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Thread: Cryptocurrency Analysis

  1. #731 Collapse post
    Technical Analysis of ETH/USD for 07 August 2020

    Crypto Industry Outlook:
    The People's Bank of China (PBoC) allegedly plans to use its Digital Currency Electronic Payment system (DCEP) - another term for a central bank's digital currency - to undermine the dominance of tech giants such as Alibaba and Tencent in the digital payments industry.

    The report comes just days after the central bank's claims prompted a leading antitrust agency to investigate Alipay and WeChat Pay for using their dominance to stifle competition.

    Even regulators and executives from Alibaba Ant's financial group have agreed that the PBoC will seek to undermine the market dominance of Alipay and WeChat Pay, according to the financial media.

    Currently, Alibaba's financial subsidiary Alipay and Tencent's WeChat Pay control most of China's digital payments, while banks are lagging far behind. In the first quarter of 2020, Alipay processed nearly 56% of all mobile payments in China.

    According to details received by the media from several officials familiar with central bank strategies, the PBoC will use DCEP to provide banks with a level playing field in digital payments, as it has done to tech giants before.

    Reflecting on the unprecedented use of digital payments by tech giants, head of Asian economic research at a major international bank said former PBoC governor Zhou Xiaochuan had allowed Alipay and WeChat Pay to "grow into monsters" despite complaints from Chinese banks and the China Banking Regulatory Commission.


    Technical Market Outlook:
    The ETH/USD pair has been trading in a narrow range after the pair had broken out from the narrow range located between the levels of $379.59 - $392.79 and made a new local high at the level of $407.03. For now the price is trading close to the recent ATH, around the level of $393 and the up trend is still being continued. The next target for bulls is seen at the level of $414.00 and $425.25. The nearest technical support is seen at the level of $363.20 - $355.24, but the key short-term support is seen at the level of $300. The momentum is still strong and positive, which supports the short-term bullish outlook.

    Weekly Pivot Points:
    WR3 - $532.98
    WR2 - $470.84
    WR1 - $423.16

    Weekly Pivot - $365.99
    WS1 - $312.04
    WS2 - $255.55
    WS3 - $208.47


    Trading Recommendations:
    Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.

    e-s-070820.jpg



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

  2. InstaForex
  3. #732 Collapse post
    Technical Analysis of BTC/USD for 07 August 2020

    Crypto Industry News:
    Someone with access to 119,756 Bitcoins stolen from the Bitfinex cryptocurrency exchange in 2016 transferred $ 12 million to unknown wallets in the last six days.

    According to a series of tweets posted by Whale Alert on Twitter on August 3, wallet addresses known to be linked to one of the largest attacks in the history of cryptocurrency exchanges resulted in the transfer of 620 Bitcoins - with a current value of around $ 7 million - using 4 transactions. On July 29, nearly $ 5 million - or 448 BTC - was transferred in a single transaction.

    Coupled with the last move of $ 39 million from July 27-28, this is about $ 51 million in Bitcoin that was transferred in over 17 transactions during the week.

    On August 2, 2016, hackers compromised Bitfinex by stealing 119,756 BTC - worth $ 72 million at the time. After four years and recent growth movements, their total value is now $ 1.3 billion.

    However, despite the recent movement of $ 51 million, burglars only transferred 1-2% of stolen funds. This suggests that criminals may struggle as they enforce the new anti-money laundering (AML) laws.


    Technical Market Outlook:
    The BTC/USD pair keeps hovering around this year's highs and the market sentiment is clearly bullish. The price has broken out from a narrow zone located between the levels of $10,895 - $11,317 and then the local high was made at the level of $11,738 on increased momentum, so bulls are showing their strength. The next target for bulls is of course the last yearly high seen at the level of $12,035. The immediate support for the intraday traders are seen at the levels of $11,646, $11,395 and $11, 317. The volatility is now quite subdued, but it might increase again once any important technical level is tested and broken.

    Weekly Pivot Points:
    WR3 - $14,325
    WR2 - $13,003
    WR1 - $12,116

    Weekly Pivot - $10,976
    WS1 - $9,784
    WS2 - $8,681
    WS3 - $7,717


    Trading Recommendations:
    Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.

    b-s-070820.jpg



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

  4. #733 Collapse post

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