Cryptocurrency Analysis

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XRPUSD strength into resistance.

XRPUSD has broken above the $1.20-$1.25 resistance and is heading towards the next upside target and major resistance of $1.35. Breaking above these resistance levels is key for the medium-term targets.



Red line - resistance (broken)

Blue lines- Fibonacci extension targets

XRPUSD has broken the downward sloping resistance trend line and is moving higher. Our next upside target is at $1.35 where we also find the recent highs after the low of $0.50. Short-term trend is bullish. The recent low at $1.04 could prove to be a major low if price breaks and stays above $1.35. If this happens, then we should be expecting a higher high above the 2021 highs.





Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

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SEC to tighten control over cryptocurrencies



Bitcoin, which broke the upward trend line a couple of days ago, has not managed to start a new downward movement. Although it would seem, almost all factors spoke in favor of this, and the lack of fundamental support and technical signals. And yet, even with such a set of reasons, the sellers did not want to join the fight. Thus, at the moment, bitcoin prices have returned to the level of $50,300, but so far haven't consolidated above it. A "double top" pattern may form soon, and a possible downward movement has not yet been canceled. However, we still have to admit that the bears are extremely weak now, and without bitcoin sales, there will be no decline in it.

Meanwhile, US Securities and Exchange Commission Chairman Gary Gensler once again stated that cryptocurrencies need strict regulation. According to him, "finance is trust," so all market participants should feel secure. Digital assets must also meet the standards for protecting investors and combating illegal activities, just like other financial assets. Thus, it can be assumed that the regulation will be further tightened in the United States. Recall that a new tax legislation may soon be published as part of the "infrastructure package," which will impose income taxes on cryptocurrency transactions, and all financial institutions that provide services for digital assets will have to provide all the necessary information about their customers on demand. Simply put, it will no longer be as easy as before to buy and sell bitcoin, as well as other cryptocurrencies.

Of course, this does not apply at all to small and private investors who can independently buy and sell cryptocurrencies from hand to hand or through specialized exchanges located anywhere, and not necessarily in the United States. However, for large and institutional investors, this may mean a decrease in the attractiveness of bitcoin as a means of investment. Although, as we have said more than once, the most important thing for bitcoin is the faith of market participants in its further growth. If this belief is there, then the first cryptocurrency can easily grow to $100,000 per coin. But we are still counting on a new round of decline.



Technically, bitcoin continues to be in an upward trend on the 4-hour timeframe, although the consolidation below the upward trend line allows us to expect a certain fall. Bitcoin spent a little time below the Ichimoku cloud and the $47,500 level. Thus, now, rather, we can talk about the resumption of the upward trend, which still has no valid grounds and reasons. It is hoped that the price will bounce off the $50,300 level. In this case, a fall to the levels of $47,500 and $43,852 is possible.




Paolo Greco
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading Signal for RIPPLE, XRP, for September 02 - 03, 2021: Buy above $1.2695 (+1/8)



The daily chart of Ripple, XRP, shows a steady upward trend which has been in progress since July 21 when it cost 0.50 cents. Now its value has increased by more than 115% and it is likely to continue rising to the 1.3672 level.

The Ripple has been in a consolidation phase since August 15 when it reached the top of the main bearish channel which is projected from the high at 1.9566. The crypto has been trading below this level between 1.27 and 1.07 oscillating within this range.

The technical outlook for XRP remains optimistic as the eagle indicator that measures the volume and strength of the market is showing a bullish signal. Therefore, a break above 1.2695 and a consolidation in daily charts above this level will suggest a new opportunity to buy in Ripple with targets at 1.3672.

There is encouraging news about Ripple announcing a new development that could impulse XRP Ledger (XRPL) to challenge ETH and BSC in the field of smart contracts.

The SMA of 21 is located at 1.1719, at the same level of the 8/8 of murray. It is acting as immediate support for Ripple. Hence, a correction towards this level will be a good opportunity to buy with targets at 1.2695 and 1.3672.

For a change in trend, a sharp break of the bullish channel should occur as well as a consolidation below the 21-moving average, located at 1.1719. The price could fall to the 6/8 support around 0.9766 and a psychological level of 100.


