Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 23 September 2019

Crypto Industry News:
The US House of Representatives' Financial Services Committee has scheduled a hearing with the chairman of the Securities and Exchange Commission, Jay Clayton and four other SEC commissioners to discuss, among other things, cryptocurrencies.

In a memorandum of 19 September, the Financial Services Committee announced that a hearing would be held on 24 September. In addition to Clayton, Commissioner Hester Peirce (also known as Crypto Mom) and three other people will be present.

The Financial Services Commission has included cryptocurrencies on its list of discussion topics and points out that federal securities laws apply to securities - including shares, bonds and investment agreements - regardless of whether they are digital.

The hearing will apply to ETFs, regardless of whether digital assets are a security or are exempt from securities regulations, as well as the planned launch of Facebook Libra in 2020.

"Libra Investment Token may be security token because it is intended for sale to investors to finance initial costs and provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear whether investors would have" reasonable expectations about profits "- we read in the document.


Technical Market Overview:
The ETH/USD pair has completed the wave (3) of the overall impulsive cycle and is currently developing the wave (4) of the overall correction. So far the market has made only a wave A of this correction with a low located at the level of $205.15. The next target for bears is seen at the level of $202.70 where is the low of the previous wave four of the lesser degree located. Please notice, that after the corrective cycle in wave 4 is completed, there is still wave 5 to the upside needed to complete the overall impulsive cycle up.

Weekly Pivot Points:
WR3 - $261.09
WR2 - $242.26
WR1 - $225.12

Weekly Pivot - $205.85
WS1 - $188.31
WS2 - $169.05
WS3 - $152.55


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 being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.






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

[IFX_Selena]

BTC. First objective has been met, more downside on break

BTC has been trading downwards as I expected. The first downward target from previous forecast has been met at the price of $9,610. If the price breaks the level of $9.610, next support will be set at the price of $9.265



Blue horizontal lines – Support levels based on the price action

Blue rectangle – Major resistance level

MACD oscillator is trying to establish new momentum low, which is sign that buying looks risky at this stage. Watch for potential breakout of the $9,610 to confirm further downside continuation and potential test of $9,265. Based on the 4H time-frame, I found series of the lower lows and lower highs, which is sign of the bearish trend.I don't see any reversal yet.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 24 September 2019

Crypto Industry News:
Bitwise Asset Management has presented another presentation of the US Securities and Exchange Commission (SEC) in its offer regarding the regulatory approval of the proposed Bitcoin ETF.

In the issued memorandum, the SEC published a Bitwise presentation explaining why, in its view, the regulator's concerns were largely resolved. The presentation began with a summary of the evolution and improvement of the market situation over the last two years.

First, the spot market has become more efficient, with the average Bitcoin price deviation on the ten largest exchanges decreasing. Although it was just below 1% in December 2017, it has now fallen further to below 0.1%.

In addition, many new institutional-grade Bitcoin trust services are emerging, receiving licenses from local jurisdictions to manage and store Bitcoins for clients. Meanwhile, record-breaking volumes of Bitcoin futures contracts on the Chicago Mercantile Exchange have been reported this year, suggesting that the regulated futures market is currently significant.


Technical Market Overview:
The BTC/USD pair has tested the technical support and the low for the wave (2) located at the level of $9,539 again. The recent local high was made at the level of $10,317 after previous bounce from the level of $9,539 but since then the bears are pushing the market lower again. In case of a breakout lower, the next target for bears is seen at the level of $9,288 - $9,263 zone. No important breakout occured so far and the larger time-frame trend remains up.

Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333

Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757


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 being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 24 September 2019

Crypto Industry News:
Kyrgyzstan cut off the power to 45 cryptocurrency mining companies because they consumed more energy than a total of three local regions. Senior Energy Officer Aitmamat Nazarov warned that mining cryptocurrencies are not defined by Kyrgyz law, according to a local news agency.

According to Nazarov, 45 cryptocurrency miners consumed 136 megawatts of electricity, which is more than the amount consumed by three Kyrgyzstan regions: Issyk-Kul, Talas and Naryn. Kyrgyzstan has become a popular destination for global mining companies due to low energy prices.

