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Thread: Cryptocurrency Analysis

  1. #271
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    Technical Analysis of ETH/USD for 29 November 2019

    Crypto Industry News:
    Leading cryptocurrency exchange Binance announced in its blog that it has started working with the TravelByBit crypto startup to introduce a reward card that facilitates cryptocurrency payments on major travel websites.

    According to the announcement, the card will work like a traditional prepaid card with access to additional rebates and rewards, which users will be able to load using Bitcoin, Binance USD, Binance Coina and Ontology.

    The card will be issued at the beginning of next year and will initially be addressed to travelers in the Association of Southeast Asian Nations, Australia and Europe, with plans for gradual expansion.

    The service will allow customers to book flights and hotels through major websites, including Booking.com, Expedia, Agoda and Ctrip, as well as their own TravelByBit platform.

    TravelByBit is not the first service enabling users to travel thanks to cryptocurrencies. Recently, there have been reports that the Travala cryptocurrency booking company has announced that it will now allow its clients to book any hotel that can be booked via cryptocurrency via Booking.com.

    Earlier this summer, the co-founders of the Scandinavian air carrier Norwegian Air announced plans to launch their own cryptocurrency exchange, which will then make it easier for the airline to accept cryptocurrency payments.


    Technical Market Overview:
    The ETH/USD pair is currently testing the key technical resistance located at the level of $152.28 and even a new local high was made at the level of $154.78. Nevertheless, the move upwards was made in three waves only, so it looks like a typical simple corrective move during a downtrend. When the correction is terminated, the market should resume the downtrend. The key short-term support is seen at the level of $136.98.

    Weekly Pivot Points:
    WR3 - $213.59
    WR2 - $198.67
    WR1 - $165.68

    Weekly Pivot - $151.03
    WS1 - $118.96
    WS2 - $103.42
    WS3 - $72.28


    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 wave down.

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  2. #272
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    Technical Analysis of BTC/USD for 02 December 2019

    Crypto Industry News:
    Russia is allegedly preparing a ban on the use of cryptocurrencies to pay for goods and services. The media report cites several sources allegedly familiar with the ongoing discussions at the central bank of the country, the financial supervision office and the Ministry of Finance, which support the ban.

    Currently, cryptocurrencies can be used in e-commerce, and many Russian freelancers, including programmers, designers and copywriters, agree to receive salaries in Bitcoin or Ethereum, said Vladislav Antonov of Izvestia.

    However, it can be seen that although they are not officially allowed, cryptocurrencies are often used to buy a range of goods and services; including tickets, computers and home appliances, apartment rentals or hotel reservations.

    If the media sources are right, Russian regulators believe that a ban on the use of cryptocurrencies as payments is necessary because of their concerns about crime.

    The report refers to the comments of Alexei Yakovlev, deputy head of the banking regulations department of the Ministry of Finance, who reportedly confirmed at a recent conference on crypto-economy: "We see no basis for using cryptocurrencies as a means of payment."

    The central bank's press department has not officially confirmed the preparation of formal law, but stressed that private cryptocurrencies cannot be equated with fiduciary currency and cannot be considered a legitimate way of paying for purchases:

    "If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position," we read.


    Technical Market Overview:
    The BTC/USD pair has retraced over 50% of the last wave up and made a local low at the level of $7,080 at the time of writing the analysis. It means that the three-wave upwards move was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target, which is 61% Fibonacci retracement located at the level of $6,973.

    Weekly Pivot Points:
    WR3 - $9,343
    WR2 - $8,576
    WS3 - $7,989

    Weekly Pivot - $7,181
    WS1 - $6,590
    WS2 - $5,869
    WS3 - $5,242


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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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  3. #273
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    Technical Analysis of ETH/USD for 02 December 2019

    Crypto Industry News:
    At least five Chinese cryptocurrency exchanges have suspended or decided to end the operation this month in response to Beijing's noticeable anti-cryptographic attitude.