Support and Resistance Levels for September 02 - 03, 2021
Resistance (3) 1.4160
Resistance (2) 1.3672
Resistance (1) 1.3184

Support (1) 1.2509
Support (2) 1.2207
Support (3) 1.1719


Trading tip for RIPPLE for September 02 - 03, 2021
Buy above +1/8 at 1.2695 with take profit at 1,3672 (+2/8), stop loss below 1.2300.

Buy if the crypto rebounds at 1.1719, with take profit at 1.2695 and 1.3672 (+2/8), stop loss below 1.1300.




Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin: Voila! Forecast worked out, update the targets

The technical analysis and forecast for bitcoin worked perfectly. BTC/USD rose in the range between the August 26 low and the August 23 high ($46,000 - $50,000 per coin). The main cryptocurrency has again hit the $50,000 mark.

Meanwhile, on-chain statistics show that the balance of bitcoins on the leading cryptocurrency exchanges is declining again. Recent reports from Glassnode show that there has been a massive outflow of BTC from Coinbase in recent days.

Now the level of the total bitcoin balance of the Coinbase crypto exchange has decreased to the lowest values since the end of 2017 and reached 700,000 BTC.

According to Coinbase, bitcoin has grown by almost 6% over the past day, but at the time of this writing, it has lost some of its positions, showing +4.93%. The market capitalization of the cryptocurrency reached approximately $940 billion.

BTC's dominance in the cryptocurrency market has jumped more than 2% in the last 24 hours. BTC now accounts for almost 44.8% of the total cryptocurrency market capitalization, up from 42.5% on Wednesday.

One of the main reasons for the latest bullish rally in BTC was the sharp increase in the exchange outflow of bitcoins.

The demand for the main cryptocurrency has grown significantly over the past 2 days due to the recent decline in the bitcoin supply ratio. More than 40,000 coins have been accumulated on large BTC addresses containing from 100 to 10,000 BTC over the past week.

The total number of active BTC addresses has skyrocketed in the past few days since the last price spike. Commenting on the activity of the Bitcoin network and the price dynamics of the main cryptocurrency, the Santiment network analytics platform noted:

"Bitcoin's long-awaited return to $50,000 is finally here, with good networking support. On Wednesday, the number of active addresses reached the 4th best day in 4 months, and the turnover of tokens reached the highest daily mark since the end of July. "

Now the main question that worries the market is where Bitcoin will go next and when such a long-awaited growth will begin. We will not abandon the technical analysis in this case as well. On the daily chart, a sideways trend is clearly visible between the August 26 lows and the August 23 highs: the corridor 46,299.48-50,513.53, marked with blue dashed lines. There are two scenarios here: an attempt to go up, consolidating above the psychological level of $50,000, or a rebound of bitcoin sideways down.

In the first case, the nearest target will be the zone of 52,000.18-52,929.55, and after passing through it, it will be possible to speak of growth to the historical maximum. But if BTC/USD turns sideways at 46,299.48-50 513.53 down, the consolidation before the next impulse may be delayed.






Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021

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On the cusp of a bull market: bitcoin overcomes $50K and moves towards final resistance at $51.2K

Bitcoin has been accumulating volumes for several weeks in a narrow range, limited by powerful support levels. At the end of last week, the cryptocurrency exited this area and again unsuccessfully tested the $50,000 milestone. As a result, since August 29, the coin has been trading inside a downward parallel channel, which was formed during a local correction. On September 2, BTC made a bullish breakout of the downward channel line and will soon approach the final bearish limit of $51,200.

Over the past day, the main crypto asset has risen by 5% and as of 14:00 UTC, it is quoted at $50,000. Now the coin is consolidating at an important psychological mark before the final assault on the resistance level at $51,200. There is an increase in the volume of daily trading, which has reached $40 billion, and the capitalization of the asset has approached one trillion. The two-hour dynamics of the price movement is near the zero mark, which indicates a local accumulation phase and a parallel consolidation at an important mark. Despite the powerful breakout, bitcoin is still inside the bearish trend, the upper line of which is at $51,200.

