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Thread: Cryptocurrency Analysis

  1. #191
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    Technical Analysis of BTC/USD for 18 October 2019

    Crypto Industry News:
    18 million Bitcoin is to be mined on Friday, which means that at the moment only three million Bitcoins remain to be mined.It is worth noting that so far 17,997,150 BTC has been extracted so far - according to the BitcoinBlockHalf data page - and the upper limit for the number of Bitcoins that will ever be encoded in the system is 21 million.

    As the number of coins remaining to be secured by securing the Bitcoin chain is still decreasing, Bitcoin halving is also approaching. During the event, the amount of Bitcoins created with each new block will be halved.

    BitcoinBlockHalf estimates that on May 14, 2020 - the date is uncertain given the bitcoin block time irregularity - the block reward will be reduced from 12.5 to 6.25 coins. The website also indicates that 85.7% of all coins have already been mined.

    As the number of coins that still need to be extracted decreases, competition for them appears to be increasing. The Bitcoin hash rate has for the first time ever exceeded 102 quintillions.


    Technical Market Overview:
    The BTC/USD pair is still trading under the short-term trendline resistance and the trendline itself has been tested three times already. The move down has been initiated after the Bearish Engulfing pattern was made around the level of 38% of the Fibonacci retracement and since then the bears have been pushing the price lower and lower. Any violation of the level of $7,672 will invalidate the current Elliott wave scenario and make the whole corrective structure more complex and time-consuming.

    Weekly Pivot Points:
    WR3 - $9,781
    WR2 - $9,248
    WR1 - $8,711

    Weekly Pivot - $8,198
    WS1 - $7,675
    WS2 - $7,127
    WS3 - $6,590

    Trading recommendations:
    Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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  2. #192
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    Technical Analysis of ETH/USD for 18 October 2019

    Crypto Industry News:
    An investment company allegedly dealing with cryptocurrencies and foreign exchange is on the cusp with the American CFTC commission and is accused of acting as a Ponzi program.

    In a press release regarding the lawsuit, the CFTC stated that it accuses Circle Society based in Nevada and its operator David Gilbert Saffron of dishonest fundraising and misappropriation of investors' funds, as well as registration violations.

    Through his company, Saffron offered binary options on currency pairs and cryptocurrency pairs, and from 2017 allegedly deceived investors for $ 11 million in Bitcoins and Fiat.

    The lawsuit says that Saffron has unfairly applied for funds from at least 14 people asking for participation in the investment pool run by Circle Society. He made false claims about his commercial knowledge and "guaranteed" up to 300 percent of profits.

    Instead of using the participants' investments to actually trade binary options contracts, Saffron used the funds - transferred to its own cryptocurrency portfolio - to pay other participants, "according to Ponzi's scheme."

    "Digital assets and other 21st century goods are very promising for our economy. Fraud programs like this one not only deceive innocent people from their hard-earned money but also threaten to weaken the responsible development of these new and innovative markets," says President. CFTC Heath Tarbert.

    The court ordered the freezing of all assets owned by Saffron and Circle Society, as well as the preservation of financial records. The hearing, in this case, will take place on October 29.


    Technical Market Overview:
    After falling out of the ascending channel, the ETH/USD pair has tried to bounce higher in order to test the lower line of the channel, but bulls were too weak to do so anyway. The downside momentum is clearly accelerating which is a not signal for bulls as the immediate technical support is very close at the level of $170.50. On the other hand, the key technical resistance is still located at the level of $196.61 and only a clear and dynamic breakout higher will open the road towards the next target at $202.70 and $215.73. If there is no move up back to the channel, then the next target for bears is seen at the level of $163.98 which is the next major support for the price.

    Weekly Pivot Points:
    WR3 - $223.04
    WR2 - $209.75
    WR1 - $194.13

    Weekly Pivot - $180.64
    WS1 - $164.92
    WS2 - $151.12
    WS3 - $135.26


    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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    e-s-181019.jpg



    s_seliga.png
    Performed by Sebastian Seliga
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  3. #193
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    Technical Analysis of BTC/USD for 21 October 2019

    Crypto Industry News:
    Computer scientist and CEO of WeWork South Africa, Stafford Masie, said Bitcoin will change the future of humanity more than any other technological innovation.

