Cryptocurrency Analysis

[IFX_Selena]

Bitcoin approaches first target area.

Bitcoin continues moving higher. Price is now above $45,000 price level and is approaching our first Fibonacci target at the 61.8% retracement. Short-term trend remains bullish.



Red line -resistance (broken)

Blue lines -Fibonacci retracements

Bitcoin has moved above the 50% Fibonacci retracement. Our target was at the 61.8% level and we continue to expect price to reach this level and test this important Fibonacci resistance. A rejection at the 61.8% level could lead to a reversal and a pull back towards the red broken resistance trend line. If price breaks above the 61.8% retracement and stays above it, then I will be expecting price to surpass $50,000 fast.





Alexandros Yfantis
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Crypto market bounces back amid software update



Bitcoin and Ethereum hit a new all-time high despite uncertainty over new crypto rules in US. Apparently, investors were very encouraged by the recent software update in ETH.

So, on Sunday, Bitcoin posted a huge 3.1% increase in price, pushing the quote to $ 45,328 per token. Ethereum, meanwhile, rose 3.5% and reached $ 3,191.



Bitfinex CTO Paolo Ardoino said optimism clearly returned in the market, with Bitcoin traders taking the lead. However, strong volatility will most likely persist.

Nevertheless, many cryptocurrencies are showing signs of growth, after a significant pull back from record highs that was driven by fears of repression in China and questions raised by Elon Musk over Bitcoin's use of energy.

In fact, Bitcoin is now approaching its 50-day moving average, while Ethereum is again worth over $ 3,000.

But one factor that continues to create uncertainty is the ongoing discussions on the new US infrastructure bill, which has conflicting amendments regarding reporting requirements for cryptocurrency transactions and tax collection. The bipartisan group that drafted the law was counting on additional tax revenues to help pay some of the bill's costs.

Even so, CoinGecko.com said investors should not worry much as such will not stop the rally, especially since the market value has now surged to $ 1.88 trillion.

Other tokens such as Binance Coin, Cardano, Ripple and Dogecoin also saw gains in the past week.






Andrey Shevchenko
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Bitcoin prepares to storm final resistance level to launch growth phase

Bitcoin prices rose 15% and come close to a difficult milestone over the past week, which held back the growth of quotes. On Monday, August 9, bitcoin managed to break through and consolidate above the $45,000 mark. Buyer's support reached a new level, thanks to which the asset managed to pass the zone where two resistance levels passed. The final pressure range near $48,000-$50,000 remains ahead. Given the volume of daily trading, the interest of buyers, and the main indicators, the only question that arises is: "When will bitcoin break through the $48,00-$50,000 range?"

As of 12:00 UTC, the first cryptocurrency managed to consolidate above $45,500 and prepare for a further upward movement. Daily trading volumes remain high above $40 billion, indicating an upward trend in interest in the coin. In addition, the cryptocurrency managed to make a powerful leap beyond the difficult milestone thanks to positive changes among the audience of sellers. The bitcoin rate remained below the 20-week moving average for a long time. Thanks to this, the audience of the asset was cleared: uncertain investors and short-term players left the asset, and only stern bulls remained in the game. This is also evidenced by statistics from Glassnode, according to which the backbone of BTC buyers are whales with wallets of 10,000-100,000 coins. Thanks to this, the crypto managed to increase the pace of consolidation and become less volatile and subject to sharp price fluctuations provoked by inconsistent decisions.



In addition, bitcoin's on-chain activity continues to grow and is fully consistent with the current exchange rate. This speaks to a sequence of whales that have patiently ramped up coin volumes over the past few months. In fact, thanks to the large holders of bitcoin, large volumes of bears were bought out, and thus the market was insured from falling to the very bottom. At the same time, the retail audience is also starting to return to the asset. This is evidenced by the social activity in the cryptocurrency network, as well as the number of unique addresses in contact with BTC. Also, the number of daily transaction volumes is at a record low, but this is due to the large volumes of coins in a limited circle of people. The retail audience is just starting to arrive, so this figure will change very quickly. There is also a big surge in activity in the futures market, where the share of longs significantly exceeds the number of shorts. The market played an important role in the current growth of the asset, supporting it at the right time and not succumbing to the negative news from the regulators. The combination of these factors makes it possible to state with confidence that bitcoin will soon hold and win the last battle before the start of the growth phase.