In August, the country's Ministry of Economy submitted a bill to introduce taxation on cryptocurrency mining - a move to increase revenues. Cryptocurrencies were banned in Kyrgyzstan in July 2014 after a national bank warned that using Bitcoin and other cryptocurrencies as a payment method is illegal.

Iran, which also cuts off electricity to local mining companies, has proposed the annual registration of cryptographic miners to regulate the industry.


Technical Market Overview:
The ETH/USD pair has hit the level of $200.17 which is the 38% Fibonacci retracement of the last wave up. The whole corrective cycle looks completed as there are visible three waves ABC, but in the case of another wave down the next target for bears is seen at the level of $196.61. Please notice, that after the corrective cycle in wave 4 is completed, there is still wave 5 to the upside needed to complete the overall impulsive cycle up.

Weekly Pivot Points:
WR3 - $261.09
WR2 - $242.26
WR1 - $225.12

Weekly Pivot - $205.85
WS1 - $188.31
WS2 - $169.05
WS3 - $152.55


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 being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.






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

[IFX_Selena]

BTC. New momentum down on the MACD oscillator, selling opportunities preferable
24 September 2019

Bitcoin has been trading downwards in the past 24h as I expected yesterday. The BTC tested the level of $9.593 again and is trying to break it. Momentum is still on the downside and my advice is to watch for selling opportunities on the rallies.



Blue line – Support became resistance

Yellow rectangle – Support cluster and downward objective

Purple falling line – Expected path

MACD oscillator is showing new momentum down, which is sign that sellers are still present and strong. Bollinger band is expanding bands, which is another confirmation that volatility is increasing. Support levels are seen at the price of $9,250 and $9,050 and the resistance levels at $9,795.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 25 September 2019

Crypto Industry News:
According to the job offer at LinkedIn, NASA has a vacant position at the Jet Propulsion Laboratory in California, whose primary function is the construction and operation of unmanned planetary spacecraft and conducting orbiting missions.

Among a large number of qualifications required, NASA exchanged knowledge in at least one related field, including Big Data, machine learning, Internet of Things, analysis, statistics and cloud computing. The agency also sought experience in the field of cryptocurrencies and Blockchain technology, stating that such qualifications would be considered a plus.

These qualifications are to be implemented by a data scientist when designing and implementing a program to analyze complex, large data sets used for research, modeling, data mining and predictive analysis at NASA, the agency wrote.


Technical Market Overview:
The BTC/USD pair has invalidated the bullish impulsive scenario after the level of $9,232 has been violated. The current Elliott wave count has been invalidated as well and the alternative count is now in charge. In this count, the recent spike down is a part of the wave (C) development but it has not been completed yet, so there might be another low blow the level of $7,935. The nearest technical support is located at the level of $8,102 and $8,379. The nearest technical resistance is located at the level of $9,046.

Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333

Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757


Trading recommendations:
Due to the short-term impulsive scenario invalidation, 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.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 25 September 2019

Crypto Industry News:
An IT company in Armenia has been accused of illegal electricity consumption and using it to mine cryptocurrencies.

On September 21, in an announcement by the Armenian National Security Service, the organization accused an IT company of illegal mining of cryptocurrencies at a hydroelectric power plant. A state agency has reported that an IT company has installed cryptocurrency mining equipment at one of the hydroelectric power plants operating in Armenia, resulting in illegally consuming 1.5 kilowatt-hours of electricity - worth over $ 150,000 - in 1.5 years.

Earlier in September, information appeared that regulators in the Autonomous Province of Inner Mongolia issued a notice demanding the closure of companies mining cryptocurrencies in the province.

Several departments in Inner Mongolia have identified the need to rectify the mining industry in the province. The listed organizations were the Committee on Development and Reform, the Department of Public Security, the Office of the Ministry of Industry, the Financial Office and the Big Data Office.