The cryptocurrency is confidently holding above $50,000, but the technical charts of the asset indicate signals to weaken after the breakout of the sales area. Over the past hour, the situation has stabilized, but there are no obvious bullish sentiments around bitcoin. The four-hour chart of the cryptocurrency shows the prospects of a successful consolidation above $50,000. This is evidenced by the MACD, which has left the red zone and confidently maintains its upward dynamics. At the same time, stochastic shows signs of a future reversal and weakening of the positions of buyers who are trying to push the price higher. The RSI indicator continues to be around the 60 mark.



On the daily chart, the first cryptocurrency also does not show a single bullish trend. The RSI indicator reached 65, which indicates a local increase in demand for the asset. Stochastic confirms this trend and also continues the upward movement. However, there are signs of weakness on the MACD, which indicate a period of consolidation. At the same time, there are prerequisites for the formation of a local bullish intersection, which are supported by other technical indicators. There was also a possibility of a hidden bullish divergence forming on the charts over the past few hours, but buyers pushed the price and the formation was not completed.



The on-chain analysis of cryptocurrency indicators also indicates the end of the accumulation period and the activation of users after the $50,000 breakout. The indicators of unique and active addresses in the bitcoin network have begun to grow, although a clear upward trend has not yet formed. An extremely important component of the future bullish rally of BTC is the fall of the 30-day MVRV. The indicator fell to 4%, which indicates the appearance of a significant layer of a new audience that has entered the asset and expects to make a profit. Thanks to this, the pressure associated with profit-taking has significantly decreased. Whales also demonstrated excellent activity, accumulating more than 40,000 bitcoins over the past week.





All major indicators point to a bull market approaching, with $51,200 being the last hurdle. The current indicators are still far from the peak values, and local weakening can become an obstacle on the way to a bullish breakout of the resistance level. However, there is no doubt that the market has activated and the accumulation phase is coming to an end and a bullish break of $51,200 will soon mark the beginning of a bull market.





Artem Petrenko
Analytical expert of InstaForex
© 2007-2021

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Vast Bank, now one of the first federally chartered US bank, will allow buying, storing and exchanging Bitcoin for fiat: Bitcoin crossed the $50,000 milestone



Vast Bank will provide an opportunity for its clients to buy, sell and store bitcoins directly on the client's current account.

Many analysts are already predicting a subsequent wave of bitcoin integrations to other banks in the United States of America. This is truly phenomenal news for the crypto market. Previously, historically, it happened that companies that were engaged in digital cryptocurrencies could not intertwine with the banking sector, and even more so that some federal banks would provide services related to cryptocurrency.

This is really a step in the right direction, and perhaps it is a turning point. This is a real merger of fiat funds and digital financial instruments.

Judith Rinearson, who is an expert who helps clients use cryptocurrency, said: "In the near future, it will be possible to see more American banks that allow you to buy and store cryptocurrency. The US National Bank has taken a very tough approach to regulating the cryptocurrency market."

Vast Bank is confident that if they move in the legal field and comply with all the requirements of the National Bank and the Securities and Exchange Commission, nothing will prevent them from developing in the cryptocurrency direction.



Brad Scrivener, CEO of Vast Bank, has always believed that the transition to cryptocurrency funds in the country's federal banks will be inevitable, and it's only a matter of time before it takes place. Supervision is very important to ensure the safe conduct of transactions and for innovative innovations.

Brad Scrivener also said that the bank is fully familiar with the regulation and is ready to comply with all their requirements and act openly and transparently to ensure the safety of the financial system.

According to the CEO of Vast Bank, more and more investors and owners of fiat wallets want to switch to cryptocurrency, but there is a catch in the decentralized blockchain, which can scare away many investors, since it is unregulated and carries much more risks than the national bank.

More than 50% of the presidents of the United States of America are interested in cryptocurrencies. Vast Bank sees this as a prospect to remain a relevant innovative bank in an ever-changing financial market. This may be the first step in the full implementation of cryptocurrencies in the country's federal banks.