    Bitsoda exchange operator informed the public on November 23 of its decision to terminate services; Akdex followed suit, announcing its decision to close on November 24. On the same day, Idax gave the Chinese government's policy as the basis for its decision to prevent customers from using its services.

    Similarly, with a clear reference to government policy, Btuex revealed on November 25 that it would immediately stop services and re-open them to foreign customers in the future.

    On November 4, Biss cryptographic market announced that it was "actively cooperating" in investigating its operations and plans to resume services as soon as possible. Since then, it has been reported that the authorities have arrested 10 suspects related to the stock exchange. While information about the arrests is fragmentary, reports say regulators have found that Biss's services are violating China's capital control.

    It seems that, as with everything within their boundaries, China believes they need to have tighter control in the cryptographic market, including stock exchanges, miners and asset issuers. Beijing's position is evolving in a similar direction as Japan is doing, where strict and clear rules are set for cryptographic companies.

    Local traders, however, seem nervous: the Imtoken wallet app has reported a twofold increase in Tether transactions (USDT) among 10 million users, allegedly in response to new warnings from Chinese regulators.


    Technical Market Overview:
    The ETH/USD pair has possibly completed a three-wave counter-trend corrective cycle at the level of $156.76 and since then the bears are pushing the prices lower towards the level of $136.98. So far the new local low was made at the level of $144,96, but due to the diminishing momentum, the down move might extend soon towards the next technical support. Only a new higher high might change this base bearish scenario to a bullish one.

    Weekly Pivot Points:
    WR3 - $187.69
    WR2 - $171.75
    WS3 - $162.01

    Weekly Pivot - $146.28
    WS1 - $136.26
    WS2 - $119.53
    WS3 - $110.92


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

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  4. #274
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    BTC 12.02.2019 - BTC started another down cycle

    BTC did exactly what I expected last week. Our Fibonacci resistance confluence at the price of $7.900 held successfully and the BTC did strong rejection of it. My main downward target is still at the price of $6.550.

    b-p-021219.jpg

    Stochastic oscillator is showing oversold condition but that is totally normal after the breakout of upward consolidation.

    Watch for selling opportunities on the rallies with the first downward target at the price of $6.550.

    Support levels are seen at $7.163, $6.850 and $6.550. Resistance levels are seen at $7.370 and $7.670.




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  5. #275
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    Technical Analysis of BTC/USD for 03 December 2019

    Crypto Industry News:
    IBM has patented a system using Blockchain technology to prevent package theft using drones.

    According to data published by the United States Patent and Trademark Office (USPTO), IBM will track the height of drones using the Internet of Things (IoT) altimeter, while constantly sending this data to the secure Blockchain platform.

    In the future, theft of packages with the help of drones can become something ordinary. The point is that the packages will be equipped with a height sensor that is set to trigger an alarm if a significant change in height is measured outside the set criteria. When the alarm is triggered, the IoT device with GPS support will send accurate location data to the tracking module. It's like giving Amazon packages a way to call SOS when something goes wrong on the way to the buyer's home.

    IBM patent describes unattended delivery of packages that can expose items to theft and other destructive behavior after package delivery and before it is received:

    "The coincidence of the increase in the use of drones and the increase in the number of online purchases provides a situation in which the drone can be used with the wicked intention to anonymously take the package left at hand after delivery," we read.


    Technical Market Overview:
    The BTC/USD pair has retraced over 50% of the last wave up and made a local low at the level of $7,080. It means that the three-wave upwards move was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target, which is 61% Fibonacci retracement located at the level of $6,973. For now, the market consolidates in the narrow zone located between the levels of $7,405 - $7,080 as the global traders await for the next move.

    Weekly Pivot Points:
    WR3 - $9,343
    WR2 - $8,576
    WS3 - $7,989

    Weekly Pivot - $7,181
    WS1 - $6,590
    WS2 - $5,869
    WS3 - $5,242


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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-031219.jpg



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  6. #276
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    Technical Analysis of ETH/USD for 03 December 2019

    Crypto Industry News:
    Israeli cryptographic entrepreneur Moshe Hogeg and his blockchain company Stox (STX) are facing a lawsuit by a dissatisfied US investor.

