Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 17 April 2020

Crypto Industry News:
Google recently removed 49 phishing extensions from Google Chrome. The removed extensions include those that were directed to the owners of hardware wallets produced by Ledger, Trezor and KeepKey as well as users of the Jaxx, MyEtherWallet, Metamask, Exodus and Electrum software wallets.

Extensions caused users to enter the credentials needed to access the wallet - such as mnemonic phrases, private keys and key files - and sent them to hackers who could then steal cryptocurrencies in their wallets. Some extensions also had a fake five star rating in the Chrome extension store, but the reviews contained little or no information.

One of the extensions reportedly had the same review copied and pasted eight times by different users. This email provided an introduction to Bitcoin and explained why MyEtherWallet - the target wallet of the extension - was the preferred wallet option. It's worth noting that MyEtherWallet doesn't really support Bitcoin.

The study revealed 14 control servers behind all extensions, but the analysis revealed that some servers were managed by the same people and the oldest domain is connected to many other control servers. Denley then came to the conclusion that the same hackers are behind most extensions.

Some domains used in phishing campaigns were relatively old, but 80% of them were registered in March and April 2020. Most extensions were published in the Chrome store this month.


Technical Market Outlook:
The ETH/USD pair has been continuing the recent bounce, but was rejected at the technical resistance located at the level of $174.99. There was a Pin Bar candlestick pattern made at the top of the move and the market is currently consolidating the recent gains. The nearest support is seen at the level of $164.21. The key technical support remains at the level of $149.53, but is a case of a violation, the next support is seen at the level of $142.77. Any bullish attempt to rally is being used as a good chance to sell the ETH for a better price so far.

Weekly Pivot Points:
WR3 - $213.33
WR2 - $193.74
WR1 - $179.45

Weekly Pivot - $159.49
WS1 - $145.21
WS2 - $125.44
WS3 - $111.55


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

BTC analysis for 04.16.2020 - Very important pivot resistance at the price of $7.135 on the test, watch for potetnial rotation to the downside

News:


Key Takeaways
Binance enjoyed over 50% market share in spot trading for Q1 2020.

BitMEX still leads the derivatives market, but Binance has outperformed the former in terms of volume and is catching up in open interest.

Traders fleeing BitMEX could help Binance further eat into the former's market share.

BNB has not effectively captured value from Binance's sharp growth.

$12 Million Deal On DLT

Cargill Incorporated is an American privately held global corporation, whereas Agrocorp is a large International trade firm serving markets with globally sourced commodities. Both entities recently utilized the dltledgers blockchain platform to execute their first cross-continent commodity trade for $12 million worth of wheat.


Trading recommendation:
BTC has been trading upwards. The price tested the level of $7.135, which is strong multi pivot resistance. Watch carefully the price action around $7.15. I saw the initial rejection of the multi pivot resistance at $7.115, which may be indication of the potential downside rotation.


Trading recommendation:
Rejection of the key pivot at $7.135 can opens the the door for drop towards the levels at $6.557 and $6.500. In that case selling will be preferable.

Eventual upside breakout with strong momentum may open the door for test of $7.308 and $7.445 and in that case, the buying would be preferable..

Stochastic oscillator is showing overbought condition which is another sign of potential exhaustion from buyers.

Key multi pivot resistance level is set at the price of $7.135.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 16 April 2020

Crypto Industry News:
Amid the global COVID-19 pandemic and concerns about ongoing quarantine and rising unemployment, more and more people around the world are turning to cryptocurrencies, Russia is no exception.

Traffic on cryptographic exchanges in Russia in the last week of March 2020 increased by 5.56% compared to the February average, according to a study by Qrator Labs. The company has combined growing numbers with growing interest in currency markets. In addition, the report notes an increase in Russia's traffic on foreign currency markets by about 3%.

Growing traffic has emerged against the background of the first paid week off from work in Russia, which was originally scheduled for March 28 to April 5 to address the coronavirus epidemic. Ultimately, Russian President Vladimir Putin extended the national "non-working week" to 30 April.

