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Thread: Cryptocurrency Analysis

  1. #51
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    Technical Analysis of ETH/USD for 19 August 2019

    Crypto Industry News:
    The Australian Tax Office (ATO) has sent warning letters to investors who have placed most of their retirement savings in cryptocurrencies.

    As part of ATO's efforts to alert against high-risk investment strategies related to pensions, 18,000 Self-Managed Superfund holders, a type of retirement account managed privately by individuals, have been punished with up to 4,200 Australian dollars for violations, local media reports.

    While the letter was addressed to every SMSF holder who owned over 90 percent of his retirement savings in a single asset - mainly in real estate - ATO also identified cryptocurrencies as a high-risk investment.

    For clarity, the agency warns not about the asset class itself, but about excessive exposure to any asset. The Australian Securities and Investment Commission (ASIC) has expressed a similar view:

    "Watch out for services offering the establishment of an SMSF for exposure to cryptocurrencies. Running an SMSF requires not only considerable time, skill and responsibility, but can also pose a risk to retirement savings."


    Technical Market Overview:
    The ETH/USD pair has bounced from the level of $172.72 and broken through the technical resistance at the level of $190.94. The bulls have managed to move the prices higher towards the level of $196.76, which is a technical resistance for the price. So far the bulls did not have the strength to break through this level, but if they will, then the next target is seen at the level of $215.63. The immediate technical support is now located at the level of $190.94.

    Weekly Pivot Points:
    WR3 - $257.46
    WR2 - $236.43
    WR1 - $213.67

    Weekly Pivot - $193.41
    WS1 - $171.74
    WS2 - $150.23
    WS3 - $128.88


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.


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    Performed by Sebastian Seliga
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  2. #52
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    Forecast for Bitcoin and US dollar on August 19th. "The index of fear and greed" fell to the minimum values. Bitcoin deanonymization

    Bitcoin – 4H.
    b-k-200819.jpg

    Trading on cryptocurrency exchanges is carried out seven days a week, and at the moment, the quotes of the "cue ball" have closed above the correction level of 61.8% ($10,251). The fall of BTC ended this time around the Fibo level of 38.2% ($9,558) on the red Fibo grid. Thus, bitcoin has yet to avoid further fall and is held above $10,000 per coin. "Index of fear and greed" on August 19. This is not the lowest value, but it is still low. It reflects the mood of crypto traders, who are now more inclined to sell "cue ball", as they are more afraid of a further drop in the price of cryptocurrency than they expect to earn.

    At the same time, many investment funds began to pay a premium to miners in the amount of 20% for the so-called "purity" of bitcoin. The "purity" of bitcoin means the number of transactions for each specific coin. The newly received bitcoin has no transactions yet, which means that it did not participate in any illegal operations. This attitude of the major funds for "purity" due to fears that US authorities will achieve in the long term deanonymization of bitcoin. The Bitcoin network stores information about absolutely all transactions of each coin. Thus, if the government authorities can find a way to decrypt and such an initiative is approved by law, the main trump card of the "cue ball" will sink into oblivion. Large funds understand this and want to be safe right now, since "dirty" BTC can be confiscated, no matter how wild it sounds now, or they will have less demand and price.

    The second important trump card that Bitcoin has already lost is its innovativeness. At the time of take-off, up to $ 20,000, bitcoin was discussed by everyone, any citizen of any country wanted to buy it because the technology was new and promised huge profits in a relatively short time. Now, the excitement around the crypto segment is falling, which leads to a decrease in the number of transactions.

    The Fibo grid is built on the extremes of July 17, 2019, and August 6, 2019.


    Forecast for Bitcoin and trading recommendations:
    Bitcoin closed above the Fibo level of 61.8% ($10,251). Thus, I recommend buying cryptocurrency with the target of $10642, with the stop-loss order below the level of 61.8%.

    I recommend selling bitcoin with the target of $9,782, and with the stop-loss order above the level of $10,251, if the consolidation is performed under the correction level of 61.8%.


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  3. #53
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    BTC. Double bottom formation confirmed
    20 August 2019

    Industry news:
    The average crypto market sentiment measure, Sentscore, for the top 10 coins dropped further this Monday to 4.37, below last week's 4.76 and even below 4.43 from three weeks ago, according to Omenics, a crypto market sentiment analysis service. However, the sentiment improved sharply in the past 24 hours.


