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Thread: Cryptocurrency Analysis

  1. #291
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    BTC 12.10.2019 - Down cycle in the play, downward target set at the price of $6.570

    Industry news:
    China's inflation rate has jumped to 4.5 percent for the month of November — highlighting the value proposition of deflationary currencies, like Bitcoin.

    China is notoriously hostile to cryptocurrencies, despite its government's commitment to blockchain. However, it's recent runaway inflation rate might force those in the country to see the other side of things.

    As market analyst Mati Greenspan recently tweeted, China's inflation rate has been steadily rising. In the month of November, it saw a spike of 4.5 percent — with no indication that it will cease. Considering that China is the world's second-largest economy, this is cause for worry.


    Technical analysis:
    b-p-101219.jpg

    BTC is trading in consolidation at the price of $7.227 Anyway, there is chance for further downside and I expect down cycle with potential for test of $6.570 and $5.900.

    MACD and Stochastic oscillators are showing increase on the downside, which is confirmation for the sellers in control.

    Resistance levels are seen at $7.622 and $8.000. Main support level is set $6.570 and $5.900.




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  3. #292
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    Technical Analysis of BTC/USD for 11 December 2019

    Crypto Industry News:
    The degree of adaptation of Blockchain technology in China continues to amaze, given that the Bank of China has reportedly issued $ 2.8 billion in special Blockchain-based financial bonds for small and micro-enterprises.

    According to the publication of the local Sina Finance information point, the funds are specifically used to provide loans to Chinese small and micro enterprises to support their further development in the economy.

    By the end of September, Bank of China had spent around $ 57.7 billion on 410,000 small and micro-business customers, a 35% increase over the previous year. By comparison, micro-enterprises generally have less than 10 employees, while small businesses have up to 50 employees.

    The news comes as the Chinese government attaches increasing importance to the digital economy. At the beginning of December, Forkast Insights, the research arm of the Asian company Forkast, thoroughly and comprehensively looked at the integration of Blockchain technology in China.

    The report indicates that Blockchain technology is rapidly developing in China and has a multitude of "practical real-world use cases that go far beyond the experimental stage." In November, reports appeared that the development of the Chinese Blockchain sector would bring a total annual growth rate of 65.7% from 2018 to 2023. And that the technology would exceed $ 2 billion by the end of 2023.


    Technical Market Overview:
    The BTC/USD pair is still under pressure from the bears as it has been trading in a narrow range located between the levels of $7,210 - $7,090. The bears are now back to the level of 50% Fibonacci retracement locatee at $7,133 and are testing it again. The three-wave upwards move on Bitcoin 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 recent sudden spike up was capped at the level of $7,700 again and it was retraced in 100%. Currently, the market participants wait for a clear breakout in either direction and it more looks like the direction to the south.

    Weekly Pivot Points:
    WR3 - $8,491
    WR2 - $8,082
    WR1 - $7,829

    Weekly Pivot - $7,397
    WS1 - $7,107
    WS2 - $6,723
    WS3 - $6,444


    Trading 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-111219.jpg




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  5. #293
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    Technical Analaysis of ETH/USD for 11 December 2019

    Crypto Industry News:
    The Central Bank of France plans to launch a pilot of the Central Bank Digital Currency (CBDC) for financial institutions in 2020. Francois Villeroy de Galhau, President of the Bank of France, announced that the bank will start testing the digital euro project by the end of the first quarter of 2020.

    The Bank of France confirmed the messages on Twitter, noting that it was announced at a conference co-organized by two major French financial supervisory authorities, the French prudential resolution authority and Autorite des marches financiers.

    According to the publication, the digital euro release will only target private sector entities and will not include retail payments by individuals. Villeroy noticed that the digital currency for retail customers "would be the subject of particular vigilance."

    The initiative aims to increase the efficiency of the French financial system while ensuring confidence in the currency. Moreover, the project aims to confirm France's sovereignty over initiatives related to private digital currencies such as Facebook's Libra stablecoin, said Villeroy.

    Villeroy's position is in line with earlier statements by French Finance Minister Bruno Le Maire, who argued that regulators cannot allow Libra to be introduced in European territories because of concerns over monetary sovereignty. According to some reports, France fought against Libra along with Germany, Italy, Spain and the Netherlands.

    According to the Bank of France tweet, its president emphasized that France should become the first country in the world to release CBDC and provide an exemplary model to other jurisdictions.


    Technical Market Overview:
    The ETH/USD pair has broken below the short-term trendline support located at the level of $145.00 and made a new local low at the level of $142.81, just below the old 50% Fibonacci retracement. From a wider perspective, the market is still trading inside of a narrow range located between the levels of $151.37 - $142.24 and the market participants are waiting for a breakout from this range. The downside momentum is increasing so the odds are more in favor of a downside breakout.

