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Thread: Cryptocurrency Analysis

  1. #811 Collapse post
    Cryptocurrency market recovery: what to look for when working with Bitcoin and Altcoin

    The past three weeks were difficult, the market was feverish, and weak cryptocurrency assets lost more than half of their value, but everything is different now.

    The fear of a market crash that was typical in the first week of September was replaced by a normalization of trading interest among most traders after Bitcoin focused on the side channel of $9,800/$11,500. This step led to the restoration of the emotional state of market participants, and this led to a general recovery of the market.

    "Wintering is postponed." With this slogan, many crypto assets of the Altcoin class met a sideways move on Bitcoin. So, the acclaimed DeFi Yearn Finance in the crypto environment managed not only to recover from the collapse by 45%, but it also updated the historical maximum of $39,320 to the price level of $43,910. This step shows that YFI DeFi is still on the rise, and the crypto market is still focusing on a sufficient number of participants and trading volumes.

    Without exception, all traders who work closely with crypto assets remember the bitcoin hype of 2017, when its value almost reached $20,000. So now many people are clinging to 2017, as there are parallels in the form of a new round of polarity in this area of investment. The number of cryptocurrency users worldwide has almost tripled over the past two years, from 35 million to 101 million, and analysts estimate that in the third quarter of 2020, the number of accounts on centralized bitcoin exchanges has already reached 191 million.

    Antifragility in all its colors, the crypto market is constantly trying to limit, and it continues to grow, gaining widespread popularity of users, thus forcing regulators to work with it shoulder to shoulder.

    Now it is difficult to say that in 2021 there will be no Bitcoin, and its value will be equal to absolute zero, the crypto market is there, and it is developing. So why not work on it in the short to medium term, where the yield is several times higher than traditional assets (Forex, Index, Stock market).


    Correction or Bull Market?

    This question arises for many crypto traders, and 2017 will once again be a topic for discussion. September 2017 and 2020 have a high degree of similarity, where a correction occurred literally on the same day. If you compare the stages of recovery, then there are similar features here, which in theory can give a buy signal.

    YFI DeFi, coupled with cash infusions, can still give the crypto market an opportunity for further development, which will pull the cost of Bitcoin up.

    b-g-290920.jpg

    Bitcoin's current development and prospects:

    At this time, the optimal fluctuation in the price of Bitcoin is considered to be in the range of $9,800/$11,500, which will allow Altcoin to continue to recover. The flat process may well last for a month, but the fact that the price is held with no new lows will give more chances for a subsequent update of the highs.

    b-g-290920b.jpg

    General background of the crypto market:

    Analyzing the total market capitalization of the crypto industry, we can see that the Total market is gradually recovering and already amounts to $349 billion, which is $26 billion more than 3 weeks earlier.

    Almost half of the correction has already been worked out in the Total market, and this is due to both Bitcoin and Altcoin.

    Market Cap: $349,305,780,715

    BTC Dominance: 57.7%

    b-g-290920c.jpg

    The index of emotions (aka fear and euphoria) of the crypto market is still in the anxiety phase - 43 points, but this is still quite normal. If Bitcoin continues to hold in the flat trajectory above the $10,000 level, the emotional background will quickly normalize.

    b-g-290920d.jpg

    Indicator analysis:

    Analyzing different sectors of timeframes (TF), we can see that the indicators of technical instruments relative to the four-hour and daily periods signal a purchase due to price fluctuations in the upper part of the flat. The weekly period focuses on the overall upward movement due to the purchase signal since the beginning of the year.

    b-g-290920e.jpg




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  2. #812 Collapse post
    BTC analysis for September 28,.2020 - Key pivot level at the $11.000 on the test

    Further Development
    b-p-29092.jpg

    Analyzing the current trading chart of BTC, I found that there is strong pivot resistance level at $11,000, which is good level to watch for selling opportunities.

    My advice is to focus on the selling opportunities if you see the rejection of the resistance at $11,000

    Downside targets are set at the price of $10,150 and $9,900.

    Stochastic looks overbought, which is another sign that buyers might be exhausted.


    Key Levels:

    Resistance: $11,000

    Support levels: $10,150 and $9,900



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    Performed by Petar Jacimovic
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    InstaForex Group © 2007-2020

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  3. #813 Collapse post
    Technical Analysis of ETH/USD for 29 September 2020

    Crypto Industry News:
    On September 24, the Binance exchange officially announced on the Russian Telegram channel that the Russian telecommunications regulator Roskomnadzor had added this page to the register of platforms disseminating prohibited information.

