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Thread: Cryptocurrency Analysis

  1. #331 Collapse post
    Technical Analysis of ETH/USD for 09 January 2020

    Crypto Industry News:
    Coinbase said in a blog post that the Coinbase Pro mobile app is now available on the Android operating system. The Stock Exchange presented its Pro application for iPhone users (iOS) in October 2019.

    Coinbase Pro on Android also announces updates to the already available version of the iOS application, including the possibility of deposits and withdrawals in cryptocurrencies and fiduciary currencies (USD, CAD etc.), as well as additional security features, says the blog. Coinbase has also updated its Pro iOS application to include these capabilities.

    However, decentralized applications (DApps) may suffer in the coming days due to recent bans and restrictions. Google recently took the Ethereum and DApp Metamask wallet from its Google Play app store, claiming that the app contained "deceptive services." Coinbase Pro, like other DApps, may also suffer from Apple App Store policies.


    Technical Market Overview:
    The recent move up on ETH/USD might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern, but so far the bullish rally has been terminated at the level of $145.94. Since then the market has dropped towards the technical support located at the level of $136.77 which is inside of the ascending channel. There is still a chance for the rally to continue, but the level of $124.42 can not be violated before any new swing high is made.

    Weekly Pivot Points:
    WR3 - $152.72
    WR2 - $144.64
    WR1 - $140.53

    Weekly Pivot - $132.09
    WS1 - $127.41
    WS2 - $119.97
    WS3 - $115.08


    Trading 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.

    e-s-090120.jpg



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

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  3. #332 Collapse post
    Technical Analysis of BTC/USD for 09 January 2020

    Crypto Industry News:
    Calibra Facebook is looking for two marketing specialists while the company continues to develop the Libra stablecoin project.

    The company is looking for the head of media, digital marketing, and community as well as the head of the brand in the Calibra digital portfolio department. Positions require candidates with a minimum of 15 years of experience in their fields, as well as with over a decade of experience in managing and managing people.

    According to the announcement, the proposed head of media will be involved in building acquisition and cross-selling strategies and creating customer and customer segments that can be used in engagement programs, among other responsibilities. The brand boss will be tasked with developing creative campaigns targeted at mobile devices, using resources across the entire marketing range to promote the company to over 2.5 billion worldwide.

    Calibra is apparently continuing its development and expanding the team of professionals working on the project, despite skepticism from global regulators. Last fall, David Marcus, head of Calibra, referred to regulatory concerns that the planned stablecoin could potentially disrupt the central bank's monetary policy and destabilize the global financial system.

    Marcus had previously argued that Libra's anti-money laundering (AML) standards would be better than other payment networks. He said Blockchain network technology would allow regulators to better track transactions and identify suspicious activity.


    Technical Market Overview:
    The BTC/USD rally has been capped around 50% Fibonacci retracement located at the level of $8,320 and since then the bears have took temporary control of the market. They have managed to push the price towards the level of $7,859 and the wave down might extend towards the level of $7,581. As long as this level is not clearly violated, the whole move down will be considered as short-term counter-trend corrective move only. The weekly timeframe trend remains down and there are no signals of any trend reversal just yet.

    Weekly Pivot Points:
    WR3 - $8,248
    WR2 - $7,819
    WR1 - $7,642

    Weekly Pivot - $7,179
    WS1 - $6,988
    WS2 - $6,550
    WS3 - $6,318


    Trading 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.

    Attachment 2040




    Attachment 2041
    Performed by Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2020

  4. #333 Collapse post
    BTC analysis for 01.09.2020 - Potential big sell off is coming, fist target at $6.500

    Industry news:
    In a submission (pdf) to the Select Committee on Financial Technology and Regulatory Technology just before Christmas, RBA officials were skeptical that cryptocurrencies, in their current and future forms, would ever replace government-issued money.

    Although newer initiatives like Libra and CBDCs could promote financial inclusion, the bank's current assessment is that innovation in the broader fintech space will make these solutions redundant.

    "In Australia, it is unclear that there will be strong demand for global stablecoins even if they do meet all regulatory requirements, particularly for domestic payments," reads the submission. "Australia is already well served by a range of low-cost and efficient real-time payment methods, such as the NPP [New Payments Platform] that utilise funds held in accounts at prudentially supervised financial institutions."