    Weekly Pivot Points:
    WR3 - $162.22
    WR2 - $157.56
    WR1 - $153.69

    Weekly Pivot - $148.38
    WS1 - $144.67
    WS2 - $138.97
    WS3 - $135.22


    Trading 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-111219.jpg




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  7. #294
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    BTC 12.11.2019 - Watch for potential drop on the BTC

    Bitcoin has been trading in consolidation mode at the price of $7.166. There is chance for the downside movement. Watch for selling opportunities on the rallies with the first target at $6.570.

    b-p-111219.jpg

    Slow line on the MACD oscillator turned into bear mode, which is indication for potential downside movement in the next period.

    Additionally, there is the breakout of the upward Pitchfork channel in the background, which is another indication that sellers are in control.

    Support levels are found at the price of $6.569 and $5.910.

    Resistance levels are found at the price of $7.611 and $7.800.



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  9. #295
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    Technical Analysis of ETH/USD for 12 December 2019

    Crypto Industry News:
    The Nike shoe giant patented shoes - named CryptoKicks - that are tokenized as a non-exchangeable token (NFT) in the Ethereum Blockchain.

    The token would be "unlocked" when purchasing the appropriate physical shoe by combining the 10-digit shoe identification code with the owner identification code. The system aims to provide a way to guarantee the authenticity of goods, as described in the patent:

    "Potential and current owners [...] can buy and sell digital assets through one or more Blockchain registers operating in a decentralized computer system. [...] the user can buy a new pair of highly sought after shoes from a verified seller who can provide certified documents of their origin. [...] After receiving the shoe box containing the purchased shoes, the user scans the UPC field using the barcode scanning function in the application running on the user's smartphone "- we read in the official description of the token.

    Interestingly, Nike also suggests that the creation of tokens may be associated with the sale of footwear, which would also allow verification of footwear shortage in circulation. When footwear is sold, the ownership of the digital token can be transferred along with the physical product. Ownership of these tokens would be managed in a dedicated application, also aimed at increasing brand involvement.


    Technical Market Overview:
    The ETH/USD pair has broken out from the narrow horizontal zone and due to the increasing pressure from the supply side the market has made a new local low at the level of $138.22. It means the 61% Fibonacci retracement of the last wave up had been broken as well and the next target for bears is seen at the level of $136.98.

    Weekly Pivot Points:
    WR3 - $162.22
    WR2 - $157.56
    WR1 - $153.69

    Weekly Pivot - $148.38
    WS1 - $144.67
    WS2 - $138.97
    WS3 - $135.22


    Trading 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-121219.jpg



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  11. #296
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    Technical Analysis of BTC/USD for 12 December 2019

    Crypto Industry News:
    Rostti, the operator of the Russian energy network, is testing the Blockchain solution for payments in the retail sector for electricity.

    The system - initiated by Rosseti and developed by the Russian start-up Waves - aims to automate and make transactions between energy producers, suppliers and consumers more transparent, as written on the Waves blog.

    Waves point out that the main drivers of the project are the inefficiency, opacity and growing debt that is currently plaguing the domestic industry. The blog quotes government data from the Russian Federation that revealed that total electricity debt as of September 1, 2019, was 1.3 trillion rubles ($ 15.7 billion), of which 800 billion ($ 12.6 billion) were households.

    Sensitive points include the absence of consumer payments, the lack of some payments to reach producers, muted or inaccessible data, and inaccurate calculations by intermediaries.

    The results of Waves' first successful Blockchain project - covering 400 households in the Kaliningrad and Swierdlowska regions - were first presented at the Moscow Networks Forum earlier this month.

    In the next phase of the project, Rosetti will implement the system in both regions and will start at the beginning of next year. Ultimately, the partners envisage introducing the solution throughout the country.


    Technical Market Overview:
    The BTC/USD pair is still under pressure from the bears, so the horizontal trend had been terminated and the price has made a new local low at the level of $7,014. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,601 in form of a Pin Bar 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 recent sudden spike up was capped at the level of $7,234 again and it was retracted in almost 100%, so the next target for bears is seen at the level of $6,973 which is a 61% Fibonacci retracement of the last major wave up.

    Weekly Pivot Points:
    WR3 - $8,491
    WR2 - $8,082
    WR1 - $7,829

    Weekly Pivot - $7,397
    WS1 - $7,107
    WS2 - $6,723
    WS3 - $6,444


    Trading 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.

    Attachment 1924



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  12. #297
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    BTC 12.12.2019 - End of the upward correction ABC, watch for selling opportunities

    Bitcoin has been trading upside in last few hours at the price of $7.167. Anyway, I see that there is potential for end of the intraday upward correction and possible more downside towards the levels at $7.094 and $7.048.

    b-p-121219.jpg

    Stochastic oscillator is showing overbought condition based on the 30M time-frame and fresh new bear cross, which is sign that sellers are present and that buying is risky.

    Resistance levels are seen at the price of $7.202 and $7.286

    Support levels are set at the price of $7.094 and $7.048




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