Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 28 December 2020

Crypto Industry News:
Nouriel Roubini believes future US president Joe Biden will go much further than Donald Trump in controlling cryptocurrency. In a heated debate on Twitter on December 24, Roubini, who is known for both his aversion to cryptocurrencies and his ability to misjudge the bottom of the market, called the sector a "cesspool."

Roubini responded to Jake Chervinsky, a lawyer investigating the effects of recent news, where US lawmakers demanded stablecoin payments to be implemented in a chain of anti-money laundering and customer identification (AML / KYC) processes.

Czerwinski argued that this idea now has "exactly zero chance" to become an enforceable law. Rather, he represented the "personal views" of Steven Mnuchin, the treasury secretary under Trump, who was soon replaced by Biden's chosen one, Janet Yellen.

Biden's team, starting with Yellen who was my boss at CEA, will crack down on tax fraud and AML-KYC-TFC scams in cryptocurrency / shitcoin cesspools, much more so than Mnuchin.

Cryptocurrency skeptics were reinforced this week by news that the US regulator, the Securities and Exchange Commission, has decided to file a lawsuit against the Ripple blockchain payment network. The largest investor in the fourth-largest cryptocurrency, XRP, Ripple, saw a 60 percent decline in token value after the news went public.

At the same time, commentators noted that Bitcoin has barely responded to the legal challenge. However, in the long term, research has shown that many remain concerned about the possible impact of government bans on Bitcoin's success.


Technical Market Outlook:
The BTC/USD pair continues the up trend and recently hit the level of $28,183. After the pull-back towards the level of $26,000 (low at the level of $25,783), the market bounces back up again. There is no sign of a trend reversal and the next target for bulls is seen at the level of $30,000. The intraday support is seen at the levels of $27,000 and $26,000. The strong and positive momentum supports the short-term bullish outlook for Bitcoin.

Weekly Pivot Points:
WR3 - $35,468
WR2 - $31,807
WR1 - $29,313

Weekly Pivot - $25,209
WS1 - $23,706
WS2 - $19,294
WS3 - $16,598


Trading Recommendations:
Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $30,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 28 December 2020

Crypto Industry News:
The Israeli Tax Office (ITA) reportedly sent notifications to dozens of Israelis who own digital currencies, asking them to fully disclose their assets and tax them accordingly. In addition to sending letters to local residents, the tax authority also sent inquiries to cryptocurrency exchanges operating in Israel and abroad.

Reports of notices and inquiries sent by the ITA were preceded by speculation in the Israeli media that tax appraisers across the country were exerting "pressure on the digital currency market." However, as the media now reports, ITA wants to "obtain information about Israeli currency trading." Before sending notifications and inquiries to cryptocurrency exchanges, the Israeli tax office received "data on European funds and accounts held by Israelis."

Israel receives these data in accordance with the provisions of the "EU Common Reporting Standards (CRS) for the automatic exchange of financial information". It has reportedly been reported that the Israeli tax office has different arrangements with its counterpart in the United States, with additional information coming from the FATCA agreement, which transfers US IRS data to Israel.

Before the recent interest in taxing cryptocurrency holders, the ITA published its position on cryptocurrencies in 2018. According to a published document, Israeli "investors in digital currencies are subject to a 25% capital gains tax as long as their activities do not turn into a commercial venture". However, in the event that this becomes a commercial activity, "landlords will be charged a two-tier corporate or marginal tax according to their individual tax brackets."


Technical Market Outlook:
The BETH/USD pair continues the up trend and after the pull-back towards the level of $550 (low at the level of $553.51), the market bounces back up again. The recent high was made at the level of $726. There is no sign of a trend reversal and the next target for bulls is seen at the level of $745.60 (50% Fibonacci retracement on the weekly time frame chart). The intraday support is seen at the levels of $700 and $673. The strong and positive momentum supports the short-term bullish outlook for Ethereum.

Weekly Pivot Points:
WR3 - $907.99
WR2 - $803.63
WR1 - $751.04

Weekly Pivot - $647.44
WS1 - $590.99
WS2 - $493.57
WS3 - $441.00


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $800, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. This scenario is valid as long as the level of $500 is broken.





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

[IFX_Selena]

BTC analysis for December 28,.2020 - Major target at $28.000 reached.. Potential for another re-test of tthe $28.00 level...

Further Development



Analyzing the current trading chart of BTTC, I found that BTC reached our Friday's targets at the price of $24,176 and $26,500.

The strong up cycle is still active on the BTC and my advice is to watch for buying opportunities for the potential re-test of the $28,300.

Based on the 4H time-frame, I see potential bullish flag pattern in creation, which is good sign for continuation.


