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Thread: Cryptocurrency Analysis

  1. #351
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    Technical Analysis of ETH/USD for 20 January 2020

    Crypto Industry News:
    Binance, one of the leading cryptocurrency exchanges in the world, has started discussions on a strategic partnership with two Japanese companies. According to a press release on January 17, Binance began negotiations with Z Corporation, a subsidiary of Z Holdings formerly known as Yahoo Japan and TaoTao, a Japanese licensed cryptocurrency.

    The exact details of the collaboration have not been revealed at the moment, but Binance said Z Corporation and TaoTao will "continue talks and discussions with Binance and begin preparations to launch commercial services for users in Japan."

    "We are looking forward to our joint efforts with Z Corporation / TaoTao in providing our services to Japan. First of all, we want to ensure that we operate in full compliance with Japanese laws and regulations, in which local and global standards play a key role in establishing sustainable development in the entire industry and greater public acceptance, "said Binance CEO.

    On January 14, the Financial Services Agency (FSA) proposed lowering the leverage ratio in trading the cryptocurrency margin from 4x to 2x. In addition, the amended versions of the Payment Services Act and the Financial Instruments and Stock Exchanges Act, which some consider being harsh and unclear, will be implemented in April.

    Binance noted that all parties to the partnership will work with the Financial Services Agency to ensure full compliance with regulations in the Japanese market.


    Technical Market Overview:
    The ETH/USD has reversed from the level of $178.12 after the Pin Bar candlestick pattern was made. The bears have broken out form the local consolidation zone located between the level of $178.12 - $172.91 and managed to hit the technical support at the level of $163.11. Currently, the market is consolidating around this level and the bounce is very shallow so far. If the bearish pressure intensifies again, then the next target for bears is seen at the level of $157.37 and $151.37. Please notice that this is a quite strong technical support zone due to the short-term ascending trendline presence around these levels.

    Weekly Pivot Points:
    WR3 - $219.38
    WR2 - $198.31
    WR1 - $181.78

    Weekly Pivot - $161.46
    WS1 - $144.93
    WS2 - $123.85
    WS3 - $107.13


    Trading recommendations:
    There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.

    e-s-200120.jpg




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  2. #352
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    BTC analysis for 01.20.2020 - Important pivot level at the price of $8.440 is on the test, watch carefuly price action around it...

    Industry news:
    Block.one, the firm that developed the EOS.IO software, won't be using the public EOC mainnet to launch its cryptocurrency-powered social media platform Voice.

    According to the company's frequently asked questions page, Voice will instead be using a "purpose-made EOSIO blockchain." In time, the page adds, it hopes Voice will "leverage the EOS Public Blockchain."


    Technical analysis:
    b-p-210120.jpg

    BTC has been trading downwards. As we expected, the price tested the level of $8.440. I found that the level of $8.440 is critical pivot level for BTC and further direction.

    In case of the downside breakout of $8.440, watch for selling opportunities on the rallies with the main target at $7.725.

    In case of the rejection of the pivot $8.440, watch for buying on the dips with the main target at $9.000.

    MACD oscillator is still showing positive reading above the zero.

    Resistance level is seen at the price of $9.000

    Main support pivots are set at $8.440 and $7.725



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    Performed by Petar Jacimovic
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  3. #353
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    Technical Analysis of ETH/USD for 21 January 2020

    Crypto Industry News:
    The new Chainalysis study shows that terrorists are improving their financial operations using cryptocurrencies.

    Blockchain analysts identified the Izz ad-Din al-Qassam (AQB) Brigade, a Hamas military arm, and noted that the terrorist organization is the first confirmed case when terrorists use cryptocurrencies to support their activities.

    AQB used the website to generate a new Bitcoin address for each donor to deposit funds. The site also contained an instructional video on donations with maximum anonymity. Compared to similar previous campaigns, AQB has collected the same amount of money from more donors, but almost half the rate.

    Cryptocurrencies have previously been associated with crime, including Ponzi schemes and hate crimes. In other recent studies, Chainalysis has tracked down $ 2.8 billion in Bitcoins from criminal enterprises to stock exchanges. Over 50% - $ 1.4 billion in Bitcoins - went through the major Binance and Huobi exchanges.

    Cryptocurrency crimes have caught the attention of regulators and government officials who would like more oversight of digital currencies. Last year, Treasury Secretary Steve Mnuchin, speaking at a meeting of the Special Group on the Prevention of Money Laundering (FATF), praised global regulatory standards that would combat cryptographic crimes.

    The FATF, whose 200 countries, including the United States, are promoting measures to combat financial crime, are now demanding that exchanges know more about customers and transactions. More data will help identify money laundering and terrorist financing on stock exchanges that largely do not have the oversight needed to combat this growing problem.


