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Thread: Cryptocurrency Analysis

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    Technical Analysis of ETH/USD for 11 January 2021

    Crypto Industry News:
    More and more people are now searching for the word "Ethereum" than ever before in its history.

    Google Trends reveals that the number of current Google searches for "Ethereum" is at its highest ever, eclipsing interest in the peak of the recent ETH bull run. The previous peak in popularity of the Ethereum search term was January 13, 2018 - this was the highest-level date in ETH history, $ 1,432.88.

    Considered a "people's indicator", the growing Google Analytics interest score for a crypto search term is associated with a positive attitude towards a particular coin / project. While it makes sense that interest in Ethereum searches will peak in the run-up to a new all-time record, the same cannot be said for 'Bitcoin' searches, which remain at 65% of their highest popularity as of December 23, 2017. That said, far more people are searching for "Bitcoin" than "Ethereum" at a ratio of around 5: 1.

    The rise in popularity of various crypto phrases has the potential to trigger a self-perpetuating bull run, where curious traders make purchases, driving the price up, thereby generating more interest, resulting in more searches.

    Google Trends also provides data corresponding to relative interest by region. Currently, the countries with the greatest interest in "Ethereum" as a search term are Kosovo, North Macedonia, Slovenia, Nigeria and China.


    Technical Market Outlook:
    The ETH/USD pair might have finally start the corrective cycle. After the yearly top was made at the level of $1,348, the pair reversed sharply and dropped towards the level of $1,000 breaking all the technical support levels along the way. Currently, ETH/USD trades below $1,050 and keeps going lower. The next target for bears is seen at the level of $1,000 and $9,76. Please notice, the momentum is below the fifty level already, so the bears are in full-control of the market, at least for now. The larger time frame trend remains up.

    Weekly Pivot Points:
    WR3 - $1,598
    WR2 - $1,630
    WR1 - $1,500

    Weekly Pivot - 1,188
    WS1 - $1,038
    WS2 - $720
    WS3 - $563


    Trading Recommendations:
    The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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    BTC analysis for January 11,.2021 - Potetnial for the another downside swing towards $28.000

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    Analyzing the current trading chart of BTC, I found that sellers are in control today and that there is potential for the further downside movement.after the rally...

    My advice is to watch for selling opportunities on the rallies with the potential targets at $30,365 and $28,100.

    Stochastic oscillator is showing potential bull cross, which is sign for the up cycle.


    Key Levels:

    Resistance levels: $36,000

    Support level: $30,700



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    Technical Analysis of BTC/USD for 12 January 2021

    Crypto Industry News:
    The 2017 Altsseason was just an addition to the bitcoin bull race. As the BTC price rose to the new ATH, investors' exposure to altcoins also increased. This meant there wasn't much independence in the altcoin price rallies. Besides, after the short-term BTC peaks, there were increases in altcoins as investments flowed in and out faster and faster, including in altcoins. This seems to have changed for good in 2021.

    Ethereum was the leader of the current altcoin gains mainly thanks to the introduction of ETH 2.0 and the price increase to $ 1,300. Most of the top ten altcoins, based on data from CoinMarketCap, recorded double-digit gains. Cryptocurrencies such as Stellar Lumens and Cardano posted double-digit gains, largely independent of bitcoin's rising prices.

    In the last two quarters of 2020, the correlation of altcoins with bitcoin decreased, but most of the time the price increase continued. So it may seem that the current alt season is different from all we have seen so far.

    In this season, we observed large price movements in the context of DeFi projects, with a high investment flow of 30.17 thousand. BTC. Bitcoin's dominance has risen to 68% and it is likely that it could rise to 70% or more in the future. The growing BTC dominance poses a threat to the flow of altcoin investments, and before that happens, the alt season could suddenly stop. The correlation of the best altcoins with bitcoin has decreased since the BTC price rose.


    Technical Market Outlook:
    The BTC/USD pair has made a new local low at the level of $30,567 after a 27% drop during the last couple of days. Nevertheless, the bulls have managed to retrace 50% of this wave down and currently the market is trading around the level of $36,241. The next target for bulls is seen at the level of 61% located at $37,577. Please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

    Weekly Pivot Points:
    WR3 - $57,405
    WR2 - $50,005
    WR1 - $44,297

    Weekly Pivot - 36,611
    WS1 - $31,317
    WS2 - $23,111
    WS3 - $17,774


    Trading Recommendations:
    Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $50,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.

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    Technical Analysis of ETH/USD for 12 January 2021

    Crypto Industry News:
    The Intercontinental Exchange, owner of the New York Stock Exchange and the institutional cryptocurrency exchange Bakkt, has announced an agreement that will result in its cryptocurrency arm being listed on exchanges.

    As reported by the financial media, Bakkt is about to merge with VPC Impact Acquisition Holdings by trading under the VIH banner. VPC is a so-called "special purpose vehicle" or SPAC. It is a front company with the sole purpose of buying or merging with another company and allowing it to be listed on exchanges without going through the lengthy and costly IPO process.