    Technical analysis:
    b-p-090120.jpg

    BTC reached major resistance at the price of $8.500 and I do see further downside movement. The price is still trading inside of the downside channel, which is another confirmation for our bearish view...

    Downward targets are set at the price of $6.500 and $5.825

    MACD oscillator is showing neutral stance and slow line is near the zero level.

    Major resistance level is set at $8.500

    Support levels are set at the price of $6.500 and $5.825



    s_jacimovic.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

  5. #334 Collapse post
    Technical Analysis of BTC/USD for 10 January 2019

    Crypto Industry News:
    To address the aftermath of fires in Australia, the Binance Charity Foundation (BCF) donates $ 1 million BNB tokens to the Australia Bushfire Donations project.

    In a BCF blog post - the philanthropic branch of the Binance cryptocurrency exchange - announced the launch of a new charity project called Australia Bushfire Donations, to which BCF donates $ 1 million in the native Binance Coins exchange. The funds raised under the project will be used to mitigate the destructive impact of fires across the continent.

    As Australian fire donations are a Blockchain-based initiative, there is an assurance that all BNB donations and distribution will be verifiable to anyone. The BCF says it intends to reach as many local organizations as possible to donate received.

    Binance CEO Changpeng Zhao called on the cryptographic community to support Australia, which is fighting forest fires - which have hit the south-east of the country most. Since October last year, over 20 people have been killed and nearly 2,000 homes have been destroyed. In the first week of January, more than 8.4 million hectares burned throughout the country.


    Technical Market Overview:
    The BTC/USD rally has been capped around 50% Fibonacci retracement located at the level of $8,320 and since then the bears have took temporary control of the market. They have managed to move the price towards the key technical support located at the level of $7,581 - $7,601. As long as this level is not clearly violated, the whole move down will be considered as short-term counter-trend corrective move only. The weekly timeframe trend remains down and there are no signals of any trend reversal just yet.

    Weekly Pivot Points:
    WR3 - $8,248
    WR2 - $7,819
    WR1 - $7,642

    Weekly Pivot - $7,179
    WS1 - $6,988
    WS2 - $6,550
    WS3 - $6,318


    Trading 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-100120.jpg



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

  6. #335 Collapse post
    Technical Analysis of ETH/USD for 10 January 2020

    Crypto Industry News:
    According to a press release from January 8, Interpol began working with the cybersecurity company Trend Micro to reduce cryptojacking affecting MikroTik routers in Southeast Asia. Although collaboration has reduced the number of devices affected by the problem by 78 percent, it is unlikely to have a significant impact on the hash rate.

    Cryptojacking is a malicious practice in which attackers infect popular devices with cryptocurrency mining software using the victim's computational resources to extract them. Trend Micro works with Interpol's Global Complex for Innovation to disinfect malware-infected MikroTik routers.

    As part of Operation Goldfish Alpha, Trend Micro has developed a document with guidelines on "Limiting and preventing cryptojacking" describing how a vulnerability affecting the known brand of home and corporate routers has infected thousands of devices in the ASEAN region. The document also suggests how victims can use Trend Micro to detect and eliminate malware.

    Within five months of creating the document in June 2019, experts from national computer failure teams and police have helped identify and restore more than 20,000 affected routers, reducing the number of infected devices in the region by 78 percent.


    Technical Market Overview:
    The recent move up on ETH/USD might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern, but so far the bullish rally has been terminated at the level of $145.94. Since then the market has retraced more than 50% of the wave up and the last local low was made at the level of $134.18. The next target for bears is seen at the level of 61% Fibonacci retracement located at $133.13. There is still a chance for the rally to continue, but the level of $124.42 can not be violated before any new swing high is made.

    Weekly Pivot Points:
    WR3 - $152.72
    WR2 - $144.64
    WR1 - $140.53

    Weekly Pivot - $132.09
    WS1 - $127.41
    WS2 - $119.97
    WS3 - $115.08


    Trading 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.

    e-s-100120.jpg



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

  7. #336 Collapse post
    BTC analysis for 01.13.2020 - Watch for potential drop on the BTC and second downside leg to develop

    Industry news:
    As the Bitcoin price hovers around $8,100, having gone up over 12% in the year-to-date period, there is one question on the minds of many investors/traders: will today's launch by the CME Group of options on Bitcoin futures help the BTC price climb even higher?