In addition to the significant increase in cryptocurrency exchange traffic in Russia, Qrator Labs reportedly warned of a huge increase in DDoS attacks on cryptocurrency exchanges. According to the report, the number of DDoS attacks on cryptocurrency exchange platforms increased by as much as 486% over the same period.

Qrator Labs data on the rapid rise in cryptographic movement driven by coronavirus in Russia may provide additional evidence for the seemingly positive impact of a pandemic on global cryptographic markets. In March, interest in buying Bitcoins peaked in July 2019, according to Google search trend data.


Technical Market Outlook:
The ETH/USD pair has bounced from the level of $149.53 to test the key short-term technical resistance located at the level of $164.21. Despite the bounce, the bears are still in control over the market as the momentum is not increasing significantly. The next target for bears is seen at the level of $164.21. The key technical support remains at the level of $149.53, but is a case of a violation, the next support is seen at the level of $142.77. Any bullish attempt to rally is being used as a good chance to sell the ETH for a better price so far.

Weekly Pivot Points:
WR3 - $213.33
WR2 - $193.74
WR1 - $179.45

Weekly Pivot - $159.49
WS1 - $145.21
WS2 - $125.44
WS3 - $111.55


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 16 April 2020

Crypto Industry News:
The Federal Bureau of Investigation (FBI) has warned that fraudsters intend to trigger a wave of cryptocurrency fraud related to coronavirus.

According to the FBI, the threat is universal, tenacious, opportunistic and extremely dangerous. The problem is complicated by the fact that a growing number of buyers now accept crypto, we read about sharpening.

"Fraudsters are using increased fear and uncertainty during the COVID-19 pandemic to steal your money and wash it in a complex cryptocurrency ecosystem," and attack victims of all ages, says the FBI.

Agents are convinced that fraudsters will adapt their offer to the current situation, perhaps pretending that they are new remote employees collecting "donations" via email, equipment suppliers working outside of established e-commerce, and even as "charities" that accept cryptocurrencies, which is a significant red flag.

Scams can also occur in more traditional methods, such as blackmail, but with a "twist": the scammer threatens to "infect you and / or your family with a coronavirus, unless payment is sent to the Bitcoin wallet."

Agents advise Internet users to use common sense, verify the legality of suppliers, stay away from their bank accounts and report blackmail and extortion attempts by law enforcement agencies.

It is not known if these pandemic scams are more or less effective than their traditional counterparts. Chainalysis research has shown that cryptocurrency scammers operate as often as they did before the crisis, although their earnings were significantly reduced by the sharp fluctuations of Bitcoin prices.


Technical Market Outlook:
The BTC/USD pair has keeps trading inside a narrow range between the levels of $6,796 - $6,908 for some time now as the liquidity evaporates form markets. The supply zone located between the levels of $6,796 - $6,908 is now the key short-term zone for both bulls and bears, so only a clear breakout of one of the levels will give the market participants the direction. Any breakout above this level would also mean a channel breakout as well, so it would be a strong signal for bulls. The larger time frame trend remains down, but the short-term momentum is slowly increasing, so the odds for an upwards breakout might be high.

Weekly Pivot Points:
WR3 - $8,127
WR2 - $7,746
WR1 - $7,416

Weekly Pivot - $7,017
WS1 - $6,690
WS2 - $6,300
WS3 - $5,960


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

BTC analysis for 04.15.2020 - Broken bear flag pattern on the 4H time-frarme. I expect furher drrop towards the level of $5.820

BTC News:


As fear grappled the king coin, another bearish factor that weighed in was the Net Network Growth signal. This momentum signal essentially indicated the coin's underlying network health by measuring the number of new addresses minus the addresses that have their balances emptied. According to IntoTheBlock's latest data, after a very long time, the Bitcoin network "didn't grow", rather, it lost over 450 thousand addresses.