Vitaly Kolesnikov
Analytical expert of InstaForex
© 2007-2021

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Raoul Pal believes that Bitcoin will cost $ 250-400,000 in 2022



Bitcoin, which broke the upward trend line a few days ago, never managed to start a new downward trend. Yesterday, the cryptocurrency also failed to break through its previous local high of $ 50,300, but this rebound, which could be interpreted as a "double top" pattern, most likely does not matter. This is because investors and traders have no desire to sell bitcoin at the moment. In this case, any pattern and any technical signal are irrelevant. Moreover, the price could not consolidate below the Ichimoku cloud twice. Therefore, Bitcoin has a good chance to further rise with the target of $ 51,350 per coin although the fundamental background remains extremely weak, or simply absent. Despite the fact that we have been waiting for a new round of Bitcoin's decline for a long time, there is no point in disputing that the bulls are currently dominating the market.

But, there is one question: What was seen last month is a new "bullish" trend or just a strong correction within a new downward trend? Former Goldman Sachs employee and now CEO of Real Vision, Raoul Pal believes this is a new bullish trend. He predicted that the price of the main digital asset will be 250-400 thousand dollars per coin next year, and the cost of Ethereum will rise to 20 thousand dollars per coin. According to Pal, America's high inflation will contribute to the growth of the Bitcoin rate. He also explained why Ethereum will continue to grow.

"The number of ETH coins is decreasing every day. Some of the altcoin coins are locked in DeFi and NFT. In such circumstances, only an exponential rise in price is possible", Raoul Pal said.

Thus, the long-term prospects for bitcoin probably remain really positive and pleasant. But in the near future, we do not see any good reasons for leaving the cryptocurrency above $ 50,000 per coin. At this time, the ascending trend line is broken, so it is possible that the instrument will consolidate for several weeks.



In technical terms, Bitcoin continues to be in an upward trend on the four-hour timeframe, although the price consolidation below the ascending trend line allows us to expect a certain decline. The first world's cryptocurrency spent a little time below the Ichimoku cloud and the level of $ 47,500. Thus, we can now talk about the resumption of an upward trend, which still has no valid grounds and reasons. It is hoped that the price will rebound from the level of $ 50,300 for the third time. In this case, it is possible to fall to the levels of $ 47,500 and $ 43,852. In any case, it will be possible to consider serious sales no earlier than breaking through the level of $ 46,600 (the last two local lows).





Paolo Greco
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for September 3, 2021

Crypto Industry News:
Last weekend at the international convention Market America Worldwide Shop.com 2021 (MAIC2021), e-commerce president Steve Ashley announced that Shop.com sites would accept cryptocurrencies via Bitpay. This means that Bitcoin, Ethereum, Bitcoin Cash, and several other digital assets can be used to purchase products through the Shop.com sites.

Steve Ashley, Shop.com president and chief operating officer said:

"Shop.com will offer Bitcoin, Ethereum, and several other cryptocurrencies via Bitpay. This option will be available on Shop.com sites around the world."

Shop.com is popular e-commerce all over the world. Shop.com is owned by Market America, an MLM company that was founded in 1992. Market America purchased Shop.com in late 2010.

"Countries like Taiwan, Thailand, Argentina, Brazil and Indonesia are very difficult to make payments. Credit cards are not everywhere, and in this region BitPay and crypto are the cheapest and fastest payment options," said Sonny Singh, Bitpay's commercial director.


Technical Market Outlook
The BTC/USD pair has been seen moving towards the last swing high and made a local high at the level of $50,337. The nearest technical resistance is seen at the level of $50,456 (last week high). The key short-term technical support is seen at $46,719 and $46,209 (last week lows). On the higher time frame chart than H4, the bulls are having problems with the level of $51,189, which is the 61% Fibonacci retracement of the whole move down.

Weekly Pivot Points:
WR3 - $54,910
WR2 - $52,718
WR1 - $50,895

Weekly Pivot - $48,630
WS1 - $46,765
WS2 - $43,987
WS3 - $42,007


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 $51,189, which is the 61% Fibonacci retracement of the whole move down. 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 of InstaForex
© 2007-2021

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Technical Analysis of ETH/USD for September 3, 2021

Crypto Industry News:
SEC president Gary Gensler calls for cooperation between Europe and the United States in the effort to regulate decentralized financial technologies.

