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Thread: Cryptocurrency Analysis

  1. #491
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    Technical Analysis of ETH/USD for 31 March 2020

    Crypto Industry News:
    A consortium of Dutch companies launched the "Tech against Corona" initiative. The participating companies will provide the Dutch government with free access to innovative technologies that can be used to combat COVID-19.

    Tymlez, a Dutch DLT technology company, is one of over 10 companies that provide their services and technologies to the government free of charge. The company offered its Blockchain platform as the underlying technology of "modeling the ecosystem of medical goods using a platform tailored to supply and demand." The company's blockchain will be used to ensure transparency throughout the entire supply chain - preventing value extraction, such as phishing, among coronavirus pandemics.

    Some other local companies participating in the initiative are a cyber security company, Cybersprint - which provides security services for several hospitals, an information security company, Taxion - which will freely administer online systems to volunteer organizations, and the Compumatica IT company - which will improve the internet connections of working employees in key service sectors.

    The Dutch telecommunications company, KPN, will also work with Microsoft to provide computer systems as part of the initiative.


    Technical Market Outlook:
    The ETH/USD pair did not manage to break through the short-term trend line resistance located at the level of $132 and the price was rejected from this level after down candle was made. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the rejection, but to make this bounce more important, the bulls must break through the level of $132.64 and then through $142.77. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

    Weekly Pivot Points:
    WR3 - $161.35
    WR2 - $151.83
    WR1 - $136.71

    Weekly Pivot - $127.64
    WS1 - $112.54
    WS2 - $102.86
    WS3 - $88.46


    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    e-s-310320.jpg




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  2. #492
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    BTC analysis for 03.31.2020 - I expect further drop on BTC towards the levels at $4.400 and $3.800. The gap breakout of the bear flag pattern is good sign for the continuation

    BTC news:
    b-p-310320.jpg

    Egypt Limits Cash Withdrawals

    On Sunday, Egypt's central bank instructed all banks to limit daily withdrawals. According to the decree, the daily limit for individuals will be 10,000 Egyptian pounds ($640) and 50,000 pounds for companies. [The National] There will be exemptions for companies if the money is being used to pay employees.ATMs in the entire country will also be limited. Going forward, users can only withdraw and deposit 5,000 Egyptian pounds ($316) at ATMs. All bank fees will also be canceled in the country.

    Thus far, Egypt has around 576 corona-virus infections and 36 deaths. The closures in the country currently in place will be extended "indefinitely."


    Technical analysis:
    BTC has been trading sideways at the price of $6.370. My bearish analysis from yesterday is still active In the background,here is the gap down tought the bearish flag pattern, which is strong sign of the sellers. My advice is still to watch for selling opportunities.

    The level at the $6.367 looks like a great sell zone...

    Downward targets are set at the price of $4.390 and $3.800.

    MACD oscillator is showing decreasing momentum and the slow line turned to the downside, which is another confirmation for our bearish bias.

    Resistance levels are set at the price of $7.000 and $7.500

    Support levels and downward targets are set at the price of $4.390 and $3.800



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  3. #493
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    Technical Analysis of BTC/USD for 01 April 2020

    Crypto Industry News:
    After many delays, the adoption of the main Russian law on cryptocurrencies will be postponed once again, this time because of the coronavirus.

    Anatoly Aksakov, chairman of the Russian State Duma of the State Commission for Financial Markets, says that the national cryptography act - a draft law on digital financial assets - is currently being finalized, but will not be adopted before the end of spring 2020.

    According to a Russian press agency report of March 31, Aksakov admitted that earlier delays in adopting the bill were due to disagreement with the new type of asset between local authorities. Aksakov, who is also the chairman of the National Banking Council at the Russian central bank, reportedly said that the central bank opposed the legalization of cryptocurrencies, while the State Duma advocated some cryptographic initiatives.

    However, the long-awaited law is now postponed for another reason. As Aksakov noticed, when Russia shifts to priority actions against the COVID-19 pandemic, all legislative processes slowed down.

    Aksakov added that the upcoming Russian cryptographic law will define the definition of cryptocurrency and prohibits the use of cryptocurrency as a form of payment. In addition, the law will cover the issue and trading of digital assets, the official said. In mid-March, the executive director of the Russian central bank said the bill bans the issuance and circulation of cryptocurrencies.

    Aksakov also emphasized that the new law will not hinder cryptocurrency exchanges operations if they do not break it. He added that the bill on digital financial assets does not contain provisions regarding the extraction of cryptocurrencies. However, he expressed the conviction that profits from cryptographic mining should be taxed, noting that cryptographic mining is a "type of activity that creates value".

    Aksakov's recent remarks about the delay in adopting the upcoming Russian cryptography law appear after Russia has seen the largest one-day increase in coronavirus cases for the sixth time in a row.


    Technical Market Outlook:
    The bears on Bitcoin have managed to push the price lower after a Pin Bar candlestick pattern was made. The price made a local low at the level of $6,271, which is a technical support for the price. In a case of a breakout here, the lower levels of the red zone will be tested again: $5,900 and $5,500. The price of BTC/USD is below the trend line already and the larger time frame trend remains down, so the odds favor the bears.

    Weekly Pivot Points:
    WR3 - $7,805
    WR2 - $7,343
    WR1 - $6,514

    Weekly Pivot - $6,022
    WS1 - $5,217
    WS2 - $4,764
    WS3 - $3,965


    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    b-s-010420.jpg




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  4. #494
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    Technical Analysis of ETH/USD for 01 April 2020

    Crypto Industry News:
    At a time when many global jurisdictions, such as the Bahamas and Sweden, are already testing their digital central bank (CBDC) currencies, the French central bank is becoming more direct regarding its own CBDC plans.

    The Bank of France is now officially starting a program of experiments to test the integration of CBDC for interbank settlements, inviting potential participants to submit applications.

    According to a published document, the French central bank calls for applications to experiment using the digital Euro to explore the potential of CBDC in the settlement and settlement of tokenized financial assets. Although previously the Bank of France called for the introduction of Blockchain-based billing systems in Europe, it stated that it did not impose any specific technology as part of the newly announced CBDC experiment program.

    Therefore, the French Central Bank will select a maximum of 10 CBDC-related applications by group or by person, focusing on "innovative nature" as the main selection criterion. According to the detailed document requesting applications, applicants must be established in the European Union or a country that is a party to the agreement on the European Economic Area. Applicants may submit applications by May 15, 2020, and their selection will take place on July 10, the bank said.

    The bank's experiment with CBDC has three goals, such as modeling of CBDC-based interbank settlements as well as identification of benefits and analysis of potential risks. Among the three potential use cases, the Bank of France lists payments on financial instruments, payments using the digital currency of other central banks, and payments on digital assets.

    The bank emphasized that it will not be involved in creating money as part of its CBDC experiment. In addition, the central bank noted that it would destroy the token reflecting the amount in Euro in digital form at the end of the accounting day on which the payment was made.


    Technical Market Outlook:
    The ETH/USD pair did not manage to break through the short-term trend line resistance located at the level of $132 again and the price was rejected from this level after Bearish Engulfing candlestick pattern was made. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the rejection, but to make this bounce more important, the bulls must break through the level of $134.65 and then through $142.77. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

    Weekly Pivot Points:
    WR3 - $161.35
    WR2 - $151.83
    WR1 - $136.71

    Weekly Pivot - $127.64
    WS1 - $112.54
    WS2 - $102.86
    WS3 - $88.46


    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    e-s-010420.jpg




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

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