Technical analysis:
BTC has been trading downwards. The price tested the level of $6.777 and confined the breakout of the bear flag (continuation-al pattern) on the 4H time-frame,


Trading recommendation:
Watch for selling opportunities on the rallies with the next downward targets set at the price of $5.817, $4.460 and $3.810.

MACD oscillator is showing downside reading, which is sign of the selling pressure.

Resistance levels are set at the price of $7.150 and $7.400.

Support levels and downward targets are set at the price of $5.817, $4.460 and $3.810.




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

[IFX_Selena]

Technical Analysis of BTC/USD for 15 April 2020

Crypto Industry News:
Last month, the volume for the wallet Samourai Wallet, which does not require a deposit, tripled, and the Whirlpool service processed Bitcoins worth a total of over $ 10 billion in cryptocurrency. According to data posted on Twitter, activity in March amounted to 40% of total production, since its launch in May 2019.

While at the end of last year we observed a decrease in user activity in the service, so from January 2020 we are observing new records of processed Bitcoins on the platform. Please note that the service uses CoinJoin to reshuffle UTXO.

User funds are grouped in 0.01, 0.05 and 0.5 Bitcoin pools, and after mixing, into 0.05 and 0.5 Bitcoin pools.

The increase in Whirlpool volume is the result of tightening regulations by governments seeking to comply with the recommendations of the FATF Team, as well as stricter anti-money laundering requirements on regulated centralized exchanges.

In December 2019, Binance Singapore reportedly froze one user's funds while investigating a transaction that was mixed up using Wasabi's CoinJoin service.


Technical Market Outlook:
The BTC/USD pair has been trading inside a narrow range between the levels of $6,796 - $6,908 for some time now as the liquidity evaporates form markets. The supply zone located between the levels of $6,796 - $6,908 is now the key short-term zone for both bulls and bears, so only a clear breakout of one of the levels will give the market participants the direction. The larger time frame trend remains down, but the short-term momentum is slowly increasing, so the odds for an upwards breakout might be high.

Weekly Pivot Points:
WR3 - $8,127
WR2 - $7,746
WR1 - $7,416

Weekly Pivot - $7,017
WS1 - $6,690
WS2 - $6,300
WS3 - $5,960


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 15 April 2020

Crypto Industry News:
China is catching up with Americans on blockchain investments, according to New York research firm CB Insights. According to scientists, Asians accounted for 22% of investments in 2019, and the US for 31%. When we compare data from 2015, when this indicator in China was only 2% and in the US 51%, it is a huge progress.

However, CB Insights notes that this does not give a clear picture to assess in which of these economies blockchain development is greater.

Earlier this year, Xinhua, a state-owned Chinese financial media company and the Rhino Data financial data platform, reported that Chinese investment operations totaled approximately $ 3.44 billion in 245 transactions in 2019, a significant drop of 40.8% in terms of the size of investments compared to 2018.

According to experts, the majority of investments in China are activities of local entrepreneurs, however, in the near future an increase in foreign investment is expected.

As of today, there are no reports available that focus solely on how much blockchain investment took place last year. Instead of looking at numbers, it is worth paying attention to events such as the attitude of the government or the involvement of enterprises. Such observations will give us more data to assess what blockchain development looks like in these countries.


Technical Market Outlook:
The ETH/USD pair has bounced from the level of $149.53, but despite the bounce, the bears are still in control over the market as the momentum is not increasing significantly. The next target for bears is seen at the level of $164.21. The key technical support remains at the level of $149.53, but is a case of a violation, the next support is seen at the level of $142.77. Any bullish attempt to rally is being used as a good chance to sell the ETH for a better price so far.

Weekly Pivot Points:
WR3 - $213.33
WR2 - $193.74
WR1 - $179.45

Weekly Pivot - $159.49
WS1 - $145.21
WS2 - $125.44
WS3 - $111.55


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

BTC analysis for 04.14.2020 - Potential drop on BTC is coming, the main objective is set at the price of $3.810

BTC News:


According to data from Skew markets, the put/call ratio for Bitcoin Options has been recording simmering selling pressure since 12 March. The Open Interest for the Options contracts with sell positions, by Options contracts with buy positions, has been steadily rising, despite the movement of the contracts' trading volume, which has been erratic, to say the least.