    Technical Market Overview:
    The ETH/USD has reversed from the level of $178.12 after the Pin Bar candlestick pattern was made. The bears have broken out form the local consolidation zone located between the level of $178.12 - $172.91 and managed to hit the technical support at the level of $163.11 and the low was made at the level of $159.93. Currently, the market has bounced slightly and is consolidating around this level because the bounce is very shallow so far. If the bearish pressure intensifies again, then the next target for bears is seen at the level of $157.37 and $151.37. Please notice that this is a quite strong technical support zone due to the short-term ascending trendline presence around these levels.

    Weekly Pivot Points:
    WR3 - $219.38
    WR2 - $198.31
    WR1 - $181.78

    Weekly Pivot - $161.46
    WS1 - $144.93
    WS2 - $123.85
    WS3 - $107.13


    Trading recommendations:
    There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.

    e-s-210120.jpg




    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

  4. #354
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    Technical Analysis of BTC/USD for 21 January 2020

    Crypto Industry News:
    The Bitcoin hash rate has reached a new one by marking the latest technical achievement of cryptocurrency. A new hash rate analysis by Glassnode shows that on January 7, the average has reached 119 hash quintillions per second - the best result ever.

    Hash rate refers to the amount of computing power used by miners to validate Bitcoin's Blockchain chain. The more power, the more hypothetically secure Blockchain is. The high hash rate can also be considered as an expression of mining attractiveness for participants.

    Glassnode reading comes from calculating the moving average hash rate in one day. Although the hash rate cannot be measured accurately, the data supports other estimates showing that the metric has reached a new record in recent weeks and months.

    Progress was rapid. According to Glassnode, an average low hash rate of 36 hash quintillions per second - which was the basis for the last increase - occurred at the end of April 2019.

    This year, Bitcoin has already shown many signs of renewed bullish transformation. In addition to the hash rate, commentators highlighted increased trading activity among investors interested in Bitcoin futures.


    Technical Market Overview:
    After the BTC/USD pair has made a new local high at the level of $9,130, the bears reaction for a new high was to push the prices lower again and they have managed to hit the level of $8,405 on the way down. This level has been tested before and it is clear that the bulls will treat this level as an important short-term key support, so it is worth to keep an eye on the current situation on this market. Any violation of the level of $8,405 will lead to the sell-off extension towards the next technical support at $8,298 and below. For now the market is consolidating in a narrow range between the levels of $8,405 - $8,693, but the breakout can happen any time now.

    Weekly Pivot Points:
    WR3 - $10,362
    WR2 - $9,728
    WR1 - $9,214

    Weekly Pivot - $8,735
    WS1 - $8,034
    WS2 - $7,406
    WS3 - $6,911


    Trading recommendations:
    There is a possibility that the wave 2 corrective cycles are completed at the level of $6,345, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.

    b-s-210120.jpg




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    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

  5. #355
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    BTC analysis for 01.21.2020 - Consolidaio around the critical pivot at the price of $6.400, watch for rejection or breakout to confim further direction

    Industry news:
    Leading cryptocurrency exchange Binance has completed its Q4 2019 burn of the Binance coin (BNB). It was the 10th quarterly token burn the exchange has done since the launch of the BNB in July 2017.

    The event, which took place during the weekend, saw a total of 2.2 million BNB worth more than $38 million destroyed. Although the figure represents a mere 1.1% of the total supply of BNB, it is Binance's second and third-biggest burn in terms of USD and BNB, respectively.


    Technical analysis:
    b-p-210120.jpg

    BTC has been trading sideways at the price of $8.646. I found that the level of $8.440 is critical pivot level for BTC and further direction. In case of the downside breakout of $8.440, watch for selling opportunities on the rallies with the main target at $7.725. In case of the rejection of the pivot $8.440, watch for buying on the dips with the main target at $9.000.

    Stochastic is in overbought zone and we got fresh new bear cross

    MACD oscillator is still showing positive reading above the zero.

    Resistance level is seen at the price of $9.000

    Main support pivots are set at $8.440 and $7.725




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    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

  6. #356
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    Technical Analysis of ETH/USD for 22 January 2020

    Crypto Industry News:
    The situation in the cryptocurrency space in Thailand is still developing - the country recently received another licensed cryptographic exchange, which increases the total number of exchanges to six. According to the announcement of the Thai SEC, the latest trading platform that has received the Bitcoin trading license is known as Zipmex.

    The emergence of Zipmex on the Thai cryptographic scene has brought even greater competition to the developing cryptographic sector in this country. The SEC's new move came after the regulator recently announced that it plans to update the list of companies that have obtained a license to trade in digital assets.

    The regulator's website shows that Zipmex is now officially on the list of licensed cryptographic trading services. This is the sixth stock exchange that received such a license, after BX, Satang Pro, Bitkub, Bitherb and Huobi.

    The company's website has not yet disclosed when the service may start, although the message "Get ready for a meeting with Zipmex" suggests that the stock market may start working in the near future.

    Mentioned earlier, Bx was the oldest Bitcoin trading platform in Thailand, although it is no longer operational. The platform announced the closure on September 30, 2019, giving its clients a month to withdraw funds before the stock exchange closes on November 1.

