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Thread: Cryptocurrency Analysis

  1. #401
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    BTC analysis for 02.12.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line

    Industry news:
    b-p-120220.jpg

    On Tuesday, Feb. 11, pro-crypto presidential candidate Andrew Yang has dropped out of the 2020 race after a "bitterly disappointing" outcome in the New Hampshire primary where he trailed in a dismal eighth place.

    Yang's campaign drew a lot of attention inside and out of the cryptocurrency space based on his pledge of a universal base income giving all Americans $1,000 a month to counter the effects of job redundancy through increasing automation.


    Technical analysis:
    BTC has been trading upwards. The price tested and rejected of the Pitchfork median line at the $10.500 and that was the key for the recent downside movement. I do expect few pivots to form around the Pitchfork median line.

    Watch for selling opportunities and potential rotation down towards the $9.685 and $9.100.

    MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside.

    Major resistance is set at the price of $10.500

    Support levels are seen at the price of $9.685 and $9.100



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  3. #402
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    Technical Analysis of BTC/USD for 13 February 2020

    Crypto Industry News:
    There are several indicators that can be used to measure market sentiment and general interest. Google searches are one of them.

    During the darkness of crypto-winter, market sentiment and general interest weaken, and Bitcoins and cryptographic assets are put aside for ordinary traders and the general public. Only when Bitcoin starts to grow rapidly again, and especially when it exceeds $ 10,000, will people start paying attention to it again.

    A look at Google search trends can give us an indication of how much public interest is and whether this could result in another FOMO round. The number of Bitcoin searches on Google has increased by 33% over the past week, rising from its lowest level in six months.

    Search peaks coincide with two Bitcoin price peaks, the first in December 2017 and the second in June 2019. Since the beginning of this year, searches have increased by around 37% worldwide.

    However, it seems that people will not be interested in Bitcoin until it reaches the summit, although few can reliably predict where this peak is. What's even more interesting is that the search for "Bitcoin halving" shows even more rapid growth as the event approaches.


    Technical Market Overview:
    The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The last swing high was made at the level of $10,430, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, during the correction, the bears might try to test the nearest important short-term technical support at the level of $9,508. Only if this level is clearly violated, the deeper correction can be made towards the levels of $9,123 and $9,013.

    Weekly Pivot Points:
    WR3 - $11,600
    WR2 - $10,823
    WR1 - $10,568

    Weekly Pivot - $9,731
    WS1 - $9,416
    WS2 - $8,639
    WS3 - $8,335


    Trading Recommendations:
    The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.

    b-s-130220.jpg



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  5. #403
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    Technical Analysis of ETH/USD for 13 February 2020

    Crypto Industry News:
    President Donald Trump's suggestion is hoping to re-consolidate the Secret Service with the Treasury Department to streamline investigations into cybercrime and financial crime.

    Established in 1865, the Secret Service was created as a department at the Ministry of the Treasury to protect the US currency against counterfeiting. In 2002, the Secret Service was moved to the Department of Homeland Security - a move that Trump now wants to undo.

    The administration says it will "bring new improvements" in the investigation of financial crimes that have evolved and are becoming increasingly difficult to combat:

    The $ 4.8 billion budget request also mentions cryptocurrencies in the discussion on the role of the Treasury Office for Terrorism and Financial Intelligence (TFI), which, he notes, over the past two years:

    "It cut off the flow of billions of dollars to Iran, disrupted networks that ensured access to oil and funding for the violent Syrian regime, and extended sanctions to punish Russian aggression and corrupt oligarchs affiliated with the Kremlin."

    The document notes that the administration intends to continue investing in economic tools that can support US foreign policy interests and help combat new threats such as the use of cryptocurrencies in money laundering and terrorist financing.


    Technical Market Overview:
    The ETH/USD pair has broken through the technical resistance located at the level of $229.81 and made a new high at the level of $275.45. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $320. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle.

    Weekly Pivot Points:
    WR3 - $294.29
    WR2 - $261.49
    WR1 - $246.98

    Weekly Pivot - $213.30
    WS1 - $200.82
    WS2 - $167.15
    WS3 - $155.55


    Trading Recommendations:
    The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.

