Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for September 02,.2020 - Creation of the C leg is active with potential for drop towards $10.575

Further Development



Analyzing the current trading chart of BTC, I found that BTC is in creation of the C leg and it is probably heading towards the support cluster at $10,765 and $10,575

Key Levels:

Resistance: $12,000

Support levels: $10,765 and $10,575




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 02 September 2020

Crypto Industry News:
Three of the "big four" Australian banks are forming a new organization called Lygon to digitize bank guarantees using blockchain technology. Bank guarantees are a formal contract between a debtor and a financial institution. It assures the debtor and the lender that the debt will be paid on time under all circumstances.

Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and Westpac Banking Corporation, along with two other shareholders - Australian shopping malls company Scentre Group and technology behemoth IBM - form the company after a successful pilot last year.

The last of Australia's four largest banks, National Australia Bank, also tested the technology last year, but pulled out of the project in the wake of the ongoing coronavirus pandemic, Financial Review reports on September 1.

Lygon's main goal is to digitize commercial rental guarantees to save commercial owners the time and costs associated with operational processes, while at the same time providing security for small businesses in the short term, said Lygon CEO Nigel Dobson.

Bank guarantees today are entirely paper-based and can take several weeks to prepare and deliver. Five Lygon backers intend to use IBM Hyperledger technology to digitize bank guarantees and make issuing them a one-day process. The company is expected to start operating in September.


Technical Market Outlook:
The BTC/USD pair has been capped at the technical resistance seen at the level of $12,004, but the short-term up trend should continue. The recently violated level of $11,785 will now act as an intraday technical support for the price. The momentum is strong and positive, so the bulls are now in control of the market. The key supply zone is still located between the levels of $12,269 - $13,429 and only a clear breakout through this zone will be seen at an end of the corrective cycle. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $12,658
WR2 - $12,221
WR1 - $11,935

Weekly Pivot - $11,435
WS1 - $11,232
WS2 - $10,778
WS3 - $10,510


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 02 September 2020

Crypto Industry News:
As announced in April, Binance has launched the main network of its Smart Chain blockchain with support for smart contracts, operating in parallel with Binance Chain. Binance Smart Chain comes with an Ethereum Virtual Machine compatible environment that allows Solidity developers to move to the new chain without much hassle. The new blockchain will be interoperable with Binance Chain. Binance DEX will also remain in place.

Binance promises the blockchain will have cheap transaction fees "as low as 1 cent" and a 3-second blocking time. Blockchain uses a variant of Delegated Proof of Bid called Proof-of-Staked-Authority. The more BNB is owned, the more votes each participant has - which would naturally favor Binance.

Several DeFi projects in Ethereum (such as Aave, 1inch, and dForce) are reportedly working on creating new protocols in the chain. Binance has never tried to hide its DeFi ambitions, often pushing for BNB to be adopted as a backing asset in non-Ethereum protocols such as Equilibrium and Kava.

The lack of easy interoperability and strong market demand meant BNB largely remained excluded from the main DeFi scene on Ethereum. The launch of the Smart Chain appears to take the opposite approach - instead of bringing BNB to DeFi, the company is trying to move DeFi to BNB.

It remains to be seen whether the ecosystem will be able to compete with Ethereum's significant network effects despite its promise of a faster blockchain and direct support. Meanwhile, Binance has started to open up to DeFi on its main exchange, offering tokens like DAI, Wrapped BTC, and newly released projects like yEarn.


Technical Market Outlook:
The ETH/USD continues to move higher towards the first target seen at the round level of $500. The recent high has been made at the level of $487.85 as the price has broken out of the parallel channel. The zone between the levels of $442.93 - $447.26 will now act as a demand zone for bulls. The momentum is strong and positive, so it supports the short-term bullish outlook.

Weekly Pivot Points:
WR3 - $507.05
WR2 - $468.00
WR1 - $450.50

Weekly Pivot - $409.09
WS1 - $391.88
WS2 - $350.52
WS3 - $335.87


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for September 01,.2020 - BTC is heading towards our upside target at $12.435

Further Development



Analyzing the current trading chart of BTC, I found that BTC is heading upside towards our target at $12,435 as I alerted yesterday.

Due to strong upside breakout of the multi day balance, my advice is to watch for buying opportunities on the dips with target at $1,435.


Key Levels:

Resistance: $12,435

Support level: $11,550



Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 01 September 2020

Crypto Industry News:
The number of Ethereum options grew by 230%, reaching $ 393 million in the last three months. While this is an impressive number, it does not fully reflect the possibility of using derivatives.

The first thing to note in the context of the current ETH options market are the most common strike levels. It is worth noting, however, that this information does not give a clear picture of whether options are mainly used to enforce pro-growth or downtrend strategies.