Key Levels:

Resistance: $28,300

Support level: $25,785



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

[IFX_Selena]

Technical Analysis of ETH/USD for 29 December 2020

Crypto Industry News:
According to data from CryptoCompare, the all-time high price of Ethereum (ATH) - $ 1,422.86 - was reached on Jan. 13, 2018. Spencer Noon, an investor in the cryptocurrency-focused investment firm Variant, notes that the current price of ETH still offers a pretty juicy discount at compared to ATH. Given the current degree of positive correlation between BTC and ETH, it would not be unreasonable to expect the price of ETH to exceed ATH. That's why Noon calls ETH "the best asset that offers possibly the best risk-reward ratio of all cryptocurrencies at the moment."

Ki Young Ju, CEO of the South Korean blockchain analytics startup CryptoQuant, called ETH "the most undervalued asset in cryptocurrencies." Already in early December, he found it optimistic that ETH "floats from centralized exchanges".

Anthony Sassano, Product Marketing Manager at Set Labs, co-founder of ETH Hub and co-host of the podcast "Into the Ether", expects ETH to reach a new level of ATH next month.


Technical Market Outlook:
The ETH/USD pair has hit the level of $745.60 which is a 50% Fibonacci retracement on the weekly time frame chart of the last, big, main wave down from the ATH located at the level of $1,422. The intraday support is seen at the levels of $700 and $673. The strong and positive momentum supports the short-term bullish outlook for Ethereum.

Weekly Pivot Points:
WR3 - $907.99
WR2 - $803.63
WR1 - $751.04

Weekly Pivot - $647.44
WS1 - $590.99
WS2 - $493.57
WS3 - $441.00


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $800, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. This scenario is valid as long as the level of $500 is broken.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 29 December 2020

Crypto Industry News:
Deputy CEO of the Central Bank of Russia, Olga Skorobogatova, says that a total of around 30 central banks are currently exploring the potential of digital currencies. Russian media reports that many of the projects that rely on them are expected to go live in the next five to seven years.

Skorobogatova comments that the digital version of fiat currency can be so efficient that the international payment network SWIFT (Society for Worldwide Interbank Financial Telecommunications), which currently operates with some 11,000 financial institutions and sends over 33 million transactions per day, may soon become needed.

"Then we will be able to deal with direct integration issues. In this case, SWIFT may not be necessary as it will be a different type of technological interaction. '

Russia is currently working on a digital version of the ruble. According to CBR, the digital ruble must be simple, high-speed, high-reliability, low-cost, as well as secure online and offline payments. An official release date has not been set, but testing is expected to start next year.

Russian leaders say the digital currency can be used for international money transfers as soon as other countries launch digital versions of their own currencies.


Technical Market Outlook:
The BTC/USD pair has been seen trading below the level of $27,000 during the ongoing pull-back from ATH. The local low was made at the level of $25,801, but there is no sign of a trend reversal and the next target for bulls is seen at the level of $30,000. The intraday support is seen at the levels of $26,000 and $25,000. The strong and positive momentum supports the short-term bullish outlook for Bitcoin. Moreover, the market still trades above the short-term trend line support (market orange on chart).

Weekly Pivot Points:
WR3 - $35,468
WR2 - $31,807
WR1 - $29,313

Weekly Pivot - $25,209
WS1 - $23,706
WS2 - $19,294
WS3 - $16,598


Trading Recommendations:
Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $30,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.





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

[IFX_Selena]

BTC analysis for December 29,.2020 - Potential upside continuation towards $28.400

Further Development



Analyzing the current trading chart of BTC, I found that there is potential for the upside continuation towards the $28,400.

Watch for potential buying opportunities on the dips with the the target at $28,400. I found that there is bull flag pattern in creation on the 4H time-frame, which is good indication for the upside continuation.


Support level is set at $25,760




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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 December 2020

Crypto Industry News:
Lebrija, a small town in the province of Seville in Spain, introduced a cryptocurrency called Elio to support local transactions between residents and traders during the ongoing pandemic. The newly launched cryptocurrency is linked to the Euro.

According to a report by the Spanish news agency Europa Press, the Elio cryptocurrency will enable the Lebrija City Council to send economic aid to 593 selected beneficiaries. Beneficiaries will receive aid in the amount of 50 to 200 euros. In addition, the City Council announced that as part of the City's Reactive Plan, it will pay out economic aid of 400 euros to 393 local businesses through its virtual currency Elio. According to the said report, 165 stores in the city joined the platform.

Digital currencies gained popularity across Europe as governments began exploring opportunities in the cryptocurrency market. The European Central Bank published a report on the development of CBDC in early November. ECB President Christine Lagarde mentioned that the ECB could introduce digital Euro in the next 2-4 years. In addition to government efforts, some private financial companies in Europe have started issuing stablecoins.