The final target of bitcoin is the range of $48,000-$50,000, where a month and a half ago, a large number of stops and sell options were opened, which can cause problems for the cryptocurrency. However, market sentiment, the underlying technical indicators of the coin, and growing social activity will allow bitcoin to pass this mark without significant tests of the immediate areas of resistance. At the same time, according to the current dynamics, the market does not have time to accumulate the necessary volumes for a sustainable assault on the final range of fluctuations. However, in the medium term, this only guarantees a deeper, but local correction, which will take place inside the upward channel. At the moment, there is no real or potential news background or any other fundamental factor on the market that can interrupt the current rally in the cryptocurrency and bitcoin market.






Artem Petrenko
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

BTC analysis for August 09,.2021 - Resistance at the price of $47.000 is on the test

Technical analysis:



BTC is trading upside but there is big important pivot level at the price of $47,000. Watch for the price action around pivot to confirm further direction.


Trading recommendation:
In case of the rejection of the $47.000 level, watch for selling with the downside target at $42,185

In case of the breakout on higher volume, watch for buying with the target at $51,265

Stochastic oscillator is showing overbought condition and potential divergence....




Petar Jacimovic
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Don't buy bitcoin headlong - history repeats itself

The fight on the infrastructure bill continues in the US Senate, and, in particular, senators cannot formulate a section of the bill that will introduce new tax rules for cryptocurrencies and companies that are associated with them. And although according to recent reports, a compromise is already close enough, the deal may be concluded too late to be added to the bill. Despite this, rumors about the promotion of changes in the right direction are pushing the cryptocurrency market to grow. Let me remind you that the agreement would resolve a multi-day dispute about how cryptocurrency organizations and companies will have to inform the tax authorities about users and their transactions.

Senator Wyden, along with Republican Senators Pat Toomey and Cynthia Lummis, proposed an approach that received support from the cryptocurrency community. However, the more debates there are, the more likely it is that the compromise reached the last minute may be useless (if the amendments are not put to a vote before the adoption of the bill itself, which is expected to be voted on this evening or tomorrow morning).

The US Senate again reached an impasse over the weekend due to the introduction of additional changes to the law, which also very seriously affects the field of cryptocurrencies. On Sunday evening, senators who are in favor of making additional changes to the amendment that exempts some participants in the cryptocurrency community from the need to provide user data achieved a delay of 30 hours. This time should be spent usefully since it ends on Tuesday morning when a vote on the main bill can also take place, although lawmakers can unanimously agree to end the debate earlier.



If a compromise is not reached or the amendment does not have time to reach the final part of the vote, this will be a blow to cryptocurrency investors, as well as a number of companies that are indirectly related to exchange operations or trading on the exchange. We are talking, in particular, about miners or software developers who will also have to report to the tax data, which they simply do not have access to. Senator Lamis said that the amendment under discussion clarifies the definition of crypto brokers who are subject to the new tax requirements. During the debate, which took place over the weekend, it is noted that this issue was quite an important subject of attention of both parties. Both conservative Republicans and progressive Democrats are interested in finding ways to increase control over new technology.

"The idea behind the amendment to the bipartisan deal is just to level the playing field," Sen. Elizabeth Warren, a Massachusetts Democrat, said Sunday. "This isn't a direct tax on cryptocurrency, it's just a reporting requirement that exists everywhere. It seems to me the right approach," added the senator.



Meanwhile, amid rumors about a possible agreement on the amendments, bitcoin is slowly but surely moving towards the level of $46,700, at which the bulls will again begin to feel uncomfortable. Although this will allow trying to consolidate above the 200-day moving average, which can bring back many big players into the market. But don't underestimate the cunning market. There were similar attempts to return in January-February 2018, after the largest sale of bitcoin, and all these bull markets were engaged only in sucking in new "onlookers" who were sorry to earn extra money quickly, after which the largest plums took place. History will likely repeat itself this time as well, as everything points to just that.

If buyers do not consolidate above the 200-day moving average soon, which is just around $44,800, then it is better to postpone the purchase of bitcoin at the highs. A breakout and consolidation above the $46,700 level will provide excellent ground for further strengthening of the trading instrument in the area of the $52,000 and $58,000 highs. If the bulls fail to take the above level, a second instant sale to the $41,100, $36,700, and $33,300 levels is not ruled out.





Jakub Novak
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Did Bitcoin bulls take revenge? Key targets on the road to all-time high

Apparently, on-chain analyst Willy Woo was right in arguing that bitcoin bulls are accumulating positions to break the key resistance level of $42,000 per coin.