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    BTC analysis for 02.13.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line, downawrd target set at $9.723

    Industry news:
    b-p-130220.jpg

    In 2019, the total volume of nine leading blockchain networks reached 10 billion US dollars, which is 158.5% of the values of 2018. At the same time, the number of active DApp users doubled in 2019 and reached 3.11 million, 89% of which are newcomers. On the one hand, this is excellent statistics: user awareness and engagement are increasing, but there is a problem with their return.

    Nowadays every second DApp is a representative of the gambling sector and it's the only type of DApp having over 1 million new users. Why did this happen and will this trend change in the near future? The gambling sector will likely continue to occupy one of the leading positions in this market. However, its main competitors are already clearly visible. Financial services such as lending DApps showed the greatest progress in 2019: the number of their users increased by 610% (while the number of gambling users increased by half less - 372%), transaction volume grew by 251% (the volume of gambling DApps increased by 98%). Such progress allowed finance DApps to become the second-largest sector of the whole DApp ecosystem.


    Technical analysis:
    BTC has been trading downwards as I expected yesterday. I found the breakout of the support trendline in the background and new momentum down on the oscillator, which is sign that sellers became active.

    Watch for selling opportunities and potential rotation down towards the $9.725..

    MACD oscillator is showing increasing on the selling power, which adds confirmation for further downside.

    Major resistance is set at the price of $10.500

    Support level and downward target is set at the price of $9.725.




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    Technical Analysis of BTC/USD for 14 February 2020

    Crypto Industry News:
    Bitcoin would benefit from global central banks issuing their own cryptocurrencies, says the founder of the world's largest digital asset manager.

    Barry Silbert, founder and CEO of Grayscale Investments and venture capital companies Blockchain Digital Currency Group (DCG), has again expressed his position on Bitcoin.

    Silbert spoke about many important issues related to digital assets, including the role of Bitcoin in the generational change of wealth, stablecoins, decentralized financing and central bank digital currencies (CBDC).

    CBDC are virtual currencies issued and controlled by a federal regulatory authority. Unlike cryptocurrencies such as Bitcoin, CBDC apparently represents fiat currency in digital form. Although no global jurisdiction has yet launched CBDC, many governments are increasingly researching and building such projects, with China reportedly preparing to release the first true CBDC test.

    According to a new study by the Bank for International Settlements, at least 10% of central banks are likely to spend CBDC for the general public in a short time.

    Silbert, who claims to have bought his first Bitcoin in 2012, which is about three years after the creation of the first block on Bitcoin Blockchain, argued that central banks that develop their own fiduciary digital currencies can provide more power for Bitcoin. According to Grayscale CEO, Bitcoin and other non-central bank cryptocurrencies could ultimately use the same infrastructure that is widely used by CBDC.


    Technical Market Overview:
    The BTC/USD pair has made some interesting candlestick patterns at the end of the rally. Around the last swing high at the level of $10,440 the market has made a Pin Bar candlestick, then a Bearish Engulfing Pattern and another Pin Bar. All the upper shadows are long, so the bearish pressure is no clear and the market had tested the $10000 level already. It is worth to notice, that since the 50% Fibonacci retracement had been violated at the level of $10,046, then the next target for bears is seen at 61% Fibonacci retracement at the level of $9,953.

    Weekly Pivot Points:
    WR3 - $11,600
    WR2 - $10,823
    WR1 - $10,568

    Weekly Pivot - $9,731
    WS1 - $9,416
    WS2 - $8,639
    WS3 - $8,335


    Trading Recommendations:
    The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.

    b-s-140220.jpg




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  11. #406
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    Technical Analysis of ETH/USD for 14 February 2020

    Crypto Industry News:
    Blockchain Education Alliance initiated by MouseBelt Blockchain Accelerator has gained several noteworthy new members.