Overall, a chart heavily packed with "strikes" below the current market level indicates that either investors have been surprised by the recent increases in the ETH price, or fewer investors are now sharing the optimistic sentiment.

According to the above data, we are currently dealing with 535 thousand. Ether option, with strikes of $ 380 and below. On the other hand, only 243k options are available. ETH at $ 425 or higher. This can be partly explained by the 68% increase in the price of the cryptocurrency to the $ 400 level that occurred at the end of July, although this is not necessarily a positive indicator.

It should be noted that, unlike futures, options are divided into two segments. Call options allow the buyer to purchase Ether at an agreed price on the expiry date. On the other hand, the seller of the instrument will be required to make a sale.


Technical Market Outlook:
The ETH/USD had broke through the swing high located the level of $447.26 and continued to move higher. The recent high has been made at the level of $465.65 as the price has broken out of the parallel channel. The zone between the levels of $442.93 - $447.26 will now act as a demand zone for bulls. The next target for bulls is seen at the round level of $500.

Weekly Pivot Points:
WR3 - $507.05
WR2 - $468.00
WR1 - $450.50

Weekly Pivot - $409.09
WS1 - $391.88
WS2 - $350.52
WS3 - $335.87


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 01 September 2020

Crypto Industry News:
Carylyne Chan, CoinMarketCap's director of strategy and acting CEO, is leaving a well-known cryptocurrency data site along with two of her colleagues, Jeremy Seow and Spencer Yang.

Chan, who has been with CMC since January 2018, publicly announced her departure on August 31. She took over as interim CEO shortly after Binance's acquisition of CMC in April this year. Seow has been Vice President of Products for CMC since June 2019, the same month that Yang joined as VP Operations, Growth and Revenue.

Chan said she was leaving the company in the hope that the CMC would play a more prominent role in cryptocurrency education. The cornerstone of the strategy she developed for the closest function was "CMC Alexandria", the new CMC education section, which aims to educate newbie's in cryptocurrency.

Chan has outlined her vision of cryptocurrency as a collaborative and community-led "revolution" that still requires considerable efforts before it can break through and "cross the gap" for universal use.

"In addition to shedding light on the complex inner workings of cryptocurrencies, I believe we need to do a lot more to facilitate the actual use of this technology. We have all known for some time that better user experiences and simplified interfaces and products will be key to accelerating cryptocurrency adoption." Chan said.

In her letter to the CMC community, Chan noted that she personally hired and trained over a quarter of the nearly 50-strong CMC team. In the spring of 2019, CMC launched two cryptocurrency reference indices on the Nasdaq, Bloomberg and Refinitiv (Thomson Reuters) platforms as part of the site's efforts to transfer cryptocurrency asset data to mainstream platforms.


Technical Market Outlook:
The BTC/USD pair keep on rallying towards the next technical resistance seen at the level of $11,855. The recently violated level of $11,765 will now act as a technical support for the price. The momentum is strong and positive, so the bulls are now in control of the market. The key supply zone is still located between the levels of $12,269 - $13,429 and only a clear breakout through this zone will be seen at an end of the corrective cycle. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $12,658
WR2 - $12,221
WR1 - $11,935

Weekly Pivot - $11,435
WS1 - $11,232
WS2 - $10,778
WS3 - $10,510


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for August 31.2020 - Breakout of inside days to the upside. Potential for test of $12.235

Further Development



Analyzing the current trading chart of the BTC, I found that BTC did break multi-day balance resistance at $11,570 and that is heading towards the upper reference at $12,235




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 31 August 2020

Crypto Industry News:
Taras Kulyk, senior vice president of Blockchain Business Development at Core Scientific, says countries competing to become blockchain leaders vary greatly in what they can offer cryptocurrency miners.

In one interview, Kulyk stated that global hashrate diversification is increasing as countries around the world compete for control of the cryptocurrency mining industry. Kulyk believes China is a desirable cryptocurrency mining hub due to the specific factors it enjoys, notably low labor costs, unit access, and reduced energy cost during the rainy season, but explained:

"One of the major economic problems that led to the recent government repression is the theft of power, which local politicians then have to stop. Another key economic problem causing regulatory uncertainty is capital control issues. Both of these factors have made the current regulatory environment in China uncertain. for digital mining companies. The turmoil at the highest political level in any country or jurisdiction is likely to cause current operators to cut planned capital expenditure or, worse, to shut down and relocate. "

Cryptocurrency mining "is extremely capital intensive, he pointed out, which means operators require stability over a long period of time to ensure capital recovery and return on investment." He also warned that political unrest "could disrupt this much-needed stability."

