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Thread: Cryptocurrency Analysis

  1. #231
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    Technical Analysis of ETH/USD for 12 November 2019

    Crypto Industry News:
    Chinese Internet giant Tencent intends to open a virtual bank based on Blockchain technology after the Hong Kong Securities Commission (SFC) has approved the new license.

    Speaking on Friday at the Blockchain World Summit in Wuzhen, China, Yige Cai, Blockchain Director at Tencent, said the company's virtual bank has received a green light from SFC. According to the Chinese side of Sina Finance, the company will create a team supporting a banking platform based on Blockchain.

    "Hong Kong's new regulations and the oversight of transactions related to digital assets confirm the importance of Blockchain technology and digital assets, which is good news for the entire industry," Cai said at his summit.

    To date, SFC has granted licenses to virtual banks to 12 entities. The list includes Infinium Limited, a company owned by Tencent and ICBC, and two other Hong Kong institutional investors.

    Tencent renamed Infinium to Fusion Bank in July after receiving a license in May. According to the Cai report, he did not reveal any further details about the virtual bank, while highlighting Tencent's existing Blockchain technology projects, including supply chain financing for McDonald's global restaurant chain.


    Technical Market Overview:
    The bearish pressure intensifies on the ETH/USD market after the local short-term trendline was put to the test as the bears started to move lower. A breakout below this line is now being tested from below and it is worth to notice that the breakout opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. It all depends now on how the breakout will be played: whether it was a fake or a genuine one.

    Weekly Pivot Points:
    WR3 - $209.10
    WR2 - $200.93
    WR1 - $194.92

    Weekly Pivot - $187.29
    WS1 - $180.68
    WS2 - $172.07
    WS3 - $166.48


    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-121119.jpg



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  2. #232
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    Technical Analysis of BTC/USD for 13 November 2019

    Crypto Industry News:
    According to former President of the European Central Bank, Jean-Claude Trichet, Bitcoin has no currency characteristics and is purely speculative. Trichet said this at the Caixin conference in Beijing.

    During the event, Trichet also expressed doubts that cryptocurrencies could become the future of money. He said that Bitcoin lacks the features of a real currency:

    "I am definitely against Bitcoin and I think we are a bit carefree. [...] The currency itself is not real, with the features it must have," he said.

    Trichet also explained that he believes that buying cryptocurrency is in many respects just speculation. He also claimed that even if the cryptographic resource is allegedly backed by a real resource, it still observes a lot of speculation, which it described as "unhealthy."

    Trichet added that he is also not a fan of Stablecoin Libra, proposed by Facebook, and noted that he prefers special drawing rights (SDRs) issued by the International Monetary Fund. Like Libra's plans, SDRs are supported by a basket of currencies, including the US dollar, euro, pound sterling, renminbi and yen.

    He also said that although the world could leave banknotes and coins behind it, cryptocurrencies cannot be the way forward.


    Technical Market Overview:
    The BTC/USD bounce was capped at the level of $8,836 which is the lower boundary of the narrow horizontal zone that was recently broken. The momentum is still negative, so the further spike down might happen soon. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396.

    Weekly Pivot Points:
    WR3 - $10,032
    WR2 - $9,933
    WR1 - $9,413

    Weekly Pivot - $9,012
    WS1 - $8,510
    WS2 - $8,085
    WS3 - $7,592


    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.

    b-s-131119.jpg


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    Performed by Sebastian Seliga
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  3. #233
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    Technical Analysis of ETH/USD for 13 November 2019

    Crypto Industry News:
    A Canadian research company that studies Blockchain, Blockchain Venture Capital Inc. (BVCI), has officially launched the US dollar-anchored CUSD stablecoin, according to a press release published today.

    The new stablecoin appears four months after the launch of CADT - a stablecoin initiative linked to Canada's national fiat currency. BVCI made its debut of stablecoin CADT on Canada Day, July 1. The company said that with one CUSD equal to one USD, the new stablecoin will be used by people and companies, and its specific goal is cross-border transactions between the USA and Canada.

    Regulated by the Canadian Center for Transaction Analysis and Reports, BVCI claims to operate in accordance with all federal regulations regarding the transfer of virtual currency. BVCI is a financial services company registered in Ontario, the most populous province of Canada.

    The company noticed that thanks to stablecoin CUSD BVCI will facilitate cashless transactions thanks to dollars deposited on a trust account with a financial institution based in the USA.

    Other BVCI products are BVC-Chain, a decentralized hybrid Blockchain based on Blockchain Ripple and Ethereum networks. The company has also developed BvcPay, a mobile application that works as a digital wallet, Blockchain explorer, and a trading and decentralized exchange platform. The newly launched CUSD can also be bought and serviced via BvcPay.


