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Thread: Cryptocurrency Analysis

  1. #221
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    Technical Analysis of BTC/USD for 06 November 2019

    Crypto Industry News:
    Tim Draper claims that India is exposing itself to corruption by trying to ban cryptocurrencies like Bitcoin.

    Speaking to Indica, California, Draper urged Prime Minister Narendra Modi to rethink the current hostile attitude and environment for cryptography. India has banned banks from servicing industry companies in 2018.

    "I hope Modi will become an honest politician, but when he closed himself on Bitcoins I thought he was going back to old ways," said Draper.

    It is unclear how the Indian state would ban cryptography if such a law came into force. According to financial media, the catastrophic currency reform of the country in 2016, in which the value of some banknotes disappeared overnight, increased the demand for investment in Bitcoins.

    Proponents argue that cryptocurrencies help criminal activities such as money laundering while reducing or even eliminating cash allows for a more transparent economy. Draper also praised the concept of currency reform but added that banning Bitcoins leaves the door open for more, no less corruption.

    "I thought it was a good move; [Modi] gets rid of corruption and tries to create a state free of corruption, but blocking Bitcoin causes it even more and I think it is very dangerous for the country," adds Draper.


    Technical Overview:
    Not much has changed on the overall picture of the BTC/USD market. Bitcoin is still locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The global investors wait for the next breakout, so the volatility might dry up for some time now.

    Weekly Pivot Points:
    WR3 - $10,530
    WR2 - $10,201
    WR1 - $9,572

    Weekly Pivot - $9,189
    WS1 - $8,589
    WS2 - $8,251
    WS3 - $7,587


    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 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-061119.jpg



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  2. #222
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    BTC 11.06.2019 - Market in contraction mode, important pivot resistance is holding at $9.500.

    BTC is still trading inside of the few-day balance and near the resistance at $9.500. There is the breakout of the upward trendline, which is good sign for the further downside.

    b-p-061119.jpg

    Seems like that the important pivot at the price of $9.500 is holding and that selling opportunities are preferable with the target at $8.925.

    To open long position you would need the BTC to go above $9.500 and then buy the dip with the target at $9.925.

    MACD is showing contraction and very low volatility. Probably market is waiting for new information's outside and for bigger money to enter in order to establish new direction.

    Bollinger Band is showing contraction and the best thing to do is to watch for potential breakout of contraction (trading range) in order to confirm further direction.



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  3. #223
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    Technical Analysis of ETH/USD for 07 November 2019

    Crypto Industry News:
    Chinese President Xi Jinping has credited Blockchain and cryptocurrencies, calling on the country to accelerate the adoption of Blockchain, said Galaxy Digital CEO Mike Novogratz. The investor delivered his speech at the Reuters Global Investment Outlook 2020 Summit in New York.

    Michael Novogratz, founder of the cryptocurrency Galaxy Digital bank and avid Bitcoin supporter, believes that the announcement of the Chinese president at the end of October triggered the latest rise in the price of the largest cryptocurrency. By encouraging China to adopt Blockchain technology out of concern for the country, Xi "just made crypto and Blockchain" credible, "Novogratz said.

    On October 24, Xi expressed his positive position on Blockchain technology at the Political Committee session on Blockchain technology trends. The president emphasized that the adoption of integrated Blockchain technologies is the key to promoting technological innovation and industry transformation.

    Following the Chinese state publication, Beijing's positive position on Blockchain technology should not be interpreted as support for cryptocurrencies such as Bitcoin. Despite the agency's warning of "speculation," China took another step towards cryptocurrency on November 6, confirming that Bitcoin mining will not be an unwanted industry in the country.

    The mood swift in China occurred a few months after the Chinese National Development and Reform Commission revealed its plan to eliminate cryptocurrency mining in that country.

    While cryptocurrency trading in China is still formally banned, the Standing Committee of the 13th National People's Congress in China passed a new "cryptographic law" on October 26, which will come into force on January 1, 2020. The new rules set new standards for the use of cryptography and password management in-country and by default refer to cryptocurrency regulations.


