Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD on 04 January 2021

Crypto Industry News:
Bitcoin futures contracts currently open are at $ 10 billion, an all-time high, according to Skew Analytics. This means there is over $ 10 billion in "betting" on the future BTC price. This coincides with a record weekend for a cryptocurrency price that has surpassed $ 34,000.

Futures contracts are a type of bitcoin investment derivative where traders agree to buy bitcoin in the future at a pre-agreed price. Volumes on futures market picked up again on January 2, likely for two reasons. First, futures investors whose contracts have just expired have noticed a sharp rise in bitcoin's price and have made the decision to reinvest. Second, a whole host of new traders have witnessed Bitcoin's price dropping to below $ 30,000 recently. It is possible that they also wanted to join an uptrend at better market prices during a short pullback.


Technical Market Outlook:
The BTC/USD pair has made new all time high at the level of $34,777 during the weekend. The up trend is being continued and there is no sign of trend reversal. Moreover, the up trend is now going parabolic, almost vertical. The next mid-term target for bulls is seen at the level of $50,000. The nearest technical support is seen at the level of $32,000 and $30,000. Please notice, the level of $34,777 is very close to the 161% Fibonacci extension level of the main wave 1, located at $35,051.

Weekly Pivot Points:
WR3 - $46,938
WR2 - $40,854
WR1 - $37,989

Weekly Pivot - $31,477
WS1 - $28,840
WS2 - $22,622
WS3 - $19,555


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 $35,051, 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 04 January 2020

Crypto Industry News:
A new law filed on Thursday, HR9067, aims to create an office that will "coordinate" federal blockchain applications.

The project, sponsored by Darren Soto, a Democrat representing Florida's 9th arrondissement, would:

"(...) establish an office within the Department of Commerce to coordinate all non-defense deployment and blockchain activities in the federal government."

On December 31, the project was submitted to the House of Representatives for Energy and Trade. Although the text of the act has not yet been published, its originator may indicate the types of blockchain technology applications that such an office would try to "coordinate".

In recent months, Soto has proved to be an increasingly strong supporter of both cryptocurrencies, which he accepts as donations for campaigns, and blockchain technology in general.

Following news that the U.S. Post Office has filed a patent for a blockchain-based postal voting system, Blockchain co-chair Caucus said he hoped it would be used in the near future. Additionally, in September, Soto announced the culmination of "almost two years of pushing" his colleagues in the Energy and Trade Committee: the Digital Taxonomy Act, which will result in research into the use of blockchain technology in government. The creation of an office as described in HR9067 would likely lead to faster adoption and implementation of such technologies.

Soto's backing for cryptocurrency has been particularly strong lately. The Florida politician was also one of nine congressmen who rebuked the Treasury for allowing just over two weeks to comment on a new cryptocurrency monitoring rule. The rule has led to a call to arms across the cryptocurrency community, with some speculating that the Treasury may face a breach of procedure lawsuit.


Technical Market Outlook:
The ETH/USD pair has made new swing high at the level of $1,156.10 during the weekend. The up trend is being continued and there is no sign of trend reversal. Moreover, the up trend is now going parabolic and the next mid-term target for bulls is seen at the level of $1,420. The nearest technical support is seen at the level of $1,000. Please notice, the level of $1,000 is very close to the 161% Fibonacci extension level of the main wave 1, located at $1,047.

Weekly Pivot Points:
WR3 - $1,394
WR2 - $1,185
WR1 - $1,086

Weekly Pivot - $847
WS1 - $791
WS2 - $545
WS3 - $496


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.





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

[IFX_Selena]

BTC analysis for January 04,.2021 - Watch for intraday selling opportunities due to bearish flag pattern

Further Development



Analyzing the current trading chart of BTC, I found that BTC got strong downside movement of the high at $35,000.


Key Levels:

Resistance: $35,000

Support levels: $29,00 and $28,025.



Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for 05 January 2021

Crypto Industry News:
Another Russian cryptocurrency expert has warned of the dangers of the national central bank's issuance of the so-called digital ruble, claiming that neither consumers nor banks are yet convinced of the idea of using fiat digital currency.

In a media interview, Viktor Dostov, president of the Russian Electronic Money and Remittances Association and head of the Center for Distributed Register Technology at St.Petersburg State University, said end-users would likely turn their heads away from ruble digital payment solutions.

Dostov believed that the digital currency of the Russian Central Bank (CBDC) would be "more convenient and cheaper" than existing payment platforms. But he added that "the attractiveness of switching to the digital ruble" for many other consumers would be "far from obvious".