    Bakkt is expected to be valued at $ 2.1 billion after the merger. The stock exchange will also raise an additional $ 532 million to support the development of the Bakkt App, retail wallet app and rewards app.

    A Bakkt spokesman said the merger is expected to end in the second quarter of 2021. The combined company will be renamed Bakkt Holdings, Inc. and will be listed on the NYSE. The rep also said Bakkt is now focused on delivering the app in March. Rumors about the takeover appeared in early January. Bakkt saw a volume increase this year, posting several more records.


    Technical Market Outlook:
    The ETH/USD pair has bounced from the level of $922 made during the recent sell-off when the Pin Bar candlestick was made. The market trades now around the level of $1,135, which is a 50% Fibonacci retracement level of the last wave down. The next target for bulls is seen at the level of $1,185, where the 61% Fibonacci retracement is located. Nevertheless, to resume the up trend, the bulls have to break through the short-term trend line resistance around the level of $1,2000. The momentum remains neutral. The larger time frame trend remains up.

    Weekly Pivot Points:
    WR3 - $1,598
    WR2 - $1,630
    WR1 - $1,500

    Weekly Pivot - 1,188
    WS1 - $1,038
    WS2 - $720
    WS3 - $563


    Trading Recommendations:
    The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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    BTC analysis for January 12,.2021 - Potential for the another downside swing towards $30.420

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    Analyzing the current trading chart of BTC, I found that there is potential for the downside continuation and end of the upward correction.

    My advice is to watch for selling opportunities with the potential downside target at the price of $30,420.

    Important pivot resistance level is set at $36,500.

    Stochastic is near the 50 level on the 4H time-frame but overbought on the hourly, which is sign that there is another downside leg.


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    Technical Analysis of ETH/USD for 13 January 2021

    Crypto Industry News:
    According to the CEO of Bakkt, one of the largest cryptocurrency companies in the United States will not support XRP as part of further product development.

    On January 11, Bakkt CEO Gavin Michael spoke on the Axios Re: Cap podcast to discuss the widespread adoption of Bitcoin and other digital assets. Michael said Bakkt plans to introduce multi-altcoin support on its platform in the future, but XRP is not one of them. Michael declined to comment on whether the company decided to stay away from XRP due to Ripple's legal problems caused by a US Securities and Exchange Commission lawsuit.

    "Just not on our platform. We entered the cryptocurrency space via Bitcoin and it was our first currency available."

    Michael's comments on XRP followed the official announcement of the Bakkt plans. On January 11, Intercontinental Exchange, operator of the New York Stock Exchange and owner of Bakkt, announced a merger with VPC Impact Acquisition Holdings to allow Bakkt to enter the stock exchange.

    Meanwhile, Ripple is battling a $ 1.3 billion SEC lawsuit against the firm in late December. On January 8, Ripple CEO Brad Garlinghouse flatly denied "unproven SEC allegations" and said his company was "on the right side of facts and history."

    Amidst Ripple's legal problems, many crypto companies have decided to phase out XRP. On January 6, the crypto wallet provider and trading platform Blockchain.com announced it was removing XRP following the steps of Coinbase, Binance.US, OKCoin, and more. However, some companies like Uphold preferred to keep XRP on their platforms pending the SEC settlement.


    Technical Market Outlook:
    The ETH/USD pair has been seen trading below the level of $1,135, which is a 50% Fibonacci retracement level of the last wave down as the corrective bounce higher has been capped. The next target for bulls is seen at the level of $1,185, where the 61% Fibonacci retracement is located. Nevertheless, to resume the up trend, the bulls have to break through the short-term trend line resistance around the level of $1,200. The momentum remains neutral. The larger time frame trend remains up.

    Weekly Pivot Points:
    WR3 - $1,598
    WR2 - $1,630
    WR1 - $1,500

    Weekly Pivot - 1,188
    WS1 - $1,038
    WS2 - $720
    WS3 - $563


    Trading Recommendations:
    The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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    Technical Analysis of BTC/USD for 13 January 2021

    Crypto Industry News:
    Bitcoin's value in US Dollar jumped 20% overnight as the world's most famous cryptocurrency quickly rebounded from a 27% decline that occurred a few days earlier. The broader cryptocurrency market followed suit on Tuesday, as more than $ 150 billion returned to global market capitalization on the same day.

    According to the financial media, the main banking institutions in the United States hope that 2020 and the problems related to it are over when data for the fourth quarter are released on Friday. Financial analysts expect a sharp contrast between Bitcoin's recent fate and the historic banking sector, with some predicting losses in excess of 40%.

    Citigroup Inc is expected to show a 42% decline over the last three months of the previous year, while analysts predict Wells Fargo & Co will record a similar decline of approximately 39%. Next week, Bank of America Corp will release its own quarterly report, which is expected to show a 33% drop in earnings.

    Not every bank suffered equally at the end of 2020, and JPMorgan Chase & Co expects to see a less severe decline of 5%. Two major banks are expected to release positive data for the last quarter: Morgan Stanley is expected to post 1% of profits, and Goldman Sachs Group Inc can count on 43% growth to quarterly earnings thanks to strong market services equity performance.

