Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for January 18,.2021 - Watch for the breakout of sideways base to confirm further direction

Further Development


Analyzing the current trading chart of BTC, I found that there is the basing process and that market is in sideways mode.



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

[IFX_Selena]

Technical Analysis of ETH/USD for 18 January 2021

Crypto Industry News:
Someone sent 74.6 million Synthetix (SNX) tokens worth just over $ 1 billion on the Ethereum network. He incurred a transaction fee of just $ 7.42 for this.

The funds were transferred from a contract called "Synthetix: Reward Escrow". Synthetix is a decentralized financial protocol (DeFi) for trading tokens linked to assets on Ethereum. For example, the token may be linked to the price of Tesla shares.

This is one of the largest single transactions in cryptocurrency history so far. Last summer, 101,857 BTC was transferred with a value of approximately $ 933 million at that time (at the prices at the time). If a similar transaction were to be processed today, it would be worth nearly $ 4 billion.

While the SNX transaction itself is impressive, Twitter users were quick to point out that Ethereum's transaction fees were still too high for a daily network. The $ 7.42 fee becomes much more expensive if we wanted to transfer tokens worth just a few dollars.


Technical Market Outlook:
The ETH/USD pair has been seen slowly climbing through the local technical resistance levels and eventually hit the level of $1,295. Since then the market had been consolidating in a narrow zone located between the levels of $1,116 - $1,272. The momentum remains strong and positive, so the bulls might still test the level of $1,300 and then try to break through the recent swing high seen at the level of $1,348. The immediate technical support is seen at the level of $1,100.

Weekly Pivot Points:
WR3 - $1,800
WR2 - $1,551
WR1 - $1,448

Weekly Pivot - $1,183
WS1 - $1,077
WS2 - $810
WS3 - $699


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 on 18 January 2021

Crypto Industry News:
Grayscale Investment has reached another record quarter. In its Q4 2020 report, a leading digital asset management fund reported that institutional investors spent over $ 3 billion on its products, with bitcoin being the largest share.

Despite the challenges 2020 brought to the financial markets, or maybe because of them, Grayscale had its best year so far thanks to massive allocations, mostly from institutional investors. The first three quarters of 2020 brought record results, but the report for the fourth quarter beat all previous data. The company noted that total investments in the last three months of the year amounted to $ 3.3 billion, compared to $ 5.7 billion for the full year. This means that nearly 60% of all investments were made in the fourth quarter.

Moreover, the company stressed that since its inception, in 2013-2019, it had attracted a cumulative inflow of $ 1.2 billion. In other words, the revenues in 2020 were almost five times higher than in the previous six years combined.


Technical Market Outlook:
The BTC/USD pair keeps trading under the short-term trend line resistance (market gold in the chart). This means the market is still consolidating in the narrow range located between the levels of $34,00 - $39,000. Any violation of any of this levels would meant the up trend continuation or deeper corrective cycle towards $27,000. On the other hand, any trend line breakout and violation of the level of $37,000 will be the trigger for bulls to continue the bounce towards the level of $39,000.

The momentum indicator remains neutral, but the longer time frame up trend is intact.

Weekly Pivot Points:
WR3 - $50,241
WR2 - $45,262
WR1 - $41,218

Weekly Pivot - $35,725
WS1 - $31,875
WS2 - $26,553
WS3 - $22,402


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 $50,000, 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 © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for 15 January 2021

Crypto Industry News:
MicroStrategy, a NASDAQ-listed Business Intelligence company, will host an online conference to show large organizations the potential benefits of investing in bitcoin. The initiative called 'Bitcoin for Corporations' has also received support from other industry giants. They include companies such as Gemini, Binance, Coinbase, Fidelity, Grayscale and more.

"Bitcoin for Corporations" from MicroStrategy coming in February

The company's founder and CEO, Michael Saylor, announced the initiative on his Twitter account:

"On Feb 3 & 4, MicroStrategy will host Bitcoin for Corporations. Join our officers, industry luminaries & strategic vendors for a free, online, accelerated course in Bitcoin strategy & tactics to grow your company & create shareholder value ".

The first block will take place on February 3. It will review how BTC can serve as a financial reserve asset and what macroeconomic factors are behind its adoption at corporate and institutional levels. The speaker in this section will be the founder and CEO of Saylor and Stoneridge - Ross Stevens.