My instinct tht a breakout might occur on the weekend also did not disappoint, although this is more intuition than analysis results.

Nevertheless, the key resistance level of 41,980.24 is broken, surprisingly easily, by one bar and almost without a pullback. It even looks suspicious since the breakout occurred in the absence of strong positive drivers, or rather, even despite potential negative ones.

Against this background, many questions arise. Will the price roll back down to confirm the 41,980.24 mark as support? How soon will it reach all-time highs? And in general, will this breakout happen? We will unravel this tangle gradually, but first, let's look at the fundamental background.

The key driver that may affect the cryptocurrency market remains the US infrastructure bill. The debate on it continues, while a vote on it should take place on Tuesday. Under the bill, the authorities want to extract $30 billion in taxes from companies associated with the cryptocurrency industry. This caused a furor, raising the seriousness of the issue to such an extent that even US senators made amendments to change the wording of the bill.

As Tuesday approaches, market participants are likely to consider the likelihood of any outcome in the vote. Anything can happen in the cryptocurrency market, and it's worth keeping in mind. Against this background, quotes may be sensitive not only to news but also to rumors.

The second issue remains regulation. This is not a quick topic, and it is unlikely to rip the palm of urgency from the infrastructure law. However, the prospect that the US will take control of the cryptocurrency may be a bearish factor locally.

But you need to trade what you see, not what you know, so let's move on to the technical picture. It will now be a priority.

The 41,980.24 mark was broken, there was no rollback to it as such. Nevertheless, the next local level of 44,807.24 (red dotted line) was broken on the second attempt. Yesterday, the breakout was false, today it may turn out to be true. But the candlestick is not yet closed, which means that no final conclusions can be drawn yet. This means that if the breakout turns out to be false, there is a possibility of confirmation of support at 41,980.24, trading in the sideways at 41,980.24 - 44,807.24 for a certain period.

In fairness, it is worth noting an alternative scenario in case the breakout of the horizontal at 44,807.24 turns out to be false: a return under the level of 41,980.24. I would like to say that this is unlikely, but in the cryptocurrency market, you cannot doubt anything from happening.

Let's go further: where will BTC/USD move if the consolidation above the level of 44,807.24 occurs? Remember that history repeats itself, and we look at the levels that worked in a wide range of 41,980.24 - 64,883.36 from February to May. The next target is also marked with a red dotted line and is at 48,178.13.

And if bitcoin quickly or slowly but successfully passes these boundaries, it will be possible to talk about the psychological mark of $50,000 per coin and the next technical level of $52,000.

Then there will be only a couple of milestones to the historical maximum. We will consider them when it is relevant.

In the meantime, focus on the level of 44,807.24 (red dotted line) and the development of events around the infrastructure bill.







Ekaterina Kiseleva
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Bitcoin strong growth signaled

Bitcoin skyrocketed after retesting the broken resistance of 43,000. Now it is pressuring a dynamic resistance. The bias is bullish, so there's a big chance that BTC/USD will break the immediate resistance levels.

The price of Bitcoin has escaped from a major range signaling strong upwards movement ahead. Any temporary decline could help us to catch new long opportunities. Now it is too late to go long as BTC/USD is trading near resistance.


BTC/USD UP CHANNEL


Bitcoin has resumed its growth after retesting the 43,000 psychological level. It stands within an upward channel, so the bias is bullish. It's pressuring the fourth warning line (wl4) of a former descending Pitchfork.

Also, BTC/USD is likely to reach the 47,042.61 weekly R1 which is seen as resistance as well. Escaping from the range formed between 30,066 and 43,000 signals a broader upwards movement.


OUTLOOK
A retest of 43,000 was seen as a long opportunity. Actually, the major bullish candle signaled further upside continuation. The bias is bullish as long as it stays above the uptrend line, the channel's support.

Jumping and closing above the fourth warning line (wl4) signals potential further growth. Only false breakouts above it could signal a temporary decline.




Ralph Shedler
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Bitcoin is on the rise, Ethereum is gaining momentum, how soon can we expect Dogecoin to rise?



Bitcoin is inexorably soaring, having tested the level of $46,000 and returned to its May highs. Ethereum also takes off into space like a rocket after the launch of the London hard fork, the main altcoin is trading at $3,100. What can we say about Elon Musk's favorite crypto asset dogecoin?

What are the growth prospects for this meme asset at the moment? Altcoin shows excellent performance and has already gained 20% growth over the week. Now dogecoin is separated from the rapid growth and bullish movement by resistance, which is located at about $0.28.