    Technical Overview:
    The ETH/USD pair has tried to test the technical resistance zone located between the levels of $193.52 - $196.61 but failed after the Bearish Engulfing candlestick pattern was made. The market continues a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

    Weekly Pivot Points:
    WR3 - $203.38
    WR2 - $197.53
    WR1 - $186.87

    Weekly Pivot - $181.92
    WS1 - $171.26
    WS2 - $165.71
    WS3 - $155.07


    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 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.

    e-s-071119.jpg




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  4. #224
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    Technical Analysis of BTC/USD for 07 November 2019

    Crypto Industry News:
    The draft document issued by the European Union suggests that the Union should consider issuing its own digital currency. Reuters reported that the project - which is still undergoing change - calls on Member States to develop a common approach to cryptocurrencies, probably while banning high-risk projects.

    Approval of the project in its current form, which may happen next month, may have far-reaching consequences. More specifically, Reuters suggests that such a law could turn into an EU regulatory campaign against cryptocurrencies.

    The project prepared by the Finnish presidency of the EU also suggests that the European Central Bank should consider issuing its own digital currency:

    "The ECB and other EU central banks could usefully explore the opportunities and challenges of issuing central bank digital currencies, including considering concrete steps in this direction".

    The draft will be discussed this Friday and the prospect of its adoption will be presented on December 5.


    Technical Overview:
    The BTC/USD pair is still locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The global investors wait for the next breakout, so the volatility might dry up for some time now.

    Weekly Pivot Points:
    WR3 - $10,530
    WR2 - $10,201
    WR1 - $9,572

    Weekly Pivot - $9,189
    WS1 - $8,589
    WS2 - $8,251
    WS3 - $7,587


    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 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-071119.jpg



    s_seliga.png
    Performed by Sebastian Seliga
    Analytical expert
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  5. #225
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    Technical Analysis of BTC/USD for 08 November 2019

    Crypto Industry News:
    Russia plans to create legislation allowing the government to achieve the impossible: Bitcoin confiscation.

    According to the local information service, citing sources familiar with the case, the Russian Ministry of the Interior will work with various state authorities to develop plans that may enter into force in 2021.

    The plan does not distinguish Bitcoin, but instead refers to "digital assets" as a general phenomenon, the main ones being cryptocurrencies:

    "The constant upward trend in crimes using virtual resources and the lack of consumer protection in the face of this type of criminal attacks naturally dictate the need to develop mechanisms for legal regulation and control of the exchange of virtual assets," - said Nikita Kulikov, head of the special committee of the Russian Parliament.

    The options considered include the creation of a government cryptocurrency portfolio for transferring funds.

    Russia has not yet implemented the long-awaited package of cryptocurrency regulations that has experienced many delays. According to various media talks, cryptocurrencies would require legal recognition before the government could justify the legal grounds for confiscation in court proceedings.

    However, as with attempts by other countries, the way authorities take control of investor resources remains unclear. Theoretically, cryptocurrencies stored on exchanges may be available if the exchange agrees. In the case of coins stored in wallets for which the investor has private keys, the method of obtaining them is a mystery.


    Technical Overview:
    The low volatility trading environment on the BTC/USD keeps the pair locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925 as the global investors wait for the next breakout.

    Weekly Pivot Points:
    WR3 - $10,530
    WR2 - $10,201
    WR1 - $9,572

    Weekly Pivot - $9,189
    WS1 - $8,589
    WS2 - $8,251
    WS3 - $7,587


    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 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-081119.jpg



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

  6. #226
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    Technical Analysis of ETH/USD for 08 November 2019

    Crypto Industry News:
    The Hong Kong Monetary Authority (HKMA) has revealed that it is researching applications for the digital currency of the Central Bank (CBDC). Ejinsight informed EJinsight about the news announced during Fintech Week in Hong Kong. HKMA is expected to publish a major report on its findings in the first quarter of 2020.

    HKMA has just revealed that it has signed Blockchain's cooperation with its subsidiary Institute of Digital Currency at the People's Bank of China (PBoC) - an institution that many expect to be the first to launch CBDC in the world.