Later, on the online stage, MicroStrategy's president and chief financial officer Phong Le will provide an overview of the various ways corporations can integrate Bitcoin into their reserve strategies.

Other topics will include legal and regulatory issues as well as accounting, taxation and audit.

MicroStrategy, which made BTC its primary reserve asset last year, will also disclose the documentation and information it used to implement this strategy.


Technical Market Outlook:
The BTC/USD pair has managed to almost hit the level of $40,000 during the recent bounce. The new local high was made at the level of $39,945 (at the time of writing the article), which means the bulls are still strong and might carry on towards the next target seen at the level of $41,000 and towards the swing high located at $41,905. The intraday technical support is seen at the level of $36,665. The up trend is still intact, but please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

Weekly Pivot Points:
WR3 - $57,405
WR2 - $50,005
WR1 - $44,297

Weekly Pivot - 36,611
WS1 - $31,317
WS2 - $23,111
WS3 - $17,774


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 $50,000, 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 Sebastias Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for 15 January 2021

Crypto Industry News:
Excessively high gas prices in Ethereum still make it difficult to process smaller transactions on the network. Meanwhile, along with the increasingly accelerating adoption of solutions based on the second layer. They can process thousands of transactions per second, not just a handful of those processed in tier one.

The decentralized LeverJ exchange has experienced a sharp increase in trading volume since the launch of its perpetual contracts four weeks ago. About $ 75 million were traded in 26,600 deals, costing a total of nearly $ 600 in gas fees.

These numbers may seem small compared to DeFi giants such as Uniswap. However, they represent a surge in second-tier adoption at a time when such technology appears to be most needed. Essentially, tier two scaling is about removing processes from the backbone for faster and cheaper data and transaction processing.

The DeFi Synthetix protocol is also ready to run the second optimization layer called Castor. Castor is the result of four months of testing that began in late September, offering test network participants the incentive of a native SNX token.


Technical Market Outlook:
The ETH/USD pair has made a new local high at the level of $1,253, so all of the Fibonacci retracement levels had been violated. In a case of a breakout, the next target for bulls is seen at the level of $1,300. The intraday technical support is seen at the level of $1,149. Nevertheless, to resume the up trend, the bulls have to break through the technical resistance located at the level of $1,300. The momentum remains neutral to positive. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $1,598
WR2 - $1,630
WR1 - $1,500

Weekly Pivot - 1,188
WS1 - $1,038
WS2 - $720
WS3 - $563


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 Sebastias Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

BTC analysis for January 14,.2021 - Bearish divergence and potetnial for the downside rotattion towards $36.650

Further Development



Analyzing the current trading chart of BTC, I found that there is lack of the upside momentum at the price of $38,600, which is sign for potential downside rotation.



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

[IFX_Selena]

Technical Analysis of ETH/USD for 14 January 2021

Crypto Industry News:
With the participation of the authorities of seven countries and Europol, Darkmarket, one of the largest exchanges in the darknet, was closed. The action was taken after the alleged operator was arrested in Germany. Europol announced on Tuesday that the Darknet Marketplace Darkmarket has been removed:

"Darkmarket, the world's largest illicit darknet market, was shut down through a joint international operation involving Germany, Australia, Denmark, Moldova, Ukraine, the UK (National Crime Agency) and the US (DEA, FBI and IRS)."

According to Europol, Darkmarket had nearly 500,000 users and over 2,400 retailers. This generated over 320,000 transactions, with "over 4,650 BTC and 12,800 Monero".

"At the current rate, this corresponds to a total of more than 140 million euros [$ 171 million]. The vendors on the stock exchange traded mainly in drugs of all kinds and sold counterfeit money, stolen or falsified credit card details, anonymous SIM cards and malware," Europol wrote.

The alleged operator of Darkmarket was arrested over the weekend by the Central Investigation Department in the German city of Oldenburg, near the German-Danish border. The Cybercrime Department of the Public Prosecutor's Office in Koblenz located and closed the stock exchange. They shut down the exchange's servers and took over "the criminal infrastructure - over 20 servers in Moldova and Ukraine supported by the Federal Criminal Police Office of Germany (BKA)". Europol added:

"The stored data will provide investigators with new clues to further investigate moderators, sellers and buyers."

Europol recently closed another large darknet market. In cooperation with the Finnish customs (Tulli), the authorities closed the Darknet Sipulimarket in December and seized its Bitcoins.