Technical Market Overview:
The ETH/USD pair has invalidated the bullish impulsive scenario after the level of $162.78 has been broken. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

Weekly Pivot Points:
WR3 - $261.09
WR2 - $242.26
WR1 - $225.12

Weekly Pivot - $205.85
WS1 - $188.31
WS2 - $169.05
WS3 - $152.55


Trading recommendations:
Due to the short-term impulsive scenario invalidation, 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.






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

[IFX_Selena]

BTC. Both yesterday's targets are met and new momentum down on MACD
25 September 2019

Bitcoin did drop in the past 24h, exactly what I expected yesterday. Both our yesterday's targets at $9,250 and $9,050 are met and there is strong downside pressure for more downside. BTC traded all the way to $7,900 and most recently is trying to find some balance. I do expect potential small rally back to 20EMA and then another move lower. New down levels and targets are set at $7,500 and $6,645.



Blue horizontal lines – Important support levels and next objective targets

Yellow rectangle – Broken support became resistance

Purple falling line – Expected path

MACD oscillator is showing good new momentum down in the background and I do expect at least move lower. Support levels are seen at $7,900, $7,500 and $6,650. Resistance levels are seen at $8,800 and $9,500.Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Selling opportunities are still preferable.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 26 September 2019

Crypto Industry News:
By early 2020, Bitcoin payment support will be launched at more than 25,000 sales outlets for 30 French retailers, including the sports giant Decathlon and the Sephora cosmetics store. The French cryptocurrency news portal Cryptoglobe announced the progress announced during the Paris Retail Week.

The new cryptocurrency payment system is launched as part of a partnership between the Global POS point of sale technology provider, the EasyWallet application and the Easy2Play payment platform. While payments will be made in Bitcoin, the funds will be automatically converted into euros at the time of sale.

Conversion services are to be provided by two partners, Deskoin and Savitar, who are currently applying for the accreditation of a digital service provider under the French PACTE Act.

In addition to Decathlon and Sephora, well-known companies joining the initiative include Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde and Norauto.

"This is an important symbolic step in the evolution of payment methods in France. However, it is also more than a symbol, because what we provide for 25,000 sales points is the possibility of entering the world of Economy 3.0 safely," said Stephane Djiane, CEO and founder of Global POS.


Technical Market Overview:
The BTC/USD pair is still trading below the nearest technical resistance located at the level of $9,046. Despite the bounce from the low at the level of $7,935 the market is starting to turn down again. The recent spike down is a part of the wave (C) development but it has not been completed yet, so there might be another low blow the level of $7,935. The nearest technical support is located at the level of $8,102 and $8,379.

Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333

Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757


Trading recommendations:
Due to the short-term impulsive scenario invalidation, 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.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 September 2019

Crypto Industry News:
The U.S. Prosecutor's Office for the Northern District of California accused two suspects - Elliot Gunton and Anthony Tyler Nashatka - of hacking EtherDelta, the non-isolation Ethereum ERC-20 token trading market, on December 2017.

According to documents originally submitted on August 13, Ganton and Nashatka changed the settings of the EtherDelta domain name system to mislead users and collect their cryptographic addresses, private keys and withdraw funds.

The suspects were able to access the settings using the telephone number of one of the EtherDelta employees and used it to hack his email address. Then Gunton and Nashatka reportedly changed the parameters of the domain system to redirect traffic from EtherDelta to a fake website reminiscent of a real EtherDelta platform.

Visitors to this fake site were able to reveal their private keys and potentially lose cryptocurrency resources. According to the prosecutor's office, one EtherDelt user lost at least $ 800,000. The total amount of funds stolen was not disclosed in the court document.


Technical Market Overview:
The ETH/USD pair has been trading in a narrow range after a shallow bounce from the level of $151.85. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

Weekly Pivot Points:
WR3 - $261.09
WR2 - $242.26
WR1 - $225.12

Weekly Pivot - $205.85
WS1 - $188.31
WS2 - $169.05
WS3 - $152.55


Trading recommendations:
Due to the short-term impulsive scenario invalidation, 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.






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