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Thread: Cryptocurrency Analysis

  1. #851 Collapse post
    Technical Analysis of ETH/USD on 16 October 2020

    Crypto Industry News:
    More than half of all Ethereum in circulation has not been transferred between addresses for over a year. In the last 12 months, only 39.6% of all ETH coins changed hands.

    According to Glassnode's hodlwaves, which provides a chronological breakdown of the transaction speed along the chain, approximately 28% of Ethereum has moved between the last 12 and 24 months. This is the largest business segment in the chain.

    The data suggests that many whales in 2019 focused on accumulation of ETH, due to the ETH 2.0 project fast approaching. Phase 0 of Ethereum 2.0 is set to begin in the coming months and will allow users to stack ETH for the first time.

    About 20% of the tokens have not made any moves since before October 2017. Analysts are monitoring whether some of these coins will be staked with the introduction of phase 0.

    The impending launch of Phase 0 appears to have started the recent increase in the short-term speed of transfers in the chain. The 24-hour share of the Ethereum network increased from less than 0.5% in January and February to an average of over 1% in early September.

    The weekly speed also increased from 1.5% at the beginning of the year to 5% in both July and September. A similar steady increase since June, also recorded monthly and quarterly transfers.


    Technical Market Outlook:
    The ETH/USD pair has made a new local low at the level of $363.41 as the bearish pressure intensify. The makret keep moving below the short-term trend line resistance with negative and weak momentum. The target for bears is seen at the level of $360.60 and $355.60. On the other hand, the target for bulls is still seen at the level of $400 and due to the strong and positive momentum they might hit this level soon. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95.

    Weekly Pivot Points:
    WR3 - $440.56
    WR2 - $409.44
    WR1 - $39440

    Weekly Pivot - $363.37
    WS1 - $349.03
    WS2 - $317.19
    WS3 - $302.61


    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. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. 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-161020.jpg



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  3. #852 Collapse post
    Technical Analysis of BTC/USD for 19 October 2020

    Crypto Industry News:
    Although the recent developments around BitMEX seemed to shake up the entire market, bitcoin itself remained indifferent. Despite the fact that the largest cryptocurrency felt enormous pressure to sell, it did not give up and was able to go up to $ 11,731. This is a price level that we haven't seen for a long time.

    Interestingly, even as Square announced its investment in Bitcoin, the market absorbed the news and did not behave very volatile. Many investors have pointed out that bitcoin has developed a maturity that the largest institutions are not indifferent to.

    According to Arcane Research, the Bakkt exchange witnessed another record month of trading between September and October. The increased interest on the part of institutions resulted mainly from the interest of companies such as Microstrategy and Square. As the stock exchange is dedicated to institutional investors in the US, the above volume increase suggested a growing demand for BTC among institutions.

    Arcane Research highlights the importance of this growth. He notes that 400 BTC contracts expired on Bakkt in October. This was an increase of 14% from September. The number of open contracts for Bakkt has been gradually increasing since mid-September. Open Interest was about $ 18 million as of October 15, but a day later it was down $ 3 million.

    Other platforms widely used by institutions were LMAX Digital and CME, which also saw an increase in volume in October. According to Skew, LMAX Digital came second in terms of 24-hour BTC spot volume, right after Coinbase.


    Technical Market Outlook:
    The BTC/USD pair has been consolidating in the narrow zone located between the levels of $11,439 - $11,250 for all the weekend. Bitcoin keeps trying to enter into the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

    Weekly Pivot Points:
    WR3 - $12,229
    WR2 - $11,973
    WR1 - $11,678

    Weekly Pivot - 11,375
    WS1 - $11,077
    WS2 - $10,755
    WS3 - $10,461


    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-191020.jpg



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

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  4. #853 Collapse post
    Technical Analysis of ETH/USD for 19 October 2020

    Crypto Industry News:
    The Ethereum 2.0 test network, Medalla, turned out to be a complete flop, and the share of users who test it fell to just 1.5%. Due to the low activity of the testers, the risk of a hard fork is quite significant. On Ethereum block 515616, the Medall update threw an error and stopped working. Therefore, a hard fork may be needed to resolve the problem.

    Currently, Ethereum users have turned back to the Zinken update. One of the developers working on ETH 2.0 - Preston van Loon, developer of Prysm, stated:

    "We were delighted with the successful launch of our dress rehearsals thanks to the short-lived Zinken test network, and now it's time to bring our attention back to Medall."

    Although there are no real ETHs at Medalla, there is also no incentive for users to just leave the network. Even if the worst happens, no one will lose their funds. Unfortunately, this situation also creates problems, because many users stay in Medalli just to "see what happens" and that only creates more problems.