    Technical Market Overview:
    After a short bearish pressure at the ETH/USD market the bulls started to be more active, but all they have managed was to push the price towards the recent resistance level and then the liquidity dried up. A recent breakout below the short-term trendline is now being tested from below and it is worth to notice that the breakout opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. It all depends now on how the breakout will be played: whether it was a fake or a genuine one.

    Weekly Pivot Points:
    WR3 - $209.10
    WR2 - $200.93
    WR1 - $194.92

    Weekly Pivot - $187.29
    WS1 - $180.68
    WS2 - $172.07
    WS3 - $166.48


    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-131119.jpg



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

  4. #234
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    BTC 11.13.2019 -BTC did break the Ichimoku cloud to the downside, watch for selling opportunities

    Bitcoin has been trading sideways at the price of $8.737. Watch for selling opportunities due to the current downward trend. Main downward target is set at the price of $7.500.

    Ichimoku analysis:
    b-p-131119.jpg

    Multi frame Ichimoku sitation:

    H1 - Inside of the Cloud

    H4 - Below the cloud

    Daily - Inside of the Cloud

    Currently, BTC is testing the support (Tenkan-sen) at the price of 8.690. The potential breakout of the support would confirm further downside movement and testing of $8.543 and potential test of $7.500. Resistance is set at the price of $8.900 (Kijun-sen).BTC did the breakout of the Ichimoku cloud to the downside and I see more downside in the next period.





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  5. #235
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    Technical Analysis of BTC/USD for 14 November 2019

    Crypto Industry News:
    CME Group has announced that it will launch options on its futures contracts based on Bitcoins in January next year.

    The announcement on the website, which CME published on Tuesday, stated that as soon as the green light from regulators appears in a timely manner, these options will be available to customers from January 13, 2020.

    At the end of October, the company published details about the options. On this occasion, CME stated that each contract will be based on one bitcoin futures contract consisting of five bitcoins. Their prices will be given in US dollars.

    In a new announcement, Tim McCourt, head of global stock index and alternative investment products, said:

    "Since the introduction of our Bitcoin-based futures almost two years ago, customers have expressed growing interest in options as another way to hedge and trade in these markets. We've worked closely with clients and the industry to create a solid and increasingly liquid futures market at CME Group, and we now believe that Bitcoin options will now offer our clients greater precision and flexibility in managing their risk. "

    By presenting some data on the performance of their Bitcoin futures contracts, which have been registered so far, CME Group has stated that it has currently noticed an average transaction volume of over 6,500 contracts in 2019 in this market, which corresponds to about 32,500 Bitcoins. Currently, over 3,500 individual accounts for product trading are registered on the platform, and almost half of the turnover comes from outside the USA.


    Technical Market Overview:
    The momentum on the BTC/USD market is still negative and a new local low was made overnight at the level of $8,490. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396 and if this retracement is violated, then the market will likely test the key short-term technical support located at the level of $8,298.

    Weekly Pivot Points:
    WR3 - $10,032
    WR2 - $9,933
    WR1 - $9,413

    Weekly Pivot - $9,012
    WS1 - $8,510
    WS2 - $8,085
    WS3 - $7,592


    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.

    b-s-141119.jpg




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

  6. #236
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    Technical Analysis of ETH/USD for 14 November 2019

    Crypto Industry News:
    The Central Bank of Tunisia denies reports of the introduction of its own digital currency. In a weekly announcement, the central bank suppressed "unfounded" rumors that it was the first monetary body to issue the central bank's digital currency (CBDC), claiming that PoC's "unrelated project" was out of context:

    " The Central Bank of Tunisia has not established any kind of relationship with any domestic or foreign supplier to create any digital currency. The Bank is examining the opportunities and threats associated with these new technologies, especially in terms of cyber security and financial stability. "

    He admitted that he was considering CBDC because he said he was examining "all existing alternatives." But there are no immediate plans to launch E-Dinar.

    Last week, the Russian state news agency announced that the Central Bank is working with Universa Blockchain to develop and issue a digital currency. The announcement was to take place at the FOREX Club Tunisia event. However, the Central Bank said that no announcement was ever made. Instead, he pointed to a demonstration of the CBDC test project during the FOREX event, which was the root of the misunderstanding.

    "This PoC (Proof of Concept) test was taken out of context and became a marketing operation in which the BCT name was misused," reads the bank's statement.


    Technical Market Overview:
    A recent breakout below the short-term trendline on the ETH/USD pair was short-lived and currently, the price reversed after hitting the level of $188.35 (the bottom of the trendline). It is worth to notice that the move lower opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. It all depends now on how the breakout will be played: whether it was a fake or a genuine one.