    According to data from CryptoCompare, Bitcoin is currently trading around $8,100, most unchanged over the weekend, but up 12.62% in the year-to-date (YTD) period:

    On 12 November 2019, CME Group ("CME"), which owns "large derivatives, options and futures exchanges in Chicago and New York City using its CME Globex trading platforms", announced options on its Bitcoin futures contracts would be launching ("pending regulatory review") on 13 January 2020.


    Technical analysis:
    b-p-130120.jpg

    BTC has been trading sideways around the resistance at the price of $8.100. I still potential second downside leg to develop and test of the $7.710-$7.440.

    MACD oscillator is showing positive reading with the slow line in flat position...

    Resistance levels are seen at the price of $8.200 and $8.440

    Support levels and downward targets are set at the price of $7.710, $7.440 and $7.000. Watch for selling opportunities...




    s_jacimovic.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

  8. #337 Collapse post
    Technical Analysis of BTC/USD for 14 January 2020

    Crypto Industry News:
    A United States District Judge ruled that a previous sanction ordering Craig Wright to hand over half his Bitcoins to Dave Kleiman is not valid.

    Judge Bruce Reinhart issued a ruling in August on sanctions in a lengthy court battle over an alleged 1.1 million Bitcoin mined by Wright and Kleiman as part of a partnership in the early days of Bitcoin, shortly after Wright claimed to have invented it.

    According to court documents filed with the US District Court in Florida on January 10, Judge Beth Bloom ruled that Reinhart's previous sanction order was inappropriate.

    As previously reported in August 2019, Reinhart ruled that Wright had lied in presenting forged documents and recommended that he hand over 50% of the more than 1 million Bitcoin he allegedly extracted with Kleiman. However, a recent ruling states that this sanction was not appropriate because the recognized facts (that Wright had an equal partnership with Kleiman) do not specifically relate to the discovery of Bitcoin.

    However, Judge Bloom concluded that Wright had not made good faith efforts to comply with the injunctions and should continue to pay attorney fees at Kleiman Estate. Last November, Kleiman Estate filed an application for legal costs of $ 658,000. This caused Wright to react immediately with a counterattack, asking to be thrown out because both the hours worked and the hourly rate were "unreasonable".


    Technical Market Overview:
    The BTC/USD pair has made another marginal higher high at the level of $8,520 (at the time of writing the analysis) and continues to an uptrend. Please notice, that this high was made on lower momentum than the previous one, so there is a negative divergence present. Before, the pair har tested the technical support located at the level of $7,601 - $7,581 and bounced higher, which means, the support had been recognized by the market participants as valid and they wanted to resume the recent uptrend. Moreover, there is no possibility to move lower at the price of Bitcoin unless the support is clearly violated. The bulls have temporary control over the market and the odds for another spike up are high.

    Weekly Pivot Points:
    WR3 - $9,744
    WR2 - $9,058
    WR1 - $8,561

    Weekly Pivot - $7,905
    WS1 - $7,428
    WS2 - $6,754
    WS3 - $6,270


    Trading 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. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.

    b-s-140120.jpg




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

  9. #338 Collapse post
    Technical Analysis of ETH/USD for 14 January 2020

    Crypto Industry News:
    The development organization Ethereum Classic warns the public about a possible fraud that is trying to exploit users the day after altcoin has finished its hard fork.

    In today's tweet published by ETC Cooperative, it was stated that they removed the alleged fraud called "EAgharta" referring to the ETC hard fork "Agharta".

    "Needless to say, EAgharta is a complete scam, probably from the same people who did something very similar in Atlantis. ETC Agharta did not cause the emergence of new" Agharta tokens. "They are just trying to deceive you," they wrote in a tweet.

    It seems that the hard fork encouraged the scammers behind EAghart to try to use this event and market the fake "Agharta" tokens. To warn users, ETC Cooperative published a screenshot of EAgharta's Twitter and its requests to users to "safely apply for Ethereum Classic #Agharta."