    According to the announcement, the Binance exchange was included in the list due to the distribution of data related to the acquisition of digital currencies such as Bitcoin. Gleb Kostarev, head of Binance's operations in Russia, said the exchange announced the news immediately after receiving the notification from Roskomnadzor.

    Despite putting the domain on the list of banned websites, Russians can still access it without any additional tools like a VPN. Currently, the URL can be found in the official website registry in the blacklist of Roskomnadzor. According to the data, the site was added to the list on June 2, 2020, and access to it is "not restricted".

    In a public announcement, Binance executives stressed that it had not received any information about the restriction until September 24, stating:

    "Before receiving the above notification, we were not previously informed of any claims from law enforcement agencies, civil services or courts. We have now turned to our solicitors for further advice and would like to assure all our Russian users that their services will not be interrupted in the meantime and their funds are safe. "

    As the Binance website was blacklisted by Roskomnadzor in June 2020, this action does not appear to be related to Binance's plans to introduce its cryptocurrency debit card in Russia as the plans were announced a little later in September 2020.


    Technical Market Outlook:
    The ETH/UD pair has made a Shooting Star candlestick pattern at the to of the move up at the level of $367.58, just above the 61% Fibonacci retracement located at $362.93. Since then, the market has reversed and fell out of the ascending channel around the level of $355. The local low was made at the level of $350.14, but the target for bears is seen at the level of $345.40. The momentum had reversed as well and now is on the neutral level, pointing south. If the level of $345.40 is clearly violated, then the next technical support is seen at the level of $332.38.

    Weekly Pivot Points:
    WR3 - $446.64
    WR2 - $410.95
    WR1 - $384.24

    Weekly Pivot - $347.99
    WS1 - $319.88
    WS2 -$284.46
    WS3 - $256.92


    Trading Recommendations:
    The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

    e-s-290920.jpg



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  4. #814 Collapse post
    Technical Analysis of BTC/USD for 29 September 2020

    Crypto Industry News:
    A new study by cryptocurrency mining company Genesis Mining suggests that most US citizens are against the introduction of a central bank digital currency. A Genesis Mining study found that of the 400 participants, less than 25% agreed with the proposal that the government should ditch paper money in favor of the digital dollar, while more than half were against it.

    However, the number of CBDC supporters almost doubled in 12 months, with only 13% of respondents in favor of the digital dollar when this question was asked in 2019.

    While more than 85% of survey respondents expressed knowledge of crypto assets, many associate virtual currencies with criminal activity, possibly contributing to weak support for CBDC.

    The report also found poor understanding of monetary policy among the general public, finding that 38% of respondents believe the US dollar is backed by gold, bonds or oil, and an additional 13% simply do not know. Despite the lack of interest in monetary policy, 88% of respondents indicated inflation as critical.

    In August, the Bank of Canada released a study that found that financial literate respondents were half as likely to own cryptocurrencies than the general public.


    Technical Market Outlook:
    The BTC/USD pair rally had been terminated at the minor supply zone located between the levels of $10,890 - $10,940 and the market reversed. Moreover, the price has broken the short-term trend line support around the level of $10,700 and made a local low at the level of $10,597 already. The momentum remains neutral, but it the bearish pressure intensify, the sell-off might continue towards the level of $10,586 and $10,430.

    Weekly Pivot Points:
    WR3 - $11,934
    WR2 - $11,451
    WR1 - $11,105

    Weekly Pivot - $10,558
    WS1 - $10,238
    WS2 -$9,737
    WS3 - $9,392


    Trading Recommendations:
    The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

    b-s-290920.jpg



    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

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  5. #815 Collapse post
    BTC analysis for September 29,.2020 - Broken rising trend-channel in the background and potential for the new down swing towards $10.150

    Further Development
    b-p-300920.jpg

    Analyzing the current trading chart of BTC, I found good sell-zone location at $10,800 and lack of buying power, which is good sign for selling opportunities.

    There is the breakout of the rising channel in the background based on the hourly time-frame, which is another confirmation for the further downside continuation. It is also the test of the middle Bollinger band on hourly.

    Watch for selling opportunities on the rallies with the downside targets at $10,565 and $10,155.