    Weekly Pivot Points:
    WR3 - $209.10
    WR2 - $200.93
    WR1 - $194.92


    Weekly Pivot - $187.29
    WS1 - $180.68
    WS2 - $172.07
    WS3 - $166.48


    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-141119.jpg



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

  7. #237
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    BTC 11.14.2019 - Sellers in control, Ichimoku analysis

    Bitcoin has been trading downwards. The price reached our first downward target from yesterday at the price of $8.540. Watch for selling opportunities due to the current downward trend. Main downward target is still set at the price of $7.500.

    b-p-141119.jpg

    Ichimoku analysis:

    Multi frame Ichimoku sitation:

    H1 – Below the Cloud

    H4 - Below the cloud

    Daily - Inside of the Cloud

    Currently, BTC is trading below the support (Tenkan-sen) at the price of 8.600. Resistance levels are set at the price of $8.670 (Tenkak-sen) and $8.800 (Kijun-sen).BTC did the breakout of the Ichimoku cloud to the downside and I see more downside in the next period.



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    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2019

  8. #238
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    Technical Analysis of BTC/USD for 15 November 2019

    Crypto Industry News:
    Alibaba, the Chinese e-commerce giant, works with the Lolli Bitcoin reward application, enabling its buyers to earn 5% back in Bitcoin. Alibaba customers can now get Satoshis (sats), the smallest Bitcoin currency unit worth 0.00000001 BTC when they shop online, says Lolli.

    The partnership was announced on Singles' Day, a shopping festival that is celebrated in China on November 11 and is considered the largest one-day shopping event in the world. According to Lolla, buyers of Alibaba spent more than 31 billion dollars in 2018 on Singles' Day.

    Alex Adelman, CEO and co-founder of Lolli, pointed out that the new move is a milestone for Lolla because Alibaba is the largest trading and e-commerce company in the world.

    "Thanks to our cooperation, our users can earn free Bitcoins daily on millions of products online. Probably the most important element of this partnership is supporting our mission of connecting the whole world through trade" - he said.

    The new program will only be available to buyers in the United States. Aubrey Strobel, head of Lolla's communications department, reportedly claimed that Chinese people would not be able to attend, and products would be shipped from China to US users.

    In the Adelman report, he highlighted the company's plans for global expansion in 2020 and stressed that partnership is a great first step to connect China and the US via Bitcoin and trade.


    Technical Market Overview:
    The momentum on the BTC/USD market is still negative and a new local low was made overnight at the level of $8,433. The next target for bears is seen at the level of $8,298 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396 and if this retracement is violated, then the market will likely test the key short-term technical support located at the level of $8,298.

    Weekly Pivot Points:
    WR3 - $10,032
    WR2 - $9,933
    WR1 - $9,413

    Weekly Pivot - $9,012
    WS1 - $8,510
    WS2 - $8,085
    WS3 - $7,592


    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.

    b-s-151119.jpg



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

  9. #239
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    Technical Analysis of ETH/USD for 15 November 2019

    Crypto Industry News:
    While the stablecoina Libra project is still confronted with the hostile attitude of regulators, Facebook is introducing a new fiat payment system called Facebook Pay.

    The social media giant has announced that it is introducing Facebook Pay, a payment system designed to facilitate payments via Facebook, Messenger, Instagram and WhatsApp.

    "People already use payments in our applications to shop, make donations and send money. Facebook Pay will facilitate these transactions while ensuring the security and protection of payment information," said Deborah Liu, Facebook vice president of market and commerce .

    Clearly trying to avoid further regulatory control, the company clearly states that Facebook Pay "is based on existing financial infrastructure and partnerships." Similarly, it is clear that the payment service will be separated from the new Calibra wallet and Libra network.

    Facebook Pay will be launched this week on Messenger and Facebook in the United States for "fundraising, in-game purchases, event tickets, personal payments in Messenger and purchases from selected sites and companies on the Facebook Marketplace."

    Facebook ends the ad with the belief that companies can "help businesses grow and enable people around the world to buy and sell things online."


    Technical Market Overview:
    After the ETH/USD reversal from the level of $188.35 (the bottom of the trendline) the bears have managed to make a new local low located at the level of $179.00. It is worth to notice that the move lower opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. If the price will reach this level, then more then 50% of the last impulsive wave up will be retraced already, so the market might be ready to reverse.

    Weekly Pivot Points:
    WR3 - $209.10
    WR2 - $200.93
    WR1 - $194.92

    Weekly Pivot - $187.29
    WS1 - $180.68
    WS2 - $172.07
    WS3 - $166.48


    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-151119.jpg



    s_seliga.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2019

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