    In a speech at the SingularityU South Africa Masie Summit - formerly CEO of Google Africa - he said that the exchange of Bitcoin value without intermediaries is the greatest gift that humanity has ever received technologically.

    He argued that although the cryptocurrency wallet is "misunderstood, misused, misrepresented and perceived as complicated," it will revolutionize global trade. He continued that his main potential was not developed and already highly digitized economies, nor in cash-dominated informal economies, but what he called "third economies" in which barter systems still dominate:

    "The third economy is an economy where people do not have access to electronic forms of value or cash distribution [...] Think about people who live two hours outside of Shanghai, the central coast of China. They will use Bitcoins to trade and will unblock international transactions outside existing structures in a way you and I can't imagine, "he said.

    Masie also tried to resolve basic misunderstandings about Bitcoin, such as the alleged possibility of hacking - emphasizing that "it is stock exchanges that can be hacked, not Bitcoin." By praising decentralization, Masie summarized the development of technology corporations as a breakthrough for global markets:

    "Combined, the net asset value of Apple, Amazon, Alphabet, Facebook, and Microsoft represents the same value as the combined S&P 500 companies, and this is remarkable because we have never seen such a concentration of wealth in history. Combined, these companies have a value equal to product rates gross national in some countries ".


    Technical Market Overview:
    The BTC/USD pair has bounced to the level of $8,255 after the short-term trendline resistance had been violated during the weekend. The pair have been dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement, but now the bulls are regaining the control over the market. The immediate support is seen at the level of $8,048 and the next technical resistance is seen at the level of $8,474.

    Weekly Pivot Points:
    WR3 - $9,074
    WR2 - $8,707
    WR1 - $8,444

    Weekly Pivot - $8,103
    WS1 - $7,849
    WS2 - $7,474
    WS3 - $7,245


    Trading Recommendations:
    Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    b-s-211019.jpg



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

  4. #194
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    Technical Analysis on ETH/USD for 21 October 2019

    Crypto Industry News:
    G20 global finance chiefs agree that global stablecoins pose a number of risks associated with public policy and regulatory risk.

    On October 18, Reuters reported that the G20, an international forum for governments and central bank governors from 19 countries and the European Union, called on the International Monetary Fund to examine the various macroeconomic effects of global stablecoins, including the issue of monetary sovereignty in member countries.

    According to the report, the nations agreed that global acceptance of Stablecoins would cause a number of serious threats to public order and regulation.

    "Such threats, including in particular those related to money laundering, illegal financing and consumer and investor protection, must be assessed and properly addressed before implementing these projects," say G20 ministers.

    Bank of Japan Governor Haruhiko Kuroda said the G20 summit will begin with a debate on stablecoin regulations - following proposals from global regulators such as the Financial Stability Board and the Task Force on Money Laundering.

    "Some emerging countries are concerned about what could happen, stablecoins supported by a huge customer base have become widely used around the world [...] But this is not just a problem for emerging economies. This may have a broader impact on monetary policy and financial system stability, "he said.


    Technical Market Overview:
    The ETH/USD pair is still trading out of the main ascending channel and below the short-term trendline resistance. Currently, bulls are trying to break through the trendline around the level of $173.44 and even manage to make a spike above the trendline with a top at the level of $175.76. Will that be enough to continue a rally higher or is it just another false breakout? The next few hours might give the answer to market participants. Please keep an eye at the level of $163.98 because it is the key short term technical support for bulls.

    Weekly Pivot Points:
    WR3 - $203.55
    WR2 - $195.01
    WR1 - $184.09

    Weekly Pivot - $175.68
    WS1 - $163.10
    WS2 - $154.16
    WS3 - $142.73


    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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    e-s-211019.jpg



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

  5. #195
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    BTC. Gap area is holding so far, bulls in control
    21 October 2019

    To open long positions on Bitcoin you need:

    At the moment, the task of the bulls is to keep trading above the gap area 7.960 and try to go towards the resistance levels at 8.447 and 8.900.