After passing this level, the crypto asset will be able to return to the levels of $0.3 and go up, up to 50 cents per coin. At the moment, the number of addresses of dogecoin walking is significantly increasing. According to many analytical companies, the largest address that dogecoin stores has about 36 billion coins, which is almost 30% of all crypto coins.

It is still too early to talk about an upward trend for dogecoin and a repeat of its record highs, when it cost $0.7 after obvious promotional campaigns from Elon Musk and even rumors that the tech king will accept dogecoin as payment for Tesla cars. At the moment, the situation is still ambiguous, but there are already growth prospects.

Bitcoin is growing, and almost all altcoins are also following it up, the mood of investors is improving again, there are fewer one-day players and small speculators on the market, there is also no panic, which is a catalyst for growth. Dogecoin is a subject of demand among various corporations and global companies.

Many analysts believe that the crypto asset will grow intensively during the third and fourth quarters of this year. The bearish trend will be completely absorbed by the bullish trend, and the price of dogecoin will soon break the milestone of 50 cents, namely in the fall.

Well-known cryptocurrency investment analyst Forrest Przybysz said: "I was sure that dogecoin, like the rest of the altcoin market, would rapidly rush up. Although it is a very volatile asset and will have long-term stagnation and stagnation, namely, price growth, after which aggressive speculative pumping will follow, as it was previously."





Vitaly Kolesnikov
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for August 10, 2021

Crypto Industry News:
Cryptocurrency experts from the UK legal industry have announced the launch of Crypto Fraud and Asset Recovery (CFAAR), a network aimed at providing compensation for fraudulent activities related to cryptocurrencies.

The group is made up of a wide variety of professionals such as "Lawyers, Solicitors, Forensic Accountants and Asset Recovery Experts".

The launch of the CFAAR network is attributed to an increase in fraudulent activities related to theft, ICOs and ransomware attacks. With a unified approach from legal experts, the CFAAR team aims to "respond reliably and effectively" to crypto crimes and fraud, providing "the best possible means of redress".

The founding members of the UK cryptocurrency team are Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex.

While the network seeks more crypto experts input, she explained that she intends to be "the authoritative and independent voice in cryptocurrency-related judicial and regulatory reviews and consultations."


Technical Market Outlook:
The BTC/USD pair has made a new higher high at the level of $46,691 after the successful breakout above the supply zone located between the levels of $41,794 - $43,159. Now both of this levels will act as a technical support for bulls. The next target for bulls is seen at the level of $46,991, which is a 50% Fibonacci retracement of the last, big wave down started in April 2021. The immediate technical support is seen at the level of $45,043, the key short-term technical support is located at $42,704. The strong and positive momentum supports the short-term bullish outlook for BTC.

Weekly Pivot Points:
WR3 - $55,418
WR2 - $50,074
WR1 - $47,529

Weekly Pivot - $42,313
WS1 - $39,834
WS2 - $34,360
WS3 - $31,560


Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $47,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).






Sebastian Seliga
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for August 10, 2021

Crypto Industry News:
PayPal co-founder David Sacks recently warned that big tech companies and politicians are on the verge of creating a "no buy" list for controversial creators, platforms and companies. Cryptocurrency was invented in part to solve such problems.

While Sacks helped found PayPal as its COO and Product Manager, over the past year, he has begun outsourcing a number of platform restriction activities. Sacks reasonably explains why he is more than skeptical that these organizations are like regulators. Instead, it is clear to him that the ADL and the SPLC have become unscrupulous guerrilla political activists. He claims that "the definition of" hate group "is vague and ripe for abuse by those with a purpose. He further warned that harmless organizations such as religious freedom advocates and even electoral integrity activists are already falling into the trap of financial censorship.


Technical Market Outlook:
The ETH/USD pair has made a new higher high at the level of $3,200, but the move up is overstretched and the market conditions are extremely overbought. The next target for bulls is seen at the level of $3,498 and $3,552, but traders should expect some kind of pull-back first. The immediate technical support is seen at the level of $2,914 and $2,861. Strong and positive momentum supports the short-term bullish outlook for ETH.

Weekly Pivot Points:
WR3 - $4,076
WR2 - $3,643
WR1 - $3,334

Weekly Pivot - $2,889
WS1 - $2,597
WS2 - $2,147
WS3 - $1,835


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,000. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.






Sebastian Seliga
Analytical expert
InstaFintech Group © 2007-2021