    A Vancouver investor accused Hogega of serious contract violations and alleged fraud that resulted in losses of at least $ 430,000, according to a lawsuit filed in the US District Court for West Washington.

    In a 43-page lawsuit, plaintiff Sean Snyder claims that the company has failed to meet its obligations under the White Paper by issuing more tokens than originally announced and ultimately causing significant impairment of its digital currency. In particular, the defendants allegedly flooded the market with 16 million STX of all 43 million STX in circulation, the plaintiff claims.

    According to Snyder, Hogeg and the other defendants involved are responsible for embezzling investors from around the world for "hundreds of millions of dollars."

    Founded by Hogeg, Stox is a forecast market platform based on Ethereum software. Together with Stox, Hogeg participates in many cryptocurrency ventures because he founded Sirin Labs, the main developer of Blockchain smartphones, and is the chairman of the Blockchain LeadCoin network.

    Among the many accusations, the plaintiff also claimed that Hogeg had misappropriated investors' money to make a series of costly purchases. According to the lawsuit, these purchases included $ 19 million for the purchase of land in Tel Aviv, $ 7 million for the acquisition of Beitar Jerusalem, one of the best football clubs in Israel, and a $ 1.9 million donation to the University of Tel Aviv. According to the media, Snyder has made his claim himself and is not represented by a legal advisor in this case.


    Technical Market Overview:
    The ETH/USD pair has possibly completed a three-wave counter-trend corrective cycle at the level of $156.76 and since then the bears are pushing the prices lower towards the level of $136.98. So far the new local low was made at the level of $144,96, but due to the diminishing momentum, the down move might extend soon towards the next technical support. Only a new higher high might change this base bearish scenario to a bullish one.

    Weekly Pivot Points:
    WR3 - $187.69
    WR2 - $171.75
    WS3 - $162.01

    Weekly Pivot - $146.28
    WS1 - $136.26
    WS2 - $119.53
    WS3 - $110.92


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

    e-s-031219.jpg



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  7. #277
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    BTC 12.03.2019 - Broken bearish flag in the overall downward trend

    BTC has been trading sideways at the price of $7.292. The overall trend is still bearish and my advice is still to watch for selling opportunities. Downward targets are set at the price of $6.846 and $6.560.

    Ichimoku Indicator analysis:
    b-p-031219.jpg

    There is Kijun-Tenkan bear cross on the 4H time-frame, which is good indication for the further downside. I would watch for potential breakout of mini-support at the price of $7.200 to confirm downside continuiation and eventual test of $6.546 and $6.560.

    Resistance levels are seen at the price of $7.350 and $7.667.




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  8. #278
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    Technical Analysis of BTC/USD for 04 December 2019

    Crypto Industry News:
    The leading cryptocurrency exchange, Binance, began listing four trading pairs for the Russian ruble, as announced today. The first trading pairs with the ruble are Binance Coin, Bitcoin, Ethereum and XRP. Binance CEO Changpeng Zhao commented on the move in a tweet sent the same day.

    The addition of trading pairs by Binance followed the introduction of ruble trading on the platform in late October when Zhao announced that users can now deposit and withdraw cash in rubles.

    Zhao previously praised Russia's position as an important jurisdiction for the cryptographic and Blockchain industry, recognizing the wealth of IT talents in Russia and calling for President Vladimir Putin to be the most influential person in the Blockchain industry.

    Ruble support and trading pairs are the latest in a series of new features and resources added to the platform over the past few months. In November alone, Binance added support for the Turkish Lira and also became the first stock exchange to add the Fiat Gateway developed by Paxos.

    Meanwhile, the other cryptocurrency trading platforms are also expanding their activities. According to reports that appeared in mid-November, Bitcoin futures contracts on the Bakkt Intercontinental Exchange (ICE) platform will be extended with the option of cash settlement. In turn, in the middle of November, the OKEx cryptographic exchange launched futures contracts for Bitcoins, which are supplemented with Tablecoin stablecoin.


