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Thread: Cryptocurrency Analysis

  1. #281
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    Technical Analysis of BTC/USD for 05 December 2019

    Crypto Industry News:
    The Italian professional football club Juventus has issued its own token to allow fans to vote. After a year of work on the project, the Juventus brand token is available on Socios.com, the tokenized platform for voting for sports fans, as we read in the published announcement.

    The initial token price is 2 euros per token, while a limited number of free tokens will be available through the Augmented Reality (AR) feature on the Socios.com app - "Token Hunt". Fans who have a token will be able to vote in a number of club-related decisions, the first of which will determine the club's song when it scores.

    Initially, the club planned to release a token in the first quarter of 2019. The decision to create a branded token was a consequence of a similar Paris Saint-Germain (PSG) initiative. The PSG partnership with Socios.com allows fans to vote and also gives VIP status and/or rewards to owners.

    Sports teams around the world have actively used branded tokens to improve their interaction with fans. In mid-October, the Sacramento Kings NBA basketball team teamed up with CryptoKaiju to introduce "crypto-collectibles" backed by non-exchangeable tokens.


    Technical Market Overview:
    The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,700 again and it was retraced in 100%. The BTC/USD pair is extending the down move towards 61% of the Fibonacci retracement located at the level of $6,973, which is the nexttarget, but the down move might even get to the swing low located at the level of $6,488.

    Weekly Pivot Points:
    WR3 - $9,343
    WR2 - $8,576
    WS3 - $7,989

    Weekly Pivot - $7,181
    WS1 - $6,590
    WS2 - $5,869
    WS3 - $5,242


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

    b-s-051219.jpg



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    Performed by Sebastian Seliga
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    InstaForex Group © 2007-2019

  2. #282
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    Technical Analysis of ETH/USD for 05 December 2019

    Crypto Industry News:
    A Danish court has ruled that the Scandinavian financial services giant Nordea may prohibit its employees from owning Bitcoins and other digital currencies.

    According to financial media, the court justified the restriction by citing the alleged risk of cryptocurrencies. However, this ruling did not apply to financial instruments related to digital currencies that Nordea sold to clients, nor to any cryptocurrency in which employees could invest before the restriction was introduced.

    The Danish association for employees of the financial industry filed a lawsuit against Nordea, claiming that the ban interfered with the personal lives of employees:

    "We filed a lawsuit due to the principle that everyone has a private life and the right to act as a private person. For us and our members, it was important to determine what rights managers have. In this case, they went much further than we think is appropriate," said Peter Petersen, chairman of the union.

    Nordea initially announced its intention to ban its employees from owning cryptocurrency at the end of January 2018. Since Nordea is the largest bank in Scandinavia, this means that the regulations mean that 31,500 people are forced to move away from investing in cryptocurrency.

    Recently, reports have appeared that Russia is allegedly preparing a ban on the use of cryptocurrencies to pay for goods and services. Izvestia's publication quoted several sources that are reportedly being discussed at the central bank of the country.


    Technical Market Overview:
    The ETH/USD pair has retraced all of the sudden spike up from the level of 4142.51 to $151.40 already, so the bears are in full control over the market. The last low was made at the level of $142.26, which is below the 50% Fibonacci retracement located at the level of $143.74. If this level is violated again, then the next target for bears is seen at the level of $140.67, which is a 61% Fibonacci retracement. The technical supports are located at the levels of $136.98 and at the swing low at $130.68. The nearest technical resistance is seen at the level of $147.94.

    Weekly Pivot Points:
    WR3 - $187.69
    WR2 - $171.75
    WS3 - $162.01

    Weekly Pivot - $146.28
    WS1 - $136.26
    WS2 - $119.53
    WS3 - $110.92


    Technical recommendations:
    The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

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    Performed by Sebastian Seliga
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  3. #283
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    BTC 12.05.2019 - Downside expected

    Crypto news:
    While Ukraine's Ministry of Digital Transformation was only established in August of this year, it has been very active in the crypto field. For example, it recently partnered with Binance to jointly work on new crypto rules. However, the ministry wants to learn from its neighboring countries as well.

    On Wednesday, the Ukrainian Government's online portal reported that the Ministry of Digital Transformation partnered with crypto exchange, Currency.com, a Belarusian service that is allegedly the first regulated exchange in the Commonwealth of Independent States (CIS) region to provide support for crypto currencies, fiat, and tokenized assets. On a side note, Ukraine is also part of the CIS.

    The cooperation between the Ukrainian government and the Belarusian crypto exchange will touch upon IT legislation, including regulating crypto assets. Ukraine wants to adopt the Belarusian experience in managing the crypto space within a legal framework.


    Technical analysis:
    b-p-051219.jpg

    Bitcoin has been trading sideways at the price of $7.330. Anyway, my bearish view from yesterday didn't change. BTC reached and rejected of the very important resistance at the price of $7.650, which his good sign that sellers are still in control. In my opinion BTC did re-test of the broken bear flag pattern. Watch for selling opportunities and downward targets at $7.079, $6.889 and $6.561.

    Stochastic oscillator is flag

    Resistance levels are found at the price of $7.650 and $7.750.




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    Performed by Petar Jacimovic
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