Dostov stated that conventional alternatives issued by commercial banks have become easier than ever recently, thanks to the use of QR codes and contactless interfaces. He also expressed the opinion that commercial banks would probably be against the idea of sharing their (and their clients') transaction data directly with the central bank. Moreover, he said, ordinary citizens would probably be concerned that the massive adoption of the digital ruble would allow "full transparency of [Russian] payments to the state, creating a" centralized [...] database "of expenditure.

He argued that the financial sector "was still not convinced" of the necessity and advantages of CBDC, both for itself and for future customers and users. "


Technical Market Outlook:
The ETH/USD pair has been seen trying to rally again above the last swing high at the level of $1,156.10, but failed after the Bearish Engulfing candlestick pattern occurred on H4 time frame chart. The battle for $1,000 is still in progress between bulls and bears. The up trend is being continued and there is no sign of trend reversal. Moreover, the up trend is now going parabolic and the next mid-term target for bulls is seen at the level of $1,420. The nearest technical support is seen at the level of $1,000. Please notice, the level of $1,000 is very close to the 161% Fibonacci extension level of the main wave 1, located at $1,047.

Weekly Pivot Points:
WR3 - $1,394
WR2 - $1,185
WR1 - $1,086

Weekly Pivot - $847
WS1 - $791
WS2 - $545
WS3 - $496


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.





Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for 05 January 2021

Crypto Industry News:
Bitcoin dropped to $ 27,700 and rebounded seconds later, which was a shock for some and a financial ruin for others. Long-term futures traders lost a total of $ 190 million on Binance alone in one hour, according to Chainnode, the most ever.

The numbers highlight the current face of Bitcoin, which revolves around new all-time records and becomes the hottest asset of 2021 with Ethereum.

Despite warnings from various analysts that the bull market cannot continue indefinitely, many traders have taken considerable risks by betting on the bull market to continue. In this case, $ 34,800 was the final high, and BTC / USD then lost $ 7,000 in 24 hours, including $ 4,000 in less than 60 minutes.

The result for those who had excess leverage was visible: "$ 190 million (long) was liquidated on Binance in 10 minutes. The greatest value so far," commented Glassnode.


Technical Market Outlook:
The BTC/USD pair has made new all time high at the level of $34,777, but since then 19.42% violate and dynamic pull-back occurred and the price had hit the level of $28,480. Nevertheless, the up trend is being continued and there is no strong sign of trend reversal. Moreover, the up trend is now going parabolic, almost vertical. The next mid-term target for bulls is seen at the level of $50,000. The nearest technical support is seen at the level of $32,000 and $30,000. Please notice, the level of $34,777 is very close to the 161% Fibonacci extension level of the main wave 1, located at $35,051.

Weekly Pivot Points:
WR3 - $46,938
WR2 - $40,854
WR1 - $37,989

Weekly Pivot - $31,477
WS1 - $28,840
WS2 - $22,622
WS3 - $19,555


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 $35,051, 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 © 2007-2021

[IFX_Selena]

BTC analysis for January 05,.2021 - Potential completion of the ABC correction and test of $33.750

Further Development


Analyzing the current trading chart of BTC, I found that there is potential for the ABC downside correction to complete.


Key Levels:

Resistance: $32,835, $33,748 and $34,770.

Support level: $30,000




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for 06 January 2021

Crypto Industry News:
Mate Tokay, former CEO of Bitcoin.com, is taking legal action against the small-cap cryptocurrency for allegedly failing to pay it 37.5 million BRG tokens worth $ 525,000.

Tokay says he was never paid for his services, even though the project used his name to attract investment on the $ 8 million IEO Bridge.link three months ago. Bridge founder Sina Estavi offered to compensate Tokay at a "significantly lower amount" than agreed in the contract, adding that other advisers allegedly received similar treatment.

At current prices, the allegedly promised stock of 37.5 million BRG would be worth a total of $ 525,000.

Tokay further claims that the supply in circulation of BRG, which Bridge.link says is inaccurate. He informed "other cryptocurrency market leaders, price aggregation sites and relevant exchanges" of the "huge" discrepancy between alleged and actual and circulating BRG supply.

Tokaj warned that the divergence could expose BRG investors to "classic pump and dump", describing Bridge.link's actions as "market manipulation".

While CoinGecko's cryptocurrency market data aggregator does not currently list BRG supply or market cap data, CoinMarketCap ranks BRG as the 231th largest crypto asset with a capitalization of $ 141 million


Technical Market Outlook:
The BTC/USD pair has made new all time high at the level of $35,775, the up trend is being continued and there is no strong sign of trend reversal or termination. Moreover, the up trend is now going parabolic, almost vertical. The next mid-term target for bulls is seen at the level of $50,000. The nearest technical support is seen at the level of $32,000 and $30,000. Please notice, the level of $35,775 is very close to the 161% Fibonacci extension level of the main wave 1, located at $35,051.