    Ashlie Meredith, director of the University program for MouseBelt, said the new members include Mastercard dealing with payment processing, innovative support of the leading cryptographic exchange Binance, Binance X, Ripple accelerator - Xpring and cryptocurrency exchange KuCoin. The NEO smart contract platform, the IoTeX internet startup, and Blockchain security company - Quantstamp and Constellation Labs have also joined the alliance.

    According to its official website, the Blockchain Education Alliance aims to support education to provide students with the skills and knowledge necessary to participate and contribute to the development of the Blockchain ecosystem.

    During its premiere in October 2019, the alliance included the following companies as members: Stellar Development Foundation, Tron, Hedera, Icon, Ontology, Wanchain, Harmony One, Nervos, Orbs, LTO Network, Emurgo, Nem and ETC Labs.

    In August 2019, MouseBelt launched the Blockchain educational initiative on three campuses in the University of California system.

    The Blockchain and cryptocurrency industries have long suffered from a lack of specialized workforce. At the end of August 2019, Ripple's head of social impact, Ken Weber, said universities around the world should expand their educational programs to offer Blockchain technology and digital content training.


    Technical Market Overview:
    The ETH/USD pair has made a couple of bearish candlesticks at the end of the rally: Pin Bar ad Bearish Engulfing. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $320. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle. Currently, the market is consolidating in a triangle located around the level of $265, just above the technical support at the level of $259.81.

    Weekly Pivot Points:
    WR3 - $294.29
    WR2 - $261.49
    WR1 - $246.98

    Weekly Pivot - $213.30
    WS1 - $200.82
    WS2 - $167.15
    WS3 - $155.55


    Trading Recommendations:
    The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.

    e-s-140220.jpg




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  13. #407
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    Technical Analysis of BTC/USD for 17 February 2020

    Crypto Industry News:
    China leads the way when it comes to digital payments made by average consumers in the country. While payment methods such as Apple Pay in the United States are becoming more and more accepted, such methods are still relatively rare in nearby Japan. Alipay offers Chinese residents the chance to use fiat currency for everyday transactions, apparently acclimatizing them to the day when both payments and currency become 100% digital.

    Although recently China has taken a slightly more liberal position on online and digital payments, the vast majority have responded to the increase in the number of cryptocurrencies by more authoritarian means. After it became clear that Chinese citizens were mining millions of Bitcoins, the government responded by banning the trade in all cryptocurrencies in the country from September 2017.

    Despite the Chinese government's firm stance on cryptocurrencies, the country has also shown interest in Blockchain technology and the development of the central currency of the digital bank. It becomes clear that he has his own plans thanks to additional regulation.

    According to media reports, the People's Bank of China has recently filed for more than 80 patents, paving the way for the introduction of a new digital currency. Virtually all of these patent applications relate to the integration of the digital currency system with existing banking infrastructure.


    Technical Market Overview:
    The anticipated correction on the Bitcoin has finally arrived as the BTC/USD market fell over 5% during the weekend. The price has tested the technical support located at the level of $9,555 after the Bearish Engulfing candlestick pattern was made around the level of $10,430. The momentum remains weak and negative so there is still a chance for another wave down. If the level of $9,555 is clearly violated, then the next target for bears is seen at the level of $9,508 and $9,123.

    Weekly Pivot Points:
    WR3 - $11,039
    WR2 - $10,715
    WR1 - $10,112

    Weekly Pivot - $9,845
    WS1 - $9,424
    WS2 - $8,941
    WS3 - $8,335


    Trading Recommendations:
    The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.

    b-s-170220.jpg




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    Technical Analysis of ETH/USD for 17 February 2020

    Crypto Industry News:
    Russia is apparently becoming an increasingly attractive market for cryptocurrency companies, as another large cryptocurrency platform adds Russian language support. Poloniex, a popular crypto exchange based in the United States, began offering Russian on its platform just three months after leaving the US market.

    Announcing the news on the blog, Poloniex stated that he began to introduce a "partially local" version of Poloniex for Russian-speaking users.

    The stock exchange noticed that the currently presented Poloniex interface in Russian is just a starting point, because the team translated only a small part of the platform. At the moment, the Russian Poloniex interface is indeed Russian, but only partially, because the main sections of the website, including ads, are still written only in English.