    During the event, Edmond Lau - HKMA's senior executive director - gave insight into the bank's ongoing CBDC research, which is rumored to have been conducted under the auspices of the LionRock Project since 2017.

    The project is run jointly with Hong Kong Interbank Clearing Ltd. and three more banks, as well as the Blockchain R3 consortium. It includes token-based CBDC concept analysis, Blockchain debt security issue testing, CBDC potential assessment of payment systems, and exploring a possible two-tier issue model that would allow companies to store and use CBDC tokens as sponsored participants of their banks.

    HKMA is reportedly focused on the potential use of CBDC in financial institutions, and not for retail clients - with a particular interest in domestic interbank payments, wholesale corporate payments and its potential for delivery versus payments for debt securities settlement. Retail users already have universal access to digital mobile payment services.

    In May, HKMA also signed a Memorandum of Understanding with the Bank of Thailand to conduct a joint research project on the use of CBDC for cross-border payments and inter-country Payment versus Payment services between countries.


    Technical Overview:
    The failed rally towards the technical resistance zone located between the levels of $193.52 - $196.61 on the ETH/USD market resulted in Bearish Engulfing candlestick pattern. The market continues a corrective cycle with a low made at the level of $183.41, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

    Weekly Pivot Points:
    WR3 - $203.38
    WR2 - $197.53
    WR1 - $186.87

    Weekly Pivot - $181.92
    WS1 - $171.26
    WS2 - $165.71
    WS3 - $155.07


    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 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.

    e-s-081119.jpg



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

  7. #227
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    Technical Analysis of BTC/USD for 11 November 2019

    Crypto Industry News:
    A former drug dealer has pleaded guilty to laundering $ 19 million in profits via the Silk Road market.

    Prosecutors in the southern New York area announced a settlement with Hugh Brian Haney on Thursday, adding another postscript to the history of the infamous Dark Web market. According to a press release from early 2018, Haney was accused of laundering nearly $ 20 million with Bitcoins.

    Silk Road was one of the first drug markets on the Dark Web and a paradise for sellers receiving Bitcoins until its operator, Ross Ulbricht, was arrested in October 2013 and the site was shut down. Ulbricht is currently serving a life sentence on the charge of drug distribution, computer hacking, and conspiracy.

    Haney was one of the sellers who used the market. According to prosecutors, Haney was a "high-ranking member" of a team of drug dealers called Pharmville, and reportedly received nearly 4,000 Bitcoins from accounts associated with Silk Road by February 2012. According to the accusation, he traded in fentanyl, oxycontin and other intoxicants.

    "Hugh Haney used Silk Road as a means of selling drugs to people around the world. Then he made over $ 19 million in profits thanks to cryptocurrency," US prosecutor Geoffrey S. Berman said in a statement.

    He was captured after liquefying the remaining Bitcoins on the stock exchange for $ 19,147.053 in January and February 2018. An unnamed company froze his account and launched an internal investigation that eventually led to a search warrant. Haney was arrested in July 2019.

    Initially, Haney claimed that his Bitcoins were from mining operations. Investigators, however, used "Blockchain analysis software" to show that the funds came from Silk Road, as per the July accusation.

    According to his settlement, Haney pleaded guilty to one charge of hidden money laundering and of engaging in a financial transaction regarding real estate from crime. He will be convicted in February 2020.


    Technical Market Overview:
    The BTC/USD pair has broken below the key short-term technical support and the lower boundary of the narrow horizontal trading zone located at the level of $8,836. The low so far was made at the level of $8,601, but the momentum is still negative, so the further spike down might happen soon. The next target for bears is seen at the level of $8,474 and $8,048.