Weekly Pivot Points:
WR3 - $46,938
WR2 - $40,854
WR1 - $37,989

Weekly Pivot - $31,477
WS1 - $28,840
WS2 - $22,622
WS3 - $19,555


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 $35,051, 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 © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for 06 January 2021

Crypto Industry News:
Grayscale Investments, the world's largest cryptocurrency asset management company, announced on Tuesday that it had liquidated its XRP holdings and used the remaining funds to buy more Bitcoin, Bitcoin Cash and Litecoin.

The decision concerns the Digital Large Cap Fund, assets that provide exposure to the largest cryptocurrencies by market capitalization. The sale of XRP took place on Monday, less than a week after Genesis Global Trading, an authorized participant in the fund, announced that it would soon temporarily suspend XRP trading, possibly in connection with a lawsuit filed by the US Securities and Exchange Commission against Ripple. Genesis Global Trading plans to put all XRP trading on hold on January 15th.

Prior to the sale, XRP represented approximately 1.46% of the Digital Large Cap Fund. The fund's components are currently 81.63% BTC, 15.86% ETH, 1.08% BCH and 1.43% LTC.

The company said XRP was "removed after the DLC's quarterly fund review (12/31/20)" and explained that no other assets are eligible for inclusion in the fund. Assets managed by Grayscale recently eclipsed $ 20bn for the first time, highlighting broad institutional demand for Bitcoin and other digital assets. The asset manager collects Bitcoin in greater quantities - at least one indicator shows that Grayscale bought almost three times more BTC than it was mined in December.

While XRP has been one of the few large-cap cryptocurrencies that have appreciated in recent months, the outlook still looks uncomfortable with a wave of stock market withdrawals in the United States.


Technical Market Outlook:
The ETH/USD pair has been bouncing from the short-term trend line, which indicates that another wave up might start soon. The battle for $1,000 was won by bulls and currently the market is trading around the level of $1,100. The up trend is being continued and there is no sign of trend reversal. Moreover, the up trend is now going parabolic and the next mid-term target for bulls is seen at the level of $1,420. The nearest technical support is seen at the level of $1,000 and $976. Please notice, the level of $1,000 is very close to the 161% Fibonacci extension level of the main wave 1, located at $1,047.

Weekly Pivot Points:
WR3 - $1,394
WR2 - $1,185
WR1 - $1,086

Weekly Pivot - $847
WS1 - $791
WS2 - $545
WS3 - $496


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

Attachment 4023



Attachment 4024
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

BTC analysis for January 06,.2021 - Confirmed completion of the ABC correction and potential for test $36.600

Further Development


Analyzing the current trading chart of BTC, I found that there is completion of the ABC downside correction and that there is the chance for further upside continuation.,

Stochastic oscillator is in overbought zone so there is chance for the pullback first.


Key Levels:

Resistance: $36,600 and $41,675.

Support level: $33,400




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for 07 January 2021

Crypto Industry News:
The total market capitalization of cryptocurrencies - the main driver for the overall health of the digital asset sector has exceeded - $ 1 trillion.

The cryptocurrency market, measured by market capitalization, has practically doubled over the past month. This event was based on new price records broken by bitcoin and the situation on ETH, which for the first time in three years exceeded the USD 1,200 level. Together, both assets account for around two-thirds of the total market.

Capitalization of over $ 1 trillion was hit just days after the market broke the 2017-18 highs. According to CoinMarketCap, during the last peak of the cycle in early 2018, total market capitalization reached around $ 830 billion.

During this time, altcoins peaked close to $ 547 billion after Bitcoin retreated from its December 2017 high. The altcoin market is currently worth less than half of that, underlining Bitcoin's dominance to date in the current cycle.


Technical Market Outlook:
The BTC/USD pair has made another all time high when the price hit the level of $37,777. Moreover, the up trend is now going parabolic, almost vertical. The next mid-term target for bulls is seen at the level of $40,000 and $50,000. The nearest technical support is seen at the level of $36,000 and $34,000. The momentum remains strong and positive, despite the extremely overbought market conditions on all mains time frames.

Weekly Pivot Points:
WR3 - $46,938
WR2 - $40,854
WR1 - $37,989

Weekly Pivot - $31,477
WS1 - $28,840
WS2 - $22,622
WS3 - $19,555


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 $35,051, 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 © 2007-2021