Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 26 November 2019

Crypto Industry News:
Thai legislators plan to reform cryptocurrency regulations after expressing concerns that the country has become uncompetitive. As reported by the local English-language information service Bangkok Post, the Thai regulator, the Securities and Exchange Commission (SEC) wants to reconsider its cryptographic policy in 2020.

The reason, he says, is the poor use of the certification and licensing system by cryptocurrency companies. Since the entry into force last year, only five companies have completed certification, and only two of them have been launched. There are now corrections, but the SEC has not yet provided the exact details of changes to current practices.

"The regulatory body must be flexible to apply rules and regulations in line with the market environment. For example, legal provisions should not be outdated and should meet market needs, especially for new products with digital resources, and should be competitive in a global market," he said. Ruenvadee Suwanmongkol, Secretary-General of the SEC.

Thailand imposes severe penalties on those who try to sell digital tokens without proper SEC approval. These include possible fines of at least 500,000 baht ($ 16,540), as well as two-year prison sentences.


Technical Market Overview:
The ETH/USD pair has bounced from a new lower low at the level of $130.72 and the bulls had started the local corrective cycle. The bounce has been capped at the level of $151.37 which is the technical resistance now. The down move continues and there is no sign of reversal yet. The downside momentum is now increasing and the next target for bears is seen at the level of $120.00.

Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68

Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28


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 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 11.26.2019 - WEekly long term analysis, the level at $3.800 in play

Based on the weekly time-frame, I found that there is potential for the more downside and larger drop. I found very important Fibonacci expansion 61.8% at the price of $3.800 (main target).



MACD Oscillator is showing downside pressure in the background and it seems that there is no any reversal pattern yet to counter strong selling pressure.

Additionally, I found that BTC is trading inside of the downward channel and below the resistance trend line, which is another good confirmation for our short bias.

Resistance levels are set at:
$7.700
$9.850




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

[IFX_Selena]

Technical Analysis of BTC/USD for 27 November 2019

Crypto Industry News:
The three Red Cross national units - the largest donor of humanitarian aid after the United Nations - support a currency program based on Blockchain technology, aimed at increasing aid delivery and boosting local economies.

According to press publications, the Red Cross associations in Norway, Denmark and Kenya have launched a two-year plan to replace the supply of cash and coupons as part of assistance and development efforts with local currency based on Blockchain.

As noted in the publication, the Red Cross is currently giving away $ 1 billion a year for cash and coupons that are intended to help in case of disasters or to stimulate local economies. It has been found that the new Blockchain program, which has already been tested in some regions of Kenya and Ethiopia, improves trade in poor communities, enabling local users to earn loans created from work, sales or assistance and spend them through the mobile application underlying transactions recorded on Blockchain.

A representative of the Danish Red Cross said the system has similarities to the successful M-Pesa mobile money transfer system in Kenya but does not require users to own the national currency fiat.

The system will be extended to all of Kenya, and in the future, it can be implemented in Malawi, Myanmar, Zimbabwe, Cameroon and Papua New Guinea, with a target of 320,000 users in two years. Paula Gil, a humanitarian consultant in Geneva, said she believes Blockchain technology will revolutionize the delivery of aid and represent the future of the sector.

Grassroots Economics founder Will Ruddick pointed to the low costs needed to run the program, about $ 40,000 a year needed for servers and support in Kenya, as well as an initial $ 1 million for initial funding from Norway and other entities.


Technical Market Overview:
The BTC/USD pair has been consolidation over the past 24h in a narrow range between the levels of $6,986 - $7,234. The market continues the move lower after the corrective cycle is completed. There is no sign of any reversal yet. The nearest technical resistance is seen at the level of $7,234 and the next target for bears is seen at the level of $6,345 and $6,000.

Weekly Pivot Points:
WR3 - $9,581
WR2 - $9,033
WR1 - $7,830

Weekly Pivot - $7,282
WS1 - $6,055
WS2 - $5,531
WS3 - $4,254


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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 27 November 2019

Crypto Industry News:
Bran Cohen, best known as the author of the BitTorrent peer-to-peer (P2P) protocol, expressed his opinion on some of Vitalik Buterin's opinions on the state of cryptocurrency technology.

On November 25, Cohen, also the current CEO of the Chia network, explained in a Twitter thread why he considers many of Vitalik's opinions - expressed in a blog post about so-called "difficult cryptocurrency problems" - to be wrong.

Cohen started with a few pushes on Vitalik's views on Blockchain sharding and scalability, where co-founder Ethereum notes that fully sharded Blockchain was still not visible in action, except for the partially broken Zilliq, which had recently started working.