    Weekly Pivot Points:
    WR3 - $10,032
    WR2 - $9,933
    WR1 - $9,413

    Weekly Pivot - $9,012
    WS1 - $8,510
    WS2 - $8,085
    WS3 - $7,592

    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 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-111119.jpg



    s_seliga.png
    Performed by Sebastian Seliga
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  8. #228
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    Technical Analysis of ETH/USD for 11 November 2019

    Crypto Industry News:
    Zhou Xiaochuan, former head of the People's Bank of China (PBoC), argued that stablecoin Libra would have much greater confidence if it were in the hands of an organization such as the International Monetary Fund (IMF).

    Zhou is the longest-running head of the Chinese central bank, which held this function in the years 2002-2018. During his tenure, China quickly became one of the world's leading economies. He spoke at a speech in Beijing at the 10th Caixin Summit on November 8, according to a tweet from Dovey Wan, the founder of Blockchain Primitive Ventures.

    Zhou Xiaochuan's free translation of comments reveals that his approach to Libra is driven by concerns about the impact of assets managed by a consortium of private sector companies. The former head stressed that public opinion would inevitably undermine the motivations of the Libra Association and argued that the initiative would gain greater confidence if it was in the hands of an international organization such as the IMF.

    He noticed that the Libra Association will definitely earn on this project and that this money can be used for other things - for example, to potentially devote them to other financial services. Despite these arguments, he suggested that, in general, an initiative such as Libra was positive progress


    Technical Market Overview:
    The ETH/USD pair is still struggling to move higher above the local technical resistance located at the level of $193.52. The bearish pressure intensify and recently the local short-term trendline was put to the test as the bears started to move lower. A breakout below this line, somewhere around the level of $183.00, will open the road towards the technical support at the level of $172.91, which is the key technical support for bulls.

    Weekly Pivot Points:
    WR3 - $209.10
    WR2 - $200.93
    WR1 - $194.92

    Weekly Pivot - $187.29
    WS1 - $180.68
    WS2 - $172.07
    WS3 - $166.48


    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 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.

    e-s-111119.jpg



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    Performed by Sebastian Seliga
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  9. #229
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    BTC 11.11.2019 - BTC filled the GAP from 2 week ago, second downward target reached

    BTC did reached my second target at $8.600 as I expected. Anyway, there is still downside pressure and the BTC filled the GAP from 2 weeks ago, which is good sign that sellers are still present.

    b-p-121119.jpg

    Due to the fact that BTC filled the gap, I would still watch for selling opportunities but this time even with the larger targets at $7.520 and $7.350.

    Watch for selling opportunities on the rallies on lower frames 5/15 minutes time-frame for the better timing. Resistance levels are seen at $8.715 and 8.920.



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  10. #230
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    Technical Analysis of BTC/USD for 12 November 2019

    Crypto Industry News:
    Daily volumes of Bitcoin futures contracts on the Bakkt digital asset platform have reached a new record, with 1,741 futures contracts on November 9. The new record volume coincides with a sharp drop in the price of Bitcoin, below $ 9,000.

    "Today we set a new daily record on 1756 Bitcoin Bakkt futures," the company writes.

    A Twitter account dedicated to Bakkt forward volume data, Bakkt Volume Bot, also drew attention to development. In addition, the daily volume of 1,741 (about $ 15.5 million) is an increase of 109% compared to 834 contracts from the day before, with each contract being equivalent to one Bitcoin.

    Physically billed monthly volumes of Bakkt Bitcoin trading have been steadily increasing since they were launched. In October, volumes reached a new record in history - 452 contracts were sold.

    On October 26, Bakkt traded 1,183 Bitcoin futures contracts after registering a staggering 257% increase in 24 hours. It also coincided with a large price movement, through which Bitcoin exceeded the value of $ 10,000.


    Technical Market Overview:
    The BTC/USD pair has made another lower low at the level of $8,533 after the bears had broken below the key short-term technical support and the lower boundary of the narrow horizontal trading zone located at the level of $8,836. The momentum is still negative, so the further spike down might happen soon. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396.

    Weekly Pivot Points:
    WR3 - $10,032
    WR2 - $9,933
    WR1 - $9,413

    Weekly Pivot - $9,012
    WS1 - $8,510
    WS2 - $8,085
    WS3 - $7,592


    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 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-121119.jpg




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

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