    Technical Market Overview:
    The BTC/USD pair is extending the down move towards 61% of the Fibonacci retracement located at the level of $6,973. The three-wave upwards move was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The 61% Fibonacci retracement is the first target, but the down move might even get to the swing low located at the level of $6,488.

    Weekly Pivot Points:
    WR3 - $9,343
    WR2 - $8,576
    WS3 - $7,989

    Weekly Pivot - $7,181
    WS1 - $6,590
    WS2 - $5,869
    WS3 - $5,242


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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-041219.jpg



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  9. #279
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    Technical Analysis of ETH/USD for 04 December 2019

    Crypto Industry News:
    The South African Reserve Bank (SARB) - the country's central bank - allegedly intends to introduce new rules on the use of digital currencies to discourage users from circumventing currency controls.

    According to a business publication, SARB's deputy president, Kuben Naidoo, said the new rules will be implemented in the first quarter of 2020, after a five-year series of consultations on this issue. Naidoo's statements followed the decision of FirstRand Bank - one of the largest financial institutions in South Africa - to discontinue banking services to digital cryptocurrency exchanges at the end of November. FNB blamed regulatory uncertainty for this move.

    Blockchain and cryptocurrency communities have already responded to the idea of further control. South African developer community Blockchain SA Crypto said this information:

    "The consequences of limiting the use of cryptocurrencies to tighten capital control are far-reaching and alarming," we read.

    Cryptocurrencies have proved to be popular in South Africa - 10.7% of the country's population have them, which is the highest among all the countries surveyed. The volatility of South African rand, which is one of the most volatile currencies in the world, has prompted consumers to seek protection for their money.

    Cross-border payments are a factor contributing to the popularity of cryptocurrencies in this country, especially given the fact that remittances are often sent from countries such as South Africa to 15 other countries on the continent known as the South African Development Community.

    In August, the large South African cryptographic exchange Luno recorded an average daily trading volume exceeding USD 5.4 million. Luno noted a significant increase in the number of new customers, reaching a milestone of 3 million portfolios in a total of 40 countries on its platform.


    Technical Market Overview:
    The ETH/USD pair has retraced half of the move up already and the recent low was made at the level of $142.26, which is below the 50% Fibonacci retracement located at the level of $143.74. If this level is violated again, then the next target for bears is seen at the level of $140.67, which is a 61% Fibonacci retracement. The technical supports are located at the levels of $136.98 and at the swing low at $130.68. The nearest technical resistance is seen at the level of $147.94.

    Weekly Pivot Points:
    WR3 - $187.69
    WR2 - $171.75
    WS3 - $162.01

    Weekly Pivot - $146.28
    WS1 - $136.26
    WS2 - $119.53
    WS3 - $110.92


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

    e-s-041219.jpg



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  10. #280
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    BTC 12.04.2019 - Watch for another down wave

    Crypto news:
    Cryptocurrency data analytics firm, CoinMetrics, recently published the 28th issue of its weekly 'State of the Network' series, reporting changes in network data over the past week. According to CoinMetrics, mining revenue for both Bitcoin and Ethereum are down significantly for the second consecutive week, mostly due to the pronounced fall in prices over the same period.

    The report also showed that ETH fees dropped by 14.4% this week, compared to the 20% growth seen the week before, which CoinMetrics attributed to the launch of the Gods Unchained marketplace.

    The data also highlighted that Bitcoin's market value to realized value (MVRV) ratio had started to increase over the past week, after dipping to a six month low of 1.23 last week. The report noted that as of 1 December, BTC MVRV was 1.32.


    Technical analysis:
    b-p-041219.jpg

    Bitcoin has been trading higher in the past 8hours. Anyway, BTC reached and rejected of the very important resistance at the price of $7.650, which his good sign that sellers are still in control. In my opinion BTC did re-test of the broken bear flag pattern. Watch for selling opportunities and downward targets at $7.079, $6.889 and $6.561.

    MACD oscillator is showing neutral stance and no expansion.

    Resistance levels are found at the price of $7.650 and $7.750.



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