Cohen wrote that sharding is not the only option to solve Blockchain scalability. He points to networks of payment channels, which according to him are "more attractive" and become "something real".

"What Ethereum proposes for sharding spoils this even more, essentially requiring miners to have all the shards, which ... is not a division, but redefines the" full knot "so that it means less than before," he adds.

Ethereum decided on its ASIC-resistant Ethash algorithm (PoW) at the beginning of 2015, which, according to Vitalik, proved to be extremely effective in ASIC resistance. However, Vitalik's view of ASIC-resistant PoW is that there is a growing consensus that ASIC-resistant algorithms have a limited lifetime and that ASIC-resistance has flaws because they make attacks 51% cheaper.

Cohen seems to agree and calls ASIC PoW resistant both an unreal dream and a bad idea. He claims that a much better idea is to be friendly with ASICs, because "ASIC resistance simply creates greater centralization around production when it inevitably fails."


Technical Market Overview:
After the bounce from a new lower low at the level of $130.72, the ETH/USD pair has been consolidating in a narrow range because the bounce has been capped at the level of $151.37 which is the technical resistance now. Nevertheless, the down move should resume soon and there is no sign of reversal yet. The downside momentum is now increasing and the next target for bears is seen at the level of $120.00.

Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68

Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28


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 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 11.27.2019 - Potential end of the upward ABC correction, watch for downside

BTC has been trading upside in recent 24h but there is still chance for more downside. Important resistance pivots are set at $7.400 and $7.700. Watch for selling opportunities near resistance levels with the downward target at the price of $6.545.



MACD oscillator did have strong momentum in the background and that is why I still expect further downside after potential ABC upward correction.

Support levels are set at the price of $6.870 and $6.545.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 28 November 2019

Crypto Industry News:
The Indian government is working on the national Blockchain strategy, which will aim to expand the use of this technology in the country. As reported by the India Times, the Indian Ministry of Electronics and Information Technology (MeitY) said it recognizes the potential of Blockchain technology and the need to develop common infrastructure to address related use cases. The ministry added that it is working on a "Blockchain Framework at the national level".

The Minister of State for Human Resources Development, Communication, Electronics and IT, Sanjay Dhotre, noted, inter alia, the possibilities and potential of Blockchain in sectors such as management, banking, finance and cybersecurity.

There have been reports before that the Indian state of Tamil Nadu is working on a state-level policy regarding Blockchain technology and artificial intelligence. Tamil Nadu's Blockchain and Artificial Intelligence regulations are expected to lay down basic principles on how the government can apply new technologies to provide services and address management issues.

Earlier this year, the state of Telangana in southern India also released a project of Blockchain policy initiative that aimed to establish an ecosystem for startups and Blockchain research institutes. The initiative is particularly focused on projects aimed at developing Blockchain applications for the banking and financial sector, pharmaceuticals, logistics and solutions for governmental sectors.

Although India may be pro-Blockchain, their attitude to cryptocurrency is definitely hostile. In July, the Indian government proposed a bill entitled 'Cryptocurrency banking and regulation of official digital currencies', which aimed not only at a total ban on the use of cryptocurrencies in India, but also the introduction of a 'Digital Rupee' issued by the country's central bank, Reserve Bank of India


Technical Market Overview:
The BTC/USD pair has made another leg to the upside after the local correction had been completed with a low located at the level of $6,821. The new local high was made at the level of $7,616 which is above the key technical resistance located at the level of $7,234. Please notice, the move up is in three waves only, so it is a typical corrective wave to the upside which should be only a local correction. When the correction is completed, the market will resume the downtrend.

Weekly Pivot Points:
WR3 - $9,581
WR2 - $9,033
WR1 - $7,830

Weekly Pivot - $7,282
WS1 - $6,055
WS2 - $5,531
WS3 - $4,254


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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 28 November 2019

Crypto Industry News:
One of South Korea's major cryptocurrency exchanges - operated by a subsidiary of the Korean technology giant Kakao - notified users of the theft of 342,000 Ethereum from a hot wallet. The incident was confirmed in an official statement by Lee Seok-woo, CEO of Upbit operator Dunam.

In his statement, Lee Seok-woo revealed that:

"At 13:06 November 27, 2019, 342,000 ETH (about 58 billion won) was transferred from Upbeat Ethereum Hot Wallet to an unknown wallet. The unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029," we read.

Apologizing to users for any "inconvenience" arising, the CEO outlined the measures that the stock exchange took after detecting the incident, while not calling it "hacking."