Technical Market Outlook:
The ETH/USD pair keeps trading just below the level of $1,135, which is a 50% Fibonacci retracement level of the last wave down as the corrective bounce higher has been capped. In a case of a breakout, the next target for bulls is seen at the level of $1,185, where the 61% Fibonacci retracement is located. Nevertheless, to resume the up trend, the bulls have to break through the technical resistance located at the level of $1,200. The momentum remains neutral to positive. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $1,598
WR2 - $1,630
WR1 - $1,500

Weekly Pivot - 1,188
WS1 - $1,038
WS2 - $720
WS3 - $563


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 14 January 2021

Crypto Industry News:
Ledger is offering a bitcoin reward worth around $ 350,000 for information on the attackers behind a series of data leaks. The company published a blog post detailing the history of recent leaks and phishing attacks that have compromised the personal data of hundreds of thousands of its customers in recent months.

The problems started last summer with a breach of the security of Ledger's e-commerce and marketing database. The latest incident occurred in December when Ledger was informed by Shopify that a "rogue member" of the e-commerce giant's support team had acquired customer transaction records relating to Ledger and other companies.

In response to the above, Ledger took a series of steps. The company has built a portfolio of 10 BTC that will be won by those who provide information leading to the identification, arrest and effective prosecution of cybercriminals. The company also hopes to persuade other people in the cryptocurrency industry to participate in this initiative.

Ledger has hired private detectives and is making changes to the way information is handled. These include the introduction of a new technical solution that will pave the way for personal fund insurance.


Technical Market Outlook:
The BTC/USD pair has managed to retrace 61% of this wave down and hit the level of $37,577 before the bounce was capped. The new local high was made at the level of $38,082 (at the time of writing the article), which means the bulls are still strong and might carry on towards the next target seen at the level of $40,000. The up trend is still intact, but please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

Weekly Pivot Points:
WR3 - $57,405
WR2 - $50,005
WR1 - $44,297

Weekly Pivot - 36,611
WS1 - $31,317
WS2 - $23,111
WS3 - $17,774


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 $50,000, 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 © 2007-2021

[IFX_Selena]

BTC analysis for January 13,.2021 - Watch for the poetntilal donside movement towards $31.245

Further Development



Analyzing the current trading chart of BTC, I found that there is the rejection of the key pivot level at $37,000 and there is potential for potential downside movement towards $31,245 and $28,135.



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

[IFX_Selena]

Technical Analysis of BTC/USD for 13 January 2021

Crypto Industry News:
Bitcoin's value in US Dollar jumped 20% overnight as the world's most famous cryptocurrency quickly rebounded from a 27% decline that occurred a few days earlier. The broader cryptocurrency market followed suit on Tuesday, as more than $ 150 billion returned to global market capitalization on the same day.

According to the financial media, the main banking institutions in the United States hope that 2020 and the problems related to it are over when data for the fourth quarter are released on Friday. Financial analysts expect a sharp contrast between Bitcoin's recent fate and the historic banking sector, with some predicting losses in excess of 40%.

Citigroup Inc is expected to show a 42% decline over the last three months of the previous year, while analysts predict Wells Fargo & Co will record a similar decline of approximately 39%. Next week, Bank of America Corp will release its own quarterly report, which is expected to show a 33% drop in earnings.

Not every bank suffered equally at the end of 2020, and JPMorgan Chase & Co expects to see a less severe decline of 5%. Two major banks are expected to release positive data for the last quarter: Morgan Stanley is expected to post 1% of profits, and Goldman Sachs Group Inc can count on 43% growth to quarterly earnings thanks to strong market services equity performance.

Some bank shares have already recovered 35% since the US presidential election in November. The announcement of the anticipated COVID-19 vaccine during the same period is believed to have restored confidence in cautious investors.


Technical Market Outlook:
The BTC/USD pair has managed to retrace 50% of this wave down and hit the level of $36,241 before the bounce was capped. The price of Bitcoin slide again towards the level of $33,000 with a low made at the level of $32,376 and it is currently consolidating around this level. Please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

Weekly Pivot Points:
WR3 - $57,405
WR2 - $50,005
WR1 - $44,297

Weekly Pivot - 36,611
WS1 - $31,317
WS2 - $23,111
WS3 - $17,774


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 $50,000, 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 © 2007-2021