Technical Market Outlook:
The ETH/USD pair has been seen trading under the level of $745.60 which is a 50% Fibonacci retracement on the weekly time frame chart of the last, big, main wave down from the ATH located at the level of $1,422. During the quick pull-back the market hit the level of $688.26, but bounced right back up. The intraday support is seen at the levels of $700 and $673. The additional support is being provided by the short-term trend line as well. The strong and positive momentum supports the short-term bullish outlook for Ethereum.

Weekly Pivot Points:
WR3 - $907.99
WR2 - $803.63
WR1 - $751.04

Weekly Pivot - $647.44
WS1 - $590.99
WS2 - $493.57
WS3 - $441.00


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $800, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. This scenario is valid as long as the level of $500 is broken.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 30 December 2020

Crypto Industry News:
Binance will expand its cryptocurrency trading directory by introducing European Bitcoin Options Contracts.

The launch announced today follows a successful trial in November. The press release also shows that the new options contract will be priced and settled in Tether.

According to Binance, the debut of the new product took place due to the growing appetite for BTC options. In early December, Bitcoin options surpassed $ 1 billion for the first time, with total open interest reaching nearly $ 6 billion. Commenting on the launch, Binance CEO Changpeng Zhao noted that Bitcoin's recent $ 28,000 hit highlighted the growing level of investment in the crypto space.

"The growth of the cryptocurrency industry can largely be attributed to a combination of factors, including broader public education and institutional interest, innovation in DeFi protocols and smart contracts, and the development of a solid derivatives market," he added.

In April, Binance joined a growing number of exchanges introducing Bitcoin options trading by launching American-style BTC options contracts. The main difference between the US and European format is that traders can only use the latter after the contract expires.

The previous iteration of Bitcoin Options on Binance has been criticized for being one-sided as users were unable to "write" options and reap bonuses. Consequently, Binance options were generally more expensive due to the inability to conduct arbitrage.


Technical Market Outlook:
The BTC/USD pair has made a new ATH at the level of $28,526 (at the time of writing the article), so the up trend is continued. The local low during the pull-back was made at the level of $25,801, but there is no sign of a trend reversal and the next target for bulls is seen at the level of $30,000. The intraday support is seen at the levels of $28,000 and $28,186. The strong and positive momentum supports the short-term bullish outlook for Bitcoin. Moreover, the market still trades above the short-term trend line support (market orange on chart).

Weekly Pivot Points:
WR3 - $35,468
WR2 - $31,807
WR1 - $29,313

Weekly Pivot - $25,209
WS1 - $23,706
WS2 - $19,294
WS3 - $16,598


Trading Recommendations:
Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $30,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.





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

[IFX_Selena]

BTC analysis for December 30,.2020 - First target at $28.400 reached and pottential for downside rotattion towards $27.500

Further Development



Analyzing the current trading chart of BTC, I found that BTTC reached my major upside target from yesterday at the price of $28,400.

It is very important to watch price action around key pivot at $28,400 in order to confirm further direction.

There is potential for the downside rotation towards support levels at $27,000 and $25,760.

Stochastic oscillator got the fresh bear cross, which is another sign for the potential downside rotation.....




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

[IFX_Selena]

Technical Analysis of ETH/USD for 31 December 2020

Crypto Industry News:
Ethereum's competitor, Polkadot (DOT), is making huge profits after receiving support from the Binance cryptocurrency exchange. According to CoinMarketCap, in the past seven days, DOT soared from its low of $ 4.77 on December 24 to a record high of $ 7.65 today. Traffic means an increase of 60% in six days.

Polkadot's growth comes the day after Binance announces $ 10 million funding for projects built around the Polkadot ecosystem. The multi-million dollar investment is part of the stock market's efforts to provide users with even better access to decentralized finance.

Since its announcement, Polkadot has replaced ETH on the Binance homepage. This has given the cryptocurrency more exposure and a basis for potentially competing with the world's second largest cryptocurrency.


Technical Market Outlook:
The ETH/USD pair keeps struggling with the level of $745.60 which is a 50% Fibonacci retracement on the weekly time frame chart of the last, big, main wave down from the ATH located at the level of $1,422. During the quick pull-back the market hit the level of $688.26, but bounced right back up. The last high was made at the level of $756.12, but the price reversed quickly under the level of $745 again. The intraday support is seen at the levels of $700 and $673. The additional support is being provided by the short-term trend line as well. The strong and positive momentum supports the short-term bullish outlook for Ethereum.

Weekly Pivot Points:
WR3 - $907.99
WR2 - $803.63
WR1 - $751.04

Weekly Pivot - $647.44
WS1 - $590.99
WS2 - $493.57
WS3 - $441.00


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $800, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. This scenario is valid as long as the level of $500 is broken.





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