The stock exchange is committed to protecting user assets by stating that ETH 342,000 (approximately $ 50 million) will be covered by corporate funds. Resuming deposits and withdrawals will take at least two weeks - Lee Seok-woo promises to inform users as soon as they are re-opened.

The director-general also pointed out that all other recent large-scale transfers were not abnormal but were related to the transfer of stock exchange assets between hot and cold portfolios.


Technical Market Overview:
The ETH/USD pair is currently testing the key technical resistance located at the level of $152.28 and even a new local high was made at the level of $154.78. Nevertheless, the move upwards was made in three waves only, so it looks like a typical simple corrective move during a downtrend. When the correction is terminated, the market should resume the downtrend. The key short-term support is seen at the level of $136.98.

Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68

Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28


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 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 11.28.2019 - End of the upward correction and bear cross on intraday Ichimoku

BTC has been trading sideways at the price of $7.396. Anyway, I see potential for the end of the upward correction (ABC) and potential beginning of the new downside leg. Watch for selling opportunities.

Ichimoku analysis:


15M time-frame

The price just crossed below the Ichimoku cloud on the 15M time-frame, which is sign that sellers took control from buyers. Intraday support levels are set at $7.306 and $6.800. The 15MIN time-frame produced sell signal.

H4 time-frame

Based on the 4H time-frame, the price reached Ichimoku cloud but the overall trend is still bearish. My advice is still to watch for selling opportunities with the targets at $6.800 and $6.450.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 29 November 2019

Crypto Industry News:
Kraken, one of the largest and oldest Bitcoin exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining the SEN, the US cryptocurrency market enables its clients to deposit and withdraw US dollars from Silvergate accounts without charge, the company announced.

According to the announcement, the deposit process will vary depending on whether Kraken users have a Silvergate account. If they have a Silvergate account, Kraken users will simply need to enable SEN funding on their Kraken account before using this option. Those who do not have a Silvergate account will need to submit a separate application to the bank.

Silvergate Capital is a commercial bank based in California that focuses on businesses with digital currencies. SEN Silvergate is a network of cryptographic exchanges and investors that enables transactions in US dollars between network members.

Silvergate's clients include crypto exchanges, miners and trustees. A cryptocurrency friendly bank increased the number of customers using digital currencies from 655 from June 30, 2019 to 756 on September 30, 2019.

In August 2019, the SEN added another important partner, the Gemini Stock Exchange, founded by the Winklevoss brothers, thus enabling faster transfers in US dollars. Earlier this month, Silvergate Bank introduced its shares to trading on the New York Stock Exchange under the symbol NYSE: SI.


Technical Market Overview:
Since the new local high on the BTC/USD was made at the level of $7,616 which is above the key technical resistance located at the level of $7,234, the market has entered a sideways trading phase. The range has been established between the levels of $7,313 - $7,616. Please notice, the move up is in three waves only, so it is a typical corrective wave to the upside which should be only a local correction. When the correction is completed, the market will resume the downtrend.

Weekly Pivot Points:
WR3 - $9,581
WR2 - $9,033
WR1 - $7,830

Weekly Pivot - $7,282
WS1 - $6,055
WS2 - $5,531
WS3 - $4,254


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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 29 November 2019

Crypto Industry News:
Leading cryptocurrency exchange Binance announced in its blog that it has started working with the TravelByBit crypto startup to introduce a reward card that facilitates cryptocurrency payments on major travel websites.

According to the announcement, the card will work like a traditional prepaid card with access to additional rebates and rewards, which users will be able to load using Bitcoin, Binance USD, Binance Coina and Ontology.

The card will be issued at the beginning of next year and will initially be addressed to travelers in the Association of Southeast Asian Nations, Australia and Europe, with plans for gradual expansion.

The service will allow customers to book flights and hotels through major websites, including Booking.com, Expedia, Agoda and Ctrip, as well as their own TravelByBit platform.

TravelByBit is not the first service enabling users to travel thanks to cryptocurrencies. Recently, there have been reports that the Travala cryptocurrency booking company has announced that it will now allow its clients to book any hotel that can be booked via cryptocurrency via Booking.com.

Earlier this summer, the co-founders of the Scandinavian air carrier Norwegian Air announced plans to launch their own cryptocurrency exchange, which will then make it easier for the airline to accept cryptocurrency payments.


Technical Market Overview:
The ETH/USD pair is currently testing the key technical resistance located at the level of $152.28 and even a new local high was made at the level of $154.78. Nevertheless, the move upwards was made in three waves only, so it looks like a typical simple corrective move during a downtrend. When the correction is terminated, the market should resume the downtrend. The key short-term support is seen at the level of $136.98.

Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68

Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28


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 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 wave down.






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