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Thread: Cryptocurrency Analysis

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    Technical Analysis of BTC/USD for 20 January 2021

    Crypto Industry News:
    According to Bitnodes.io, the number of Bitcoin nodes is currently at its highest ever. Currently, 11,558 nodes are active. Coin.dance, in turn, estimates the total number of Bitcoin nodes at 11,613, slightly above the previous high of 11,250, set a year ago - also in January.

    The Bitcoin Core 0.21.0 update was made available for public download on January 14, 2021. It is currently the fourth most used software version among the nodes. There are currently 619 nodes running on this version, which is approximately 5.5% of all nodes running any Bitcoin Core version. Almost 5,000 nodes still use the second and most recent version of Bitcoin Core, 0.20.1, which remains the most popular so far.

    The latest version of Bitcoin Core also introduces a way to create more predictable test networks and implements Taproot consensus rules without activating them on the main network.

    The changes will ultimately serve to increase privacy in Bitcoin transactions as Taproot ensures that output no longer discloses terms that were unnecessarily disclosed in previous implementations. Removing the distinguishing features of transactions will also help Bitcoin to become a more fungible asset, more in line with Satoshi Nakamoto's original "digital cash" proposition.


    Technical Market Outlook:
    The BTC/USD pair market keeps trading under the short-term trend line resistance (marked in gold on the chart). This means the market is still consolidating in the narrow range located between the levels of $35,00 - $37,000. Any violation of any of this levels would meant the up trend continuation or deeper corrective cycle towards $27,000. On the other hand, any trend line breakout and violation of the level of $37,000 will be the trigger for bulls to continue the bounce towards the level of $39,000. The momentum indicator remains neutral, but the longer time frame up trend is intact.

    Weekly Pivot Points:
    WR3 - $50,241
    WR2 - $45,262
    WR1 - $41,218

    Weekly Pivot - $35,725
    WS1 - $31,875
    WS2 - $26,553
    WS3 - $22,402


    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 20 January 2021

    Crypto Industry News:
    According to the cryptocurrency analytics firm Messari, the daily Ethereum (ETH) transaction volume is now 28% greater than Bitcoin (BTC).

    Ethereum's daily transaction volume is parabolic, and Ethereum-powered stablecoins and Ethereum itself have processed $ 12.3 billion in transactions in the past 24 hours. The data does not include ERC-20 transactions other than stablecoins for Ethereum to avoid double counting of DEX volumes.

    According to the Blockchain Center's "Flippening Index", which uses eight key indicators to track whether the Ethereum network has surpassed Bitcoin's size and activity, Ethereum currently has a 63.5% chance of outperforming the cryptocurrency king's network in this regard. While Blockchain Center data suggests Ethereum has yet to beat Bitcoin transaction volume, the Flippening Index shows that Ethereum is already beating Bitcoin in terms of number of transactions and total transaction fees.

    The data also shows an Ethereum node count of 94% and estimates Ethereum's trading volume to be 57% of Bitcoin trading after bouncing back from a record 76% last week.


    Technical Market Outlook:
    The ETH/USD pair has made a new all time high at the level of $1,430.50. Since then the Doji candlestick was made at the H4 time frame chart, giving the short-term indication of a possible pull-back coming. So far, the market bounced from $1,323 technical support, but if the bearish pressure intensify, the pull-back might get deeper. The next technical support is seen at the level of $1,294 and the other one at $1,173. On the other hand, the next target for bulls is seen at the level of $1,500.

    Weekly Pivot Points:
    WR3 - $1,800
    WR2 - $1,551
    WR1 - $1,448

    Weekly Pivot - $1,183
    WS1 - $1,077
    WS2 - $810
    WS3 - $699


    Trading Recommendations:
    The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,500, 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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    Though trading on financial markets entails high risk, still it can generate extra income on condition that you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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