    To open short positions on Gold you need:

    Main task for bears will be to fill the gap at 7.950 and then eventually break the support 7.777. The first goal will be the potential test of 7.441 where I recommend profit taking.


    Signals of indicators:

    MACD – Momentum is not that big the still overall on positive side above the zero.

    Bollinger bands: The upper boundary of the indicator in the area of 8.270 will act as resistance.

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  6. #196
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    Technical Analysis of BTC/USD for 22 October 2019

    Crypto Industry News:
    Binance, one of the world's largest crypto exchanges, will soon add fiat trading support, starting with the Russian ruble. The news was publicly announced by Binance president Changpeng Zhao during an event organized by the Russian government in Moscow, the Open Innovations Forum. By adding Russian cryptocurrency to its platform, Binance will allow users from Russia to buy cryptocurrencies directly using rubles, Zhao explained:

    "In about two weeks we should get support for direct trading of Russian rubles. So you can buy cryptocurrencies on Binance.com using rubles," says Zhao in a recording posted on Twitter.

    The news comes at a time when the crypto industry in Russia is still not officially regulated, because the government has again delayed the adoption of the main cryptographic bill 'On digital financial assets', as reported in mid-October.

    In January 2019, Binance announced for the first time expansion plans to eight new countries, including Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda. Binance has already launched four international cryptocurrency exchanges, including Binance Uganda, the Binance Jersey European trading platform, Binance Singapore and Binance US.


    Technical Market Overview:
    The BTC/USD pair has made a new local high at the level of $8,295 and then the bullish rally had been capped at this level due to the Pin Bar candlestick pattern made. There is still a chance for the rally to continue, but Bitcoin has been dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement, but now the bulls are regaining the control over the market. The immediate support is seen at the level of $8,048 and the next technical resistance is seen at the level of $8,474.

    Weekly Pivot Points:
    WR3 - $9,074
    WR2 - $8,707
    WR1 - $8,444

    Weekly Pivot - $8,103
    WS1 - $7,849
    WS2 - $7,474
    WS3 - $7,245


    Trading Recommendations:
    Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    b-s-221019.jpg



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

  7. #197
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    Technical Analysis of ETH/USD for 22 October 2019

    Crypto Industry News:
    In a recent press release, Bitmain management confirmed that Bitcoin's latest mining farm was launched in Rochdale, Texas. The 33,000-acre site will initially house a 50-megawatt farm, but its total capacity may increase to six-fold to 300 megawatts in the future, says Bitmain. If it reaches these levels, the Texas facility would become the largest mining farm in the world.

    "We are excited to launch this facility, which is essential for Bitmain's global expansion plans. Stable and efficient energy resources in Texas are fundamental to the inevitable growth of the cryptocurrency mining industry," said Clinton Brow.

    Work began in 2018 on a 25-megawatt project. The operations will be a joint Bitmain and DMG program that will provide hosting and management services on a daily basis.

    The announcement occurs at a crucial moment for Bitmain, which is still implementing its IPO in the United States. In 2019, the overall share of Bitmain in the Bitcoin hash rate also decreased. As noted by Christopher Walken, co-founder of the HASHR8 mining startup, Bitmain pools currently account for about 27% of the total. In January this figure was close to 42%.


    Technical Market Overview:
    After the recent bullish breakout above the short-term trendline resistance, the ETH/USD pair has made a local high at the level of $177.10. Nevertheless, the bears have increased the activity immediately and now are trying to test the breakout from above. Will that be enough to continue a rally higher or is it just another false breakout? The next few hours might give the answer to market participants. Please keep an eye at the level of $163.98 because it is the key short term technical support for bulls.