    Many services, such as crypto exchange, margin trading and loans, have been translated along with the registration page. However, the main pages, including information such as Poloniex fees, user agreement, privacy policy and others are still presented in English in the Russian version of Poloniex.

    In addition, the company also presented "local communities" along with Poloniex Poloneers on Twitter. The Poloniex Poloneers account on Twitter published the last posts before the announcement in Russian. The introduction of Russian on Poloniex Poloneers complements the already supported social posts in French, Spanish, German, Hindi and others.


    Technical Market Overview:
    The Ethereum market has finally made a move down over the weekend. After the Shooting Star candlestick pattern had been made at the H4 timeframe chart around the level of $288.01, the bears took control over the market and pushed the prices towards the levels of $259 first and then $235 next. Currently, the market is trading around the level of $251 after the shallow bounce has occurred. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle as this is the key short-term technical support.

    Weekly Pivot Points:
    WR3 - $358.03
    WR2 - $324.90
    WR1 - $285.60

    Weekly Pivot - $248.62
    WS1 - $213.91
    WS2 - $176.19
    WS3 - $141.12


    Trading Recommendations:
    The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be the wave 1 of the overall wave 3.

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  17. #409
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    BTC analysis for 02.17.2020 - Crash on the BTC as we expected. Our first downwarrd target at the priceof $9.660 is reached, next target at $9.135

    Industry news:
    b-p-170220.jpg

    Last month, BTC.TOP's Jiang Zhuoer had announced his plan to implement an 'Infrastructure Funding Plan' (IFP) for Bitcoin Cash, which aimed to direct 12.5% of BCH mining rewards to a fund that will support Bitcoin Cash infrastructure. This was mostly met with mixed reactions, eliciting concerns about the arbitrary nature of the percentage of rewards that would go into the fund, as well as misappropriation of funds. And some miners simply didn't want to contribute to the fund.


    Technical analysis:
    BTC has been trading downwards as I expected last Friday. Our first downward target from last week got reached at the price of $9.660.Strong rejection of the Pitchfork median line and the breakout of the rising wedge in the background were the keys for the crash on BTC.

    Watch for selling opportunities on the rallies and our second target at the price of $9.130.

    MACD oscillator is showing downside pressure and the slow line is turned to the downside, which is good confirmation for the further drop.

    Short-term resistances are set at the price of $9.720 and $10.000

    Major support level is set at the price of $9.135.



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  19. #410
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    Technical Analysis of BTC/USD for 18 February 2020

    Crypto Industry News:
    Bitcoin can reach and even exceed its record highs of $ 20,000 by the time of halving, which is expected to take place in May. This was the opinion of Mike Novogratz, a well-known venture capital investor who consistently supported Bitcoin.

    Speaking in an interview with American television, Novogratz called Bitcoin "the best brand of the last eleven years" and said that 2020 will be the year in which it will challenge $ 20,000 again.

    "At the moment Bitcoin seems to be a little crazy and we could see it growing, but I think that by the end of the year we could certainly pass old peaks, or at least reach them. We can literally be there for halving, i.e. in a few months" - he said .

    Considering that altcoins beat Bitocin in terms of returns from January 1, Novogratz said Bitcoin "found its own path" as a unique means of thesaurization.


    Technical Market Overview:
    After the Bearish Engulfing candlestick pattern was made around the level of $10,430, the BTC/USD pair has moved south to the level of $9,412. Since then the bulls are trying to bounce and were able to almost hit the 38% Fibonacci retracement located at the level of $9,804. The momentum remains weak and negative so there is still a chance for another wave down. If the level of $9,555 is clearly violated, then the next target for bears is seen at the level of $9,508 and $9,123.

    Weekly Pivot Points:
    WR3 - $11,039
    WR2 - $10,715
    WR1 - $10,112

    Weekly Pivot - $9,845
    WS1 - $9,424
    WS2 - $8,941
    WS3 - $8,335


    Trading Recommendations:
    The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.

    b-s-180220.jpg




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