    Some bank shares have already recovered 35% since the US presidential election in November. The announcement of the anticipated COVID-19 vaccine during the same period is believed to have restored confidence in cautious investors.


    Technical Market Outlook:
    The BTC/USD pair has managed to retrace 50% of this wave down and hit the level of $36,241 before the bounce was capped. The price of Bitcoin slide again towards the level of $33,000 with a low made at the level of $32,376 and it is currently consolidating around this level. Please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

    Weekly Pivot Points:
    WR3 - $57,405
    WR2 - $50,005
    WR1 - $44,297

    Weekly Pivot - 36,611
    WS1 - $31,317
    WS2 - $23,111
    WS3 - $17,774


    Trading Recommendations:
    Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $50,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.

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    BTC analysis for January 13,.2021 - Watch for the poetntilal donside movement towards $31.245

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    Analyzing the current trading chart of BTC, I found that there is the rejection of the key pivot level at $37,000 and there is potential for potential downside movement towards $31,245 and $28,135.


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    Technical Analysis of BTC/USD for 14 January 2021

    Crypto Industry News:
    Ledger is offering a bitcoin reward worth around $ 350,000 for information on the attackers behind a series of data leaks. The company published a blog post detailing the history of recent leaks and phishing attacks that have compromised the personal data of hundreds of thousands of its customers in recent months.

    The problems started last summer with a breach of the security of Ledger's e-commerce and marketing database. The latest incident occurred in December when Ledger was informed by Shopify that a "rogue member" of the e-commerce giant's support team had acquired customer transaction records relating to Ledger and other companies.

    In response to the above, Ledger took a series of steps. The company has built a portfolio of 10 BTC that will be won by those who provide information leading to the identification, arrest and effective prosecution of cybercriminals. The company also hopes to persuade other people in the cryptocurrency industry to participate in this initiative.

    Ledger has hired private detectives and is making changes to the way information is handled. These include the introduction of a new technical solution that will pave the way for personal fund insurance.


    Technical Market Outlook:
    The BTC/USD pair has managed to retrace 61% of this wave down and hit the level of $37,577 before the bounce was capped. The new local high was made at the level of $38,082 (at the time of writing the article), which means the bulls are still strong and might carry on towards the next target seen at the level of $40,000. The up trend is still intact, but please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

    Weekly Pivot Points:
    WR3 - $57,405
    WR2 - $50,005
    WR1 - $44,297

    Weekly Pivot - 36,611
    WS1 - $31,317
    WS2 - $23,111
    WS3 - $17,774


    Trading Recommendations:
    Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $50,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.

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    Technical Analysis of ETH/USD for 14 January 2021

    Crypto Industry News:
    With the participation of the authorities of seven countries and Europol, Darkmarket, one of the largest exchanges in the darknet, was closed. The action was taken after the alleged operator was arrested in Germany. Europol announced on Tuesday that the Darknet Marketplace Darkmarket has been removed:

    "Darkmarket, the world's largest illicit darknet market, was shut down through a joint international operation involving Germany, Australia, Denmark, Moldova, Ukraine, the UK (National Crime Agency) and the US (DEA, FBI and IRS)."

    According to Europol, Darkmarket had nearly 500,000 users and over 2,400 retailers. This generated over 320,000 transactions, with "over 4,650 BTC and 12,800 Monero".

    "At the current rate, this corresponds to a total of more than 140 million euros [$ 171 million]. The vendors on the stock exchange traded mainly in drugs of all kinds and sold counterfeit money, stolen or falsified credit card details, anonymous SIM cards and malware," Europol wrote.

    The alleged operator of Darkmarket was arrested over the weekend by the Central Investigation Department in the German city of Oldenburg, near the German-Danish border. The Cybercrime Department of the Public Prosecutor's Office in Koblenz located and closed the stock exchange. They shut down the exchange's servers and took over "the criminal infrastructure - over 20 servers in Moldova and Ukraine supported by the Federal Criminal Police Office of Germany (BKA)". Europol added:

    "The stored data will provide investigators with new clues to further investigate moderators, sellers and buyers."

    Europol recently closed another large darknet market. In cooperation with the Finnish customs (Tulli), the authorities closed the Darknet Sipulimarket in December and seized its Bitcoins.


    Technical Market Outlook:
    The ETH/USD pair keeps trading just below the level of $1,135, which is a 50% Fibonacci retracement level of the last wave down as the corrective bounce higher has been capped. In a case of a breakout, the next target for bulls is seen at the level of $1,185, where the 61% Fibonacci retracement is located. Nevertheless, to resume the up trend, the bulls have to break through the technical resistance located at the level of $1,200. The momentum remains neutral to positive. The larger time frame trend remains up.

    Weekly Pivot Points:
    WR3 - $1,598
    WR2 - $1,630
    WR1 - $1,500

    Weekly Pivot - 1,188
    WS1 - $1,038
    WS2 - $720
    WS3 - $563


    Trading Recommendations:
    The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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