    The company allegedly decided to "focus on other business opportunities", which is why it announced that it would not demand a license to continue operating in 2020. However, its closure has left a serious hole in the Thai cryptographic market, which has led to strong competition in the country's cryptographic sector.


    Technical Market Overview:
    The ETH/USD has reversed from the level of $178.12 after the Pin Bar candlestick pattern was made. The bears have broken out form the local consolidation zone located between the level of $178.12 - $172.91 and managed to hit the technical support at the level of $163.11 and the low was made at the level of $159.93. Currently, the market has bounced slightly and is consolidating around this level because the bounce is very shallow so far. There is a visible Bearish Flag price pattern at the H4 chart (thick orange line). If the bearish pressure intensifies again, then the next target for bears is seen at the level of $157.37 and $151.37. Please notice that this is a quite strong technical support zone due to the short-term ascending trendline presence around these levels.

    Weekly Pivot Points:
    WR3 - $219.38
    WR2 - $198.31
    WR1 - $181.78

    Weekly Pivot - $161.46
    WS1 - $144.93
    WS2 - $123.85
    WS3 - $107.13


    Trading recommendations:
    There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken

    e-s-220120.jpg





    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

  7. #357
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    Technical Analysis of BTC/USD for 20 January 2020

    Crypto Industry News:
    Central banks of Canada, Great Britain, Japan, the European Union, Sweden and Switzerland formed a group with the Bank for International Settlements (BIS) to jointly study the central bank's digital currencies (CBDC).

    According to a press release published by the Bank of England, these institutions will share their experiences with other members of the group, investigating the potential use of CBDC in their jurisdictions.

    "The group will assess the use of CBDC; economic choices, economic, functional and technical design, including cross-border interoperability, will also share knowledge about new technologies. It will closely coordinate cooperation with relevant institutions and fora - in particular the Financial Stability Board and "Payments and Market Infrastructures Committee (CPMI)" - we read in a statement.

    The research group will be co-chaired by the head of BIS Innovation Hub, Benoit Coeure, and Jon Cunliffe, deputy governor of the Bank of England and chairman of the Payments and Market Infrastructure Committee. The group will include senior representatives of participating central banks and BIS.

    Many central banks around the world have begun researching, piloting and actively implementing various forms of digital currencies, including CBDC. As previously reported, the president of the European Central Bank, Christine Lagarde, supports the institution's efforts to develop the CBDC. Lagarde said there is an urgent need for fast and cheap payments, and that the ECB should take a leading position instead of remaining an observer of the changing world.


    Technical Market Overview:
    After the BTC/USD pair has made a new local high at the level of $9,130, the bears reaction for a new high was to push the prices lower again and they have managed to hit the level of $8,405 on the way down. This level has been tested before and it is clear that the bulls will treat this level as an important short-term key support, so it is worth to keep an eye on the current situation on this market. The long lower shadows of the candles that are visible on the H4 chart indicated an increased bullish activity: they are still defending this support level. Any violation of the level of $8,405 will lead to the sell-off extension towards the next technical support at $8,298 and below. For now the market is consolidating in a narrow range between the levels of $8,405 - $8,693, but the breakout can happen any time now.

    Weekly Pivot Points:
    WR3 - $10,362
    WR2 - $9,728
    WR1 - $9,214

    Weekly Pivot - $8,735
    WS1 - $8,034
    WS2 - $7,406
    WS3 - $6,911


    Trading recommendations:
    There is a possibility that the wave 2 corrective cycles are completed at the level of $6,345, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.

    b-s-220120.jpg




    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

  8. #358
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    BTC analysis for 01.22.2020 - Coling market, watch for the breakout of rejection of the main pivot at $8.400 to confirm further direction

    Industry news:
    Trading volume for Bitcoin (BTC) options from the Chicago Mercantile Exchange, or CME Group, has increased by over 100 percent in just the first week after their launch.

    Bitcoin options volumes more than doubled in the seven days following their introduction on January 13, 2020. The volume recorded, as of January 17, was 122 contracts, valued at 610 BTC, which is currently worth $5.27 million. On day one of their launch, BTC options volume was only 55 contracts, or 275

    BTC, which is presently worth $2.37 million.

    Open interest on Bitcoin options contracts remained steady at 219 contracts on Friday, which is valued at an estimated 1,095 BTC, or $9.45 million at current prices.


    Technical analysis:
    b-p-220120.jpg

    BTC has been trading sideways at the price of $8.626. I found that the level of $8.440 is critical pivot level for BTC and further direction. My analysis from yesterday is still valid. In case of the downside breakout of $8.440, watch for selling opportunities on the rallies with the main target at $7.725. In case of the rejection of the pivot $8.440, watch for buying on the dips with the main target at $9.000.

    Stochastic is in overbought zone and we got fresh new bear cross

    MACD oscillator is still showing positive reading above the zero but the momentum is decreasing to the upside.

    Resistance level is seen at the price of $9.000

    Main support pivots are set at $8.440 and $7.725




    s_jacimovic.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

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