    Key Levels:

    Resistance: $10,800

    Support levels: 10,565 and $10,155.



    s_jacimovic.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

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  6. #816 Collapse post
    Technical Analysis of BTC/USD for 30 September 2020

    Crypto Industry News:
    Nexo co-founder Antoni Trenchev said information leaked in the recent FinCen leak confirms the existence of the crypto industry. According to the leak, the world's leading financial institutions have cleared more than $ 2 trillion in "suspicious" transactions. Deutsche Bank alone settled over USD 1.3 trillion of this amount. Trenchev said:

    "The first thing I feel is regaining rights because, as everyone has been saying for years, all this Bitcoin and money laundering in one breath. We've heard it from regulators, politicians, bankers, almost everyone. money laundering is still the US dollar and it is still the current financial system:

    Trenchev also highlighted the fact that the only company that was listed for any cryptocurrency affiliation was OneCoin, and even that was a stretch in his opinion. As for bankers, Trenchev believes there is little incentive to limit money laundering and other illegal activities as the punishment appears rather forgiving. In fact, such activities can be very profitable. Nexo also submits "various reports of suspicious activity" to relevant regulatory authorities around the world. Trenchev said about 4% of Nexo's transactions are flagged. The company is also forced to comply with US sanctions and blacklisted countries such as Iran, Venezuela, and North Korea.


    Technical Market Outlook:
    After the BTC/USD pair rally had been terminated at the narrow supply zone located between the levels of $10,890 - $10,940, the market pulled-back to the level of $10,586 and then bounced again to test the short-term trend line breakout level seen at $10,845. The bulls were not strong enough to break back above the trend line and the price is moving towards the level of $10,586 again. The momentum remains neutral, but it the bearish pressure intensify, the sell-off might continue towards the level of $10,430 and below.

    Weekly Pivot Points:
    WR3 - $11,934
    WR2 - $11,451
    WR1 - $11,105

    Weekly Pivot - $10,558
    WS1 - $10,238
    WS2 -$9,737
    WS3 - $9,392


    Trading Recommendations:
    The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

    b-s-300920.jpg


    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

    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.


  7. #817 Collapse post
    Technical Analysis of ETH/USD for 30 September 2020

    Crypto Industry News:
    ETH's inflows to exchanges fell 53% in less than a week, which could set an alarm for DeFi traders. Influence into exchanges fell from $ 3.15 million on September 21 to $ 1.48 million at the time of writing. While the decline in ETH sustained on the exchanges can be viewed as a bearish signal, the price has dropped less than 5% in the past 30 days.

    The Ethereum network has also been a place of great activity lately. In fact, the same can be attributed to DeFi traders' active market share. While this increases coverage and creates high online demand, it underscores the fact that Ethereum's liquidity is critical to DeFi.

    The decline in ETH liquidity could have a direct impact on ETH miners and traders investing in DeFi projects. Before DeFi surged, unrealized gains were driven by ETH's price action. However, when the charges on the ETH network hit the new ATH along with the increased activity of DeFi. While the impact of the decline in ETH liquidity is not yet visible on the spot exchanges, the same is visible on the derivatives exchanges.


    Technical Market Outlook:
    After the ETH/USD pair had made a Shooting Star candlestick pattern at the level of $367.58, the market has reversed and fell out of the ascending channel around the level of $355. The local low was made at the level of $350.14, but the target for bears is seen at the level of $345.40. The price is now consolidating in a narrow horizontal range, so if the level of $345.40 is clearly violated, then the next technical support is seen at the level of $332.38. The momentum had reversed as well and now is on the neutral level, pointing south.

    Weekly Pivot Points:
    WR3 - $446.64
    WR2 - $410.95
    WR1 - $384.24

    Weekly Pivot - $347.99
    WS1 - $319.88
    WS2 -$284.46
    WS3 - $256.92


    Trading Recommendations:
    The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

    e-s-300920.jpg



    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

    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.


  8. #818 Collapse post
    BTC analysis for September 30,.2020 - Broken upside channel in the background and potential for the bigger drtop towards $10.150

    Technical Analysis
    b-p-300920.jpg

    BTC has been trading sideways at the price of $10,700. There is potential for the bigger drop towards the $10,150 due to breakout of the rising trendline in the background.


    Trading recommendation:
    Watch for potential selling opportunities on the rallies with the downside targets at $10,555 and $10,150.

    Resistance is seen at the price $10,850



    s_jacimovic.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

    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.