    Technical Market Overview:
    The ETH/USD pair has made another small rally above the swing high located at the level of $146.94 and made a local high at the level of $149.91 (at the time of writing the analysis). The Bearish Engulfing candlestick pattern that was responsible for creating the Double Top price reversal formation has been invalidated, but the high was made on lower momentum than the previous one, so there is a negative divergence between the momentum and market behavior. The nearest technical support is seen at the level of $139.90 and $138.10, the next technical resistance is seen at the levels of $150.95 and $151.37.

    Weekly Pivot Points:
    WR3 - $163.70
    WR2 - $155.20
    WR1 - $149.53

    Weekly Pivot - $140.92
    WS1 - $136.16
    WS2 - $127.09
    WS3 - $122.67


    Trading 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. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.

    e-s-140120.jpg



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

  10. #339 Collapse post
    BTC analysis for 01.14.2020 - Major resistance zone at the price of $8.500 on the test, watch for selling opportunities

    Industry news:
    Chair Heath Tarbert told Cheddar Monday that his agency is helping create a regulated futures market that investors would be able to "rely on" for better "price discovery, hedging and risk management."

    "By allowing [cryptocurrencies] to come into the world of the CFTC," investors can better access trusted and regulated financial products, improving overall confidence in the asset class, according to Tarbert. "It's helping to legitimize [digital assets], in my view, and add liquidity to these markets," he said.

    The marketplace for cryptocurrencies derivatives is expanding. Although still dominated by unregulated exchanges, it is gradually facing greater competition from regulated alternatives. Bakkt launched physically-delivered bitcoin futures last September and CME, which first launched bitcoin futures in December 2017, opened trading for options contracts Monday.


    Technical analysis:
    b-p-140120.jpg

    BTC has been trading upside with strong momentum and the price reached the level of $8.600. Anyway, there is solid resistance zone from $8.500-$8.800 and my advice is to be careful with long opportunities cause potential for downside correction.

    Watch for any bearish pattern around the resistance zone for potential sell position and target at $7.750. In case of the upside breakout of $8.800, watch for long opportunities on the dips with the target at $9.500.

    MACD oscillator is showing new momentum up and slow line is in bull mode...

    Major resistance level is set at the price of $8.800.

    Support levels and downward targets are set at the price of $8.420 and $7.750..



    s_jacimovic.png
    Performed by Petar Jacimovic
    Analytical expert
    InstaForex Group © 2007-2020

  11. #340 Collapse post
    Technical Analysis of BTC/USD for 15 January 2020

    Crypto Industry News:
    The Japanese Financial Services Agency (FSA) - the national financial regulator - proposed lowering the leverage limit for cryptocurrency margin trading from 4x to 2x. The FSA announced the proposed measure on January 14 in a cabinet ordinance - an official ordinance issued along with the new law.

    The proposal, if adopted, would be the first case for the Japanese government to regulate the margin trading ratio. According to Nikkei, the state has not previously made any laws.

    The FSA allegedly plans to enforce the order in April, when the revised version of the Financial Instruments and Stock Exchanges Act enters into force. The agency accepts public comments on the regulation until February 13.

    Margin trading allows investors to use borrowed funds to increase their potential profits, but it is also a high-risk risk activity because it introduces the possibility of losses exceeding the investor's initial investment. According to Nikkei, the FSA aims to protect investors against "excessive speculation and the risk of losses caused by volatility."


    Technical Market Overview:
    The BTC/USD pair has made another marginal higher high at the level of $8,836 (at the time of writing the analysis) and a Shooting Star candlestick pattern has been made at this level. Currently, the bears are testing the local technical support at the level of $8,573, but the corrective move might extend lower towards the level of $8,405. Please notice, that this high was made on lower momentum than the previous one, so there is a negative divergence present. Before, the pair har tested the technical support located at the level of $7,601 - $7,581 and bounced higher, which means, the support had been recognized by the market participants as valid and they wanted to resume the recent uptrend. Moreover, there is no possibility to move lower at the price of Bitcoin unless the support is clearly violated.

    Weekly Pivot Points:
    WR3 - $9,744
    WR2 - $9,058
    WR1 - $8,561

    Weekly Pivot - $7,905
    WS1 - $7,428
    WS2 - $6,754
    WS3 - $6,270


    Trading 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. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.

    b-s-150120.jpg




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

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