Speaking to the Parliamentary Committee on Economic and Monetary Affairs on September 1, Gensler stressed the role that financial technologies play in globalizing economic flows and weakening isolated national markets:

"I think the transformation we are going through now could be as big as the internet in the 90s."

Valued at $ 2.1 trillion, Gensler stressed that cryptocurrency markets are a "truly global" asset class, adding: "It has no limits or restrictions. It works 24 hours a day, 7 days a week. "

The chairman of the SEC stressed the need to develop a strong public policy framework to balance the promotion of innovation in digital assets and decentralized finance with strong investor protection.

Gensler stressed that DeFi platforms "provide direct access to millions of investors" without the presence of a public-protocol broker, but pointed out that there was a high risk involved. He said DeFi and cryptocurrencies "abound with fraud and abuse." He also pointed out that in the absence of "clear investor protection obligations on these platforms", investors become extremely vulnerable to the above.

The head of the SEC also highlighted concerns about stablecoins, estimating that nearly three-quarters of the cryptocurrency trading volume is made up of pairs in which stablecoins are involved.


Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $3,843 and is currently consolidating the recent gains around this level. The next target for bulls is seen at $4,000 and $4,204, but the market conditions remains overbought. The nearest technical support is seen at $3,596, but the intraday support is seen at $3,708. The short-term outlook remains bullish with a typical pull-back here and there along the way up.

Weekly Pivot Points:
WR3 - $3,712
WR2 - $3,560
WR1 - $3,379

Weekly Pivot - $3,218
WS1 - $3,063
WS2 - $2,891
WS3 - $2,721


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550,. 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 of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin: Crypto bulls have 3-6 months before upside rally ends

Bitcoin's attempt to take the level of $50,000 per coin has not yet been successful. However, the market has not yet closed, and the weekend is ahead - days when, according to observations, breakouts happen.

Against this background, the previous forecast about the two scenarios does not lose relevance. Either BTC/USD will come out of the sideways upward, consolidating above the psychological level of $50,000, or it will go down in the sideways downward.

In the first case, the nearest target will be the zone of 52,000.18 - 52,929.55, and after its passage, it will be possible to talk about growth to a historical maximum. But if BTC/USD turns around in the sideways 46,299,48 - 50,513,53 down, consolidation before the next impulse may be delayed.

While we are waiting for clarification on this issue, let's see what influencers think about the future of Bitcoin and the bull market of cryptocurrencies.

For example, Lark Davis, a long-term bitcoin investor, notes that the bullish euphoria is likely to end in a few months. But the next bearish stage in the market will be less severe.

Davis believes the bitcoin bulls have three to six months left before the upside rally ends. He draws such conclusions based on previous observations and the growing maturity of the cryptocurrency markets.

The investor notes that as markets become more mature and resilient to manipulation, cycles lengthen and returns become less and less impressive. Against this backdrop, bearish periods and phases of accumulation are also shrinking. As more and more money flows from traditional to digital, the next bearish phase will be different from the 2018 crypto winter.

Meanwhile, Euro Pacific Capital CEO and gold aficionado Peter Schiff criticized Bitcoin for losing market share.

It's worth noting that at the end of December 2020, Lunarcrush announced Schiff as the second-largest Bitcoin influencer.

On his Twitter, Schiff wrote that the flagship cryptocurrency is losing dominance, as it has to compete for market share with almost 12,000 other cryptocurrencies.

Therefore, Schiff believes that the supply of altcoins will ultimately surpass any current demand.

In another tweet, the investor admitted that Bitcoin has been beating gold for the past 10 years. Not only gold, but bitcoin has surpassed all other traditional asset classes in the same period. But that doesn't prove that BTC is better than gold, stocks, real estate, or any other asset that it has outperformed in profitability.

Bitcoin is really growing less now than ether, but it is unlikely that the second cryptocurrency will be able to outshine it in the near future. As for other altcoins, JP warned investors that their rally is now making the market more dangerous and foamy.






Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021