  9. #819 Collapse post
    Technical Analysis of BTC/USD for 01 October 2020

    Crypto Industry News:
    The US Securities and Exchange Commission (SEC) has made a big step towards streamlining digital asset clearing in the form of securities, shortening the previous four-step process to three to reduce operational risk for broker-dealers.

    The SEC issued a no-action letter stating it would not penalize any Alternative Trading System (ATS) broker that trades digital securities if it complies with the new guidelines.

    According to the regulator, several ATS want to use the simplified model in cases where there is no trust over traded assets. Most ATS follows a four-step process: first, the buyer and seller send orders to the Dealership, second, the Dealership matches the orders, third, the Dealership notifies the buyer and seller of the matched transaction, and finally the transaction is settled bilaterally, between themselves or through their guardians.

    However, the Financial Industry Regulatory Authority (FINRA) has called for more clarity on this process in cases where the broker-dealer cannot physically hold the assets.

    Some broker-dealers felt that this four-step model put them at too much risk. ATS requested permission to improve the process. According to the no-action letter, this process would include:

    Step 1 - Buyers and sellers submit their orders to the ATS, notify their trustees of their orders placed with the ATS and instruct their trustees to settle the trades in accordance with the terms of their orders when the ATS notifies the match trustees at the ATS;

    Step 2 - ATS matches the commands;

    Step 3 - ATS notifies the buyer and seller and their respective trustees of the matched transaction, and the trustees execute the conditional instructions.

    While the document expresses SEC employees' view of the enforcement, and is not a legal ruling, it is further evidence that regulatory oversight of virtual assets is becoming more sophisticated and nuanced.


    Technical Market Outlook:
    The BTC/USD pair keeps trading inside of the narrow consolidation zone located between the levels of $10,586 - $10,890. The bulls were not strong enough to break back above the trend line and the price started to consolidate horizontally. Nevertheless, the momentum remains positive, but if the bearish pressure intensify, the sell-off might continue towards the level of $10,430 and below. Weekly time frame trend remains up, but to continue the higher time frame trend, bulls must violate the supply zone located between the levels of $11,062 - $11,233.

    Weekly Pivot Points:
    WR3 - $11,934
    WR2 - $11,451
    WR1 - $11,105

    Weekly Pivot - $10,558
    WS1 - $10,238
    WS2 -$9,737
    WS3 - $9,392


    Trading Recommendations:
    The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

    b-s-011020.jpg



    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

    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.


  10. InstaForex
  11. #820 Collapse post
    Technical Analysis of ETH/USD for 01 October 2020

    Crypto Industry News:
    Ethereum has been very popular this year, usually not for good reasons. Namely, network congestion and high gas costs often put gas in the spotlight. While the reason for speeding up these problems was the boom on DeFi protocols in Ethereum, some projects have already started work on a solution such as Synthetix (SNX).

    Synthetix, along with other DeFi platforms such as Uniswap, Aave and Curve, is working closely together to introduce scaling solutions. According to a recent update, Synthetix struggled with high fees before being upgraded to a primitive L2 scaling version on September 24th. Dubbed the "Fomalhaut" update, this is the first phase of L2's migration to Optimistic Ethereum. As it was written on the Synthetix blog:

    "This will be a network testing incentive to lower gas costs for SNX's small stackers."

    This would make collecting prizes for small stakes cheaper as opposed to the hundreds of dollars deposited previously.

    Thanks to Synthetix's plan to deal with congestion and high tolls, it has also managed to attract the attention of the DeFi community. With the growing importance of scaling solutions and DeFi, SNX has also reached the quotes on Bitfinex and Gemini.


    Technical Market Outlook:
    The local low at the ETH/USD pair was recently made at the level of $350 and since then the market bounced towards the 61% Fibonacci retracement again. This Fibonacci level is located at $362.92 and if clearly violated, then the bulls will eye the next technical target seen at $369,37 and $375.52. If this two levels are violated, then the bulls will regain the control over the market for longer. The momentum had reversed as well and now is on the neutral level, pointing north.

    Weekly Pivot Points:
    WR3 - $446.64
    WR2 - $410.95
    WR1 - $384.24

    Weekly Pivot - $347.99
    WS1 - $319.88
    WS2 -$284.46
    WS3 - $256.92


    Trading Recommendations:
    The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

    e-s-011020.jpg



    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

    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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