    Technical Market Outlook:
    The ETH/USD pair has bounced from the local low made at the level of $360.97 and managed to retrace 50% of the last wave down. The target for bulls is still seen at the level of $400, but for now the local high was made at $379.16 and the Pin Bar candlestick pattern was made at the end of the move. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95. On the other hand, the target for bears is seen at the level of $360.60 and $355.60 and the nearest technical support is seen at the level of $369.37.

    Weekly Pivot Points:
    WR3 - $424.52
    WR2 - $408.88
    WR1 - $391.97

    Weekly Pivot - $376.47
    WS1 - $357.63
    WS2 - $341.22
    WS3 - $328.22


    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. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. 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-191020.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.


  5. #854 Collapse post
    Technical Analysis of BTC/USD for 20 October 2020

    Bitcoin continues the uptrend towards $12k

    Crypto Industry News:
    Rothschild Investment Corporation bought 27 Bitcoin stocks via GBTC Grayscale. The corporation is estimated to have $ 1.4 billion in assets (as part of its official structure), of which $ 235,000 is currently in Bitcoin.

    This makes this fund one of the best known to buy Bitcoin. The purchase is likely to be finalized for one of their private clients, which is just one of the many private banks owned by Rotschild Investment.

    Recently, the world has been circulating more and more new information on how various corporations or investment funds are entering the world of cryptocurrencies. The richest are increasingly favoring Bitcoin and altcoins. And it's not just about hedge funds, but whole clans of the wealthiest.

    Already in 2018, the global media reported that the Rockefeller family, known for its dominance in the fuel sector, was investing in start-ups in the blockchain industry.


    Technical Market Outlook:
    The BTC/USD pair keeps trying to enter into the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. If bulls fail to break through to the next target seen at the level of $11,855 the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

    Weekly Pivot Points:
    WR3 - $12,229
    WR2 - $11,973
    WR1 - $11,678

    Weekly Pivot - 11,375
    WS1 - $11,077
    WS2 - $10,755
    WS3 - $10,461


    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-201020.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.


  6. #855 Collapse post
    Technical Analysis of ETH/USD for 20 October 2020

    Crypto Industry News:
    The Korean Blockchain Association has called for the government's plan to introduce a 20% tax on cryptocurrency trading to be delayed for another two years.

    According to a media report, the Korea Blockchain Association, or KBA, is asking regulators to postpone the South Korean government's implementation of its long-awaited new tax strategy by January 1, 2023.

    The KBA does not explicitly state that this is against a 20% tax rate, but has said cryptocurrency exchanges and industry companies need a "reasonable period" to prepare for the Income Tax Act.

    One of the reasons for the delay is the short period between the regulations of the old tax system and the start of the new one. Cryptocurrency exchanges will be able to report transactions covered by the previous tax code by the end of September 2021. However, KBA argues that since the Ministry of Economy and Finance of Korea has specified a revised code to be enforced from October 1, 2021, it would be difficult to comply with the new regulations in potentially less than 24 hours.

    The chairman of the Korea Blockchain Association, Oh Gap-soo, suggested that since the government has become involved in taxing digital assets for the first time, a temporary tax code suspension may be necessary. Regulators may not immediately accept reports from crypto companies, leading to uncertainty as to whether they will be able to continue operating in October.


    Technical Market Outlook:
    The ETH/USD pair has extended the retracement towards the level of 61% located at $381.85. The target for bulls is still seen at the level of $400, but for now the market pulled back towards the intraday support at $375.52 and is consolidating the recent gains. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95. On the other hand, the target for bears is seen at the level of $360.60 and $355.60 and the nearest technical support is seen at the level of $369.37.

    Weekly Pivot Points:
    WR3 - $424.52
    WR2 - $408.88
    WR1 - $391.97

    Weekly Pivot - $376.47
    WS1 - $357.63
    WS2 - $341.22
    WS3 - $328.22


    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. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. 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-201020.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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    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. #857 Collapse post
    BTC analysis for October 20,.2020 - BTC is heading towards my first target at $12.050. Potential for test of $12.400

    Further Development

    b-p-201020.jpg

    Analyzing the current trading chart of BTC, I found thatBTC is heading towards our first target at $12,050, which is good sign for further upside continuation.

    My advice is still to watch for buying opportunities using the intraday charts with take profits at $12,050 and $12,400

    The main cause of the most recent strength on the BTC was the breakout of the symmetrical triangle in the background.


    Key Levels:

    Resistance: $12,050 and $12,400

    Support level: $11,200



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    Performed by Petar Jacimovic
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    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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