Kulyk pointed out how the new regulations affected competitors in individual countries such as Iran, Ukraine, Canada and Kazakhstan:

"Overall, we are seeing the regulatory burden of digital mining diminishing as it is increasingly seen as a way to revive the assets of the expiration industry to make them useful in the 2.0 technology economy. Governments are turning to their regulatory policy, in particular by making its policy more favorable to mining, in order to gain a competitive advantage over other players in the mining industry. "

With the advent of clarity on cryptocurrency mining legislation, Kulyk believes that "we will continue to watch institutional investors allocate portfolio space to leaders in the field," and concluded that:

The stronger the leadership team and the transparency of ownership and operations, the more likely the company will be a target for investors looking to engage in digital mining.


Technical Market Outlook:
The ETH/USD had broke through the trend line resistnace around the level of $387 and continued to move higher. The recent high has been made at the level of $429.90, just below the technical resistance located at the level of $430.71. The zone between the levels of $407.03 - $414.11 will now act as a demand zone for bulls. The key technical restance is seen at the level of $447.26 (this year's high). The weekly trend remains up.

Weekly Pivot Points:
WR3 - $507.05
WR2 - $468.00
WR1 - $450.50

Weekly Pivot - $409.09
WS1 - $391.88
WS2 - $350.52
WS3 - $335.87


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 31 August 2020

Crypto Industry News:
According to the media, several federal agencies such as the US Food and Drug Administration (FDA) and the Department of the Treasury have started using blockchain.

US Food and Drug Administration officials needed an effective way to help them track data on the H1N1 swine flu virus, which started spreading again in 2017. Of course, US Food and Drug Administration officials have found no better way than adopting blockchain technology.

Henry Francis, associate director of data mining and computing evaluation and research at the FDA's Drug Evaluation and Research Center, successfully developed a blockchain-based application that automatically enables them to obtain real-time encrypted data from multiple sources. Francis explained that the Application for Portable Interactive Devices (RAPID) program is one of the first full-blown blockchain implementations in the federal government, and interest in the technology is growing.

The Treasury Department's Office of Innovation and Financial Transformation, or FIT, has also turned to blockchain. The first application was used for tracking mobile devices, and the second was for managing software licenses. FIT also tested whether blockchain use can improve grant payment processes in collaboration with the National Science Foundation.

The Department of Health and Human Services (HHS) also uses distributed ledger technology to increase its mass purchasing power, reduce reporting burden, lower costs for industry partners and improve record keeping of supplier transactions.


Technical Market Outlook:
After the BTC/USD bounced from the demand zone located between the levels of $11,062 - $11,220, the channel has been violated as well. The bulls has resumed the local up trend from the oversold market conditions as they do not want to lose the $11,000 support. The nearest technical resistance is seen at the level of $11,646 and the key short-term technical support is seen at the level of $11,062. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $12,658
WR2 - $12,221
WR1 - $11,935

Weekly Pivot - $11,435
WS1 - $11,232
WS2 - $10,778
WS3 - $10,510


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 28 August 2020

Crypto Industry News:
Lazarus, a hacker group purportedly backed by North Korea, is now reportedly targeting cryptocurrency and Blockchain talents via the professional social network LinkedIn.

According to a report by Finnish cybersecurity and privacy company F-Secure, the latest Lazarus attack was made via a cryptocurrency-related job advertisement on the site. Their investigation revealed that a person working in the Blockchain space received a phishing email that mimicked a legal Blockchain job offer.

The message contained an MS Word document titled "BlockVerify Group Job Description" which, when opened, launched malicious code.

F-Secure discovered that the document had the same names, authors, and word counts as publicly available code from the main security website, VirusTotal. According to VirusTotal data, the original malicious macro was created in 2019 and reported by 37 antivirus engines.

The purpose of this malware was mainly to retrieve login credentials and provide access to the victim's network, and ultimately reach the system required to steal the cryptocurrency.

In the report, F-Secure indicated that the interests of the Lazarus group reportedly coincide with the interests of the government of the Democratic People's Republic of Korea (DPRK). According to the company, DPRK's cyber operations are likely to target organizations and companies outside the cryptocurrency industry as well.


Technical Market Outlook:
The BTC/USD pair had bounced from the demand zone located between the levels of $11,062 - $11,220, but keeps trading inside of a descending channel. The bulls keep trying to resume the local up trend from the oversold market conditions as they do not want to lose the $11,000 support. The nearest technical resistance is seen at the level of $11,484, which is the rally high and the level of $11,220 will act as a support from now. The key short-term technical support is seen at the level of $11,062. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $13,245
WR2 - $12,828
WR1 - $12,122

Weekly Pivot - $11,728
WS1 - $11,022
WS2 - $10,628
WS3 - $9,978


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.





Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020