption, the next target for bulls is seen at the level of $10,407 and it needs to be violated in impulsive fashion in order to continue the up move, otherwise, the whole Elliott Wave scenario will be changed and updated.

    Weekly Pivot Points:
    WR3 - $11,232
    WR2 - $10,847
    WR1 - $10,552

    Weekly Pivot - $10,174
    WS1 - $9,851
    WS2 - $9,477
    WS3 - $9,160


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.

    b-s-190919.jpg



    s_seliga.png
    Performed by Sebastian Seliga
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  6. #136
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    Technical Analysis of ETH/USD for 19 September 2019

    Crypto Industry News:
    German finance minister Olaf Scholz said lawmakers cannot accept parallel currencies like the stablecoin Libra proposed by Facebook.

    According to financial media reports, the German deputy chancellor and finance minister said during a panel discussion in Berlin that Facebook's planned cryptocurrency, Libra, would be clearly rejected.

    "We cannot accept the parallel currency. [...] We must clearly reject it" - he said.

    According to a document made available to the media, German regulators are working closely with their European and international allies to ensure that stablecoins do not become an alternative to traditional currencies.

    The German government has already spoken out against the Libra project. On September 13, German MP Thomas Heilmann said the government would block projects like Libra, claiming that the authorities were not planning to allow any significant private Stablecoins on the market, following in the footsteps of France.


    Technical Market Overview:
    The ETH/USD pair has hit the level of 215.74 which is now a top for the wave (3) and then reversed in order to start the wave (4). The momentum is still increasing as well, so the rally might continue even higher after the wave (4) is completed, just as Elliott Wave theory scenario proposed last week The nearest technical support is seen at the level of $202.70 (hit already) and then at $186.70.

    Weekly Pivot Points:
    WR3 - $212.96
    WR2 - $200.24
    WR1 - $196.12

    Weekly Pivot - $184.92
    WS1 - $179.10
    WS2 - $168.22
    WS3 - $163.07


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

    e-s-190919.jpg



    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2019

  7. #137
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    BTC. First downward target reached and new momentum down on the MACD oscilaltor, more downward yet to come
    19 September 2019

    BTC did exactly what I expected yesterday. The price did hit our first objective target at the price of $9.865 and almost met second target at $9,512.Further selling opportunities are still preferable.

    b-p-190919.jpg

    Yellow rectangle – Broken support

    Green arrow – Next expected direction

    Horizontal purple line – Second target (Fibo 100%)

    MACD oscillator is showing good new momentum down in the background and I do expect at least another move downward. Key support is at $9,600 and resistance at $9,900 and $10.050. Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. As long as the BTC is trading below that $10,050 there is a chance for potential more downside and re-test of the $9,600-$9,512.



    s_jacimovic.png
    Performed by Petar Jacimovic
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    InstaForex Group © 2007-2019

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