    Weekly Pivot Points:
    WR3 - $203.55
    WR2 - $195.01
    WR1 - $184.09

    Weekly Pivot - $175.68
    WS1 - $163.10
    WS2 - $154.16
    WS3 - $142.73


    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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    e-s-221019.jpg



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

  8. #198
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    Technical Analysis of BTC/USD for 23 October 2019

    Crypto Industry News:
    The Taiwanese electronic giant HTC has launched its new smartphone Exodus 1s, enabling users to run a full Bitcoin node on mobile devices. HTC released Exodus 1s at the Lightning Conference in Berlin and began selling the first devices during the event using the Lightning payment network, the company said.

    The new Exodus 1s is a cheaper version of the pioneering HTC Exodus 1 with Blockchain technology, which has recently added Bitcoin Cash support. The company claims that the new device at a price of 219 euros can be bought with Bitcoin, Ethereum, Litecoin, Binance Coin and Bitcoin Cash.

    In addition to offering buy, sell, send, receive, trade and borrow options, HTC claims that Exodus 1s is the first smartphone capable of supporting a full Bitcoin node.

    The product will initially be available to users in Europe, Taiwan, Saudi Arabia and the United Arab Emirates, while other regions will have access to it at a later date, the company noted.

    Phil Chen, Director of HTC Decentralization, said full nodes are "the most important component of Bitcoin network resilience," noting that by introducing Exodus 1s, the company lowered the entry barrier for each person to launch the node and participate in a global network.

    The predecessor of Exodus 1s, Exodus 1 and "the first native Blockchain phone" was announced for pre-sale on October 23, 2018, and was available in 34 regions, including the US, UK and Hong Kong.


    Technical Market Overview:
    After the bullish rally at the BTC/USD pair had been capped at the level of $8,292 due to the Pin Bar candlestick pattern made, the price broke below two local technical support levels: $8,048 and $7,934. There is still a chance for the rally to continue, but Bitcoin is again dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement and bears are regaining the control over the market. The immediate support is seen at the level of $8,048 and the next technical resistance is seen at the level of $8,474.

    Weekly Pivot Points:
    WR3 - $9,074
    WR2 - $8,707
    WR1 - $8,444

    Weekly Pivot - $8,103
    WS1 - $7,849
    WS2 - $7,474
    WS3 - $7,245


    Trading Recommendations:
    Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    b-s-231019.jpg



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

  9. #199
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    Technical Analysis of ETH/USD for 23 October 2019

    Crypto Industry News:
    You can now earn a master's degree in Blockchain and Distributed Ledger Technology (DLT) at the University of Malta. The financial media announced the creation of a new Master's degree on October 21, noting also that about 35 students were enrolled in the course.

    Joshua Ellul, director of the master's program and chairman of the Malta Digital Innovation Authority, said at the DELTA Summit in Malta that 15 companies had already contacted the course students. He also explained the justification that led to the creation of the program:

    "We noticed a huge problem between technicians and lawyers and professionals. There were communication problems between us. We thought: it would be an ideal place for master's studies, which would serve the multidisciplinary purposes of various specializations" - he said.

    In the summer of 2018, the University of Malta cooperated with the Malta Information Technology Agency (MITA) to establish a scholarship fund of EUR 300,000 for Blockchain and DLT technology. The course description on a special page on the university website explains the scope of the course as follows:

    "The Multidisciplinary Master in Blockchain and Distributed Ledger Technologies aims to attract students with a first-degree bachelor's degree in ICT, business or law. [...] The program provides both an interdisciplinary view on Blockchain and DLT as well as a specialization in information and communication technologies, law or business. "


    Technical Market Overview:
    The ETH/USD pair has made a false breakout above the local high at the level of $175.76 and above the short-term trendline as well, so price reversed suddenly after the Bearish Engulfing candlestick pattern was made. The bears have managed to push the prices toweards the key short-term technical support located at the level of $164.98 - $162.50 and the momentum has increased on the way down. Please keep an eye at the level of $163.98 because it is the key short term technical support for bulls and if clearly violated, then the next support is seen at the level of $151.30.

    Weekly Pivot Points:
    WR3 - $203.55
    WR2 - $195.01
    WR1 - $184.09

    Weekly Pivot - $175.68
    WS1 - $163.10
    WS2 - $154.16
    WS3 - $142.73


    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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    e-s-231019.jpg



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

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