    Daily view:
    b-p-200819.jpg
    Based on the daily time-frame, I found successful rejection of the key support at the price of $9,185 (my Friday's target), which is good indication for more upside. Stochastic oscillator got fresh bull cross and this is just another confirmation for the further upside and potential test of $11,270.

    4H time-frame view:
    b-p-200819b.jpg

    Based on the 4H time-frame, I found double bottom formation and strong reversal bar in the background, which is strong sign that upward momentum is present. MACD entered into positive territory.


    Trading recommendation:
    According to current market condition, my advice is to watch for buying opportunities on the pullbacks with the first target at $11,270.


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  4. #54
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    Technical Analysis of BTC/USD for 20 August 2019

    Crypto Industry News:
    The leading cryptocurrency exchange Binance launches an open Blockchain project called "Venus" focused on the development of local stablecoins around the world.

    In an announcement published on August 19, the stock exchange claims it is well prepared to launch such a monetary ecosystem in the light of its existing technology, Binance Chain, a wide user base and already established global compliance measures.

    Stock market managers say they are seeking partnerships with governments, corporations, technology companies and other crypto and Blockchain projects to develop a new monetary ecosystem that will strengthen both developed and developing countries. According to the announcement, the goal of the project is to build a new open alliance and a sustainable community that will acquire partners who have an impact on a global scale.

    Binance Chain has already launched several native asset-related stablecoins, including Bitcoin-related BTCB and BGBP-related Stablecoin. Binance says it will use its existing infrastructure and experience in various regulatory systems to standardize the compliance check system and build a multi-dimensional collaboration network for the Venus project.

    The ambitious new Binance venture seems to compete directly with the plans of Facebook's social media giant, planning to launch a stablecoin linked to fiduciary currencies called Libra, which would power the global cryptographic payment network embedded in three wholly-owned applications: WhatsApp, Messenger, and Instagram.


    Technical Market Overview:
    The BTC/USD pair has retraced 50% of the last wave down. The price tested the level of $10,840 and currently is still trading with high momentum. The bulls must move the prices higher towards the level of $11,027 in order to control the market. Any violation of this level will be a good signal of a possible further move higher towards the level of 61% retracement at $11,177 and then to technical resistance located at $11,855. The larger timeframe trend remains up.

    Weekly Pivot Points:
    WR3 - $13,461
    WR2 - $12,432
    WR1 - $11,161

    Weekly Pivot - $10,133
    WS1 - $9,200
    WS2 - $8,268
    WS3 - $7,027


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.

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    Performed by Sebastian Seliga
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  5. #55
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    Technical Analysis of ETH/USD for 20 August 2019

    Crypto Industry News:
    The Japanese cryptocurrency exchange Rakuten Wallet began trading a year after acquiring Everybody's Bitcoin.

    Rakuten Wallet, which is a subsidiary of the Japanese e-commerce giant Rakuten, said that spot trading with three cryptocurrencies - Bitcoin, Ethereum and Bitcoin Cash - has already entered into force. In the future, developers plan to release an application for iOS and Android, the use of which will be mandatory for deposits and withdrawals.

    "Customers who already have a bank account with Rakuten Bank will be able to easily open an account with Rakuten Wallet simply by entering the required information in the online application form"- we read in a press release.

    Rakuten acquired Everybody's Bitcoin in August 2018 for $ 2.4 million. The management originally announced the upcoming premiere in April this year, but progress seemed to stall. The stock market joins the rapidly growing ecosystem in the Japanese market, and many competitors are fighting for a piece of domestic cryptocurrency trading.

    Last month, Tokyo announced it wanted to create a cryptocurrency-based counterpart to SWIFT, the global payment settlement network, as part of a G7-approved move.


    Technical Market Overview:
    The bulls on the ETH/USD market have managed to move the prices higher towards the level of $197.70, which is a 38% retracement of the previous swing down. So far the bulls did not have the strength to break through this level, but if they will, then the next target is seen at the level of $215.63. There are two more retracements to hit as well and they are located at the level of $205.68 and $213.45. The immediate technical support is now located at the level of $190.94.

    Weekly Pivot Points:
    WR3 - $257.46
    WR2 - $236.43
    WR1 - $213.67

    Weekly Pivot - $193.41
    WS1 - $171.74
    WS2 - $150.23
    WS3 - $128.88


    Trading Recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.

    e-s-200819.jpg


    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2019

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