Technical analysis:
BTC has been trading sideways at the price of $6.855. I still expect furher downside movement and next downward targets on the test.Trading recommendation:

Watch for selling opportunities on the rallies with the next downward targets set at the price of $5.817, $4.460 and $3.810.

MACD oscillator is showing strong selling pressure from the background, which is strong sign of the bearish pressure.

Resistance levels are set at the price of $7.150 and $7.400.

Support levels and downward targets are set at the price of $5.817, $4.460 and $3.810.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 14 April 2020

Crypto Industry News:
According to Deutsche Bank, the largest central banks that have recently formed a research group on CBDC, it is the state of the pandemic that can accelerate the process of issuing the first occurrences by these institutions. According to the bank, this could happen in three years.

Earlier this year, the media reported that the European Central Bank together with the central banks of Canada, Japan, England, Sweden and Switzerland formed a think tank, whose project was also joined by BIS, with the aim of publishing the first CBDC in history.

As the bank notes, Bitcoin has a limited supply, also possible cryptocurrencies of central banks will be doomed to continuous printing of money. It will certainly cause inflation, which is tantamount to the possibility of indebtedness by governments indefinitely. This phenomenon is called Modern Monetary Theory.

It is worth noting that CBDC will be based on blockchain, which should increase the transparency of money emissions. The future will show how it will actually be.


Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $149.53 over the weekend, but bounced higher during the early Monday morning trading hours. Despite the bounce, the bears are still in control over the market as the momentum is not increasing significantly. The key technical support remains at the level of $149.53, but is a case of a violation, the next support is seen at the level of $142.77. Any bullish attempt to rally is being used as a good chance to sell the ETH for a better price so far.

Weekly Pivot Points:
WR3 - $213.33
WR2 - $193.74
WR1 - $179.45

Weekly Pivot - $159.49
WS1 - $145.21
WS2 - $125.44
WS3 - $111.55


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 14 April 2020

Crypto Industry News:
A team of researchers from the University of Cape Town in South Africa is developing a blockchain-based application to allow users to verify their COVID-19 status. The Covi-ID platform is under testing, but it will ultimately be the solution to coronavirus pandemic issues. Its premiere is scheduled for April 21.

Covi-ID is intended to control infected patients. The application is also intended to reward users for correct behavior during quarantine or when using other pandemic restrictions, such as staying at home. Covi-ID is built on the blockchain-based Sovrin platform.

The African project is not the first of its kind in the world. Earlier, similar platforms to track users during pandemics were introduced by China and Singapore, while similar applications are also being developed in Europe. However, Covi-ID will differ in approach to privacy, using SSI and blockchain technology.

Potential users have two ways to create a Covi-ID account. The first option is the deposit portfolio provided by one of the commercial partner companies, including local South African banks as well as government and health institutions. The second option is completely independent confirmation of identity, developed by Covi-ID, which will store all user data on the phone. Both solutions are to be safe for them.

However, social conditions in Africa should be taken into account. A large proportion of residents do not have access to a smartphone, which means that such users can create a trust account with one of the app's trading partners. Users' data will be stored by partners in fiduciary wallets, in a way that crypto exchanges store user's currency resources.

If application users start to have coronavirus symptoms, they can go to a test center or a doctor. After confirming the test results, this information will be registered on your Covi-ID account. When he recovers from COVID-19 or receives a vaccine, he will be informed by the application by means of a green status that he is not a threat to himself or others.


Technical Market Outlook:
The BTC/USD pair has hit the level of $6,514 during the last wave down, but has managed to retrace 50% of the move down already. Bitcoin is trading around the level of $6,800 currently, but the market conditions do not favor the bulls. The technical resistance zone located between the levels of $6,795 - $6,908 is now the key short-term zone for both bulls and bears, so only a clear breakout of one of the levels will give the market participants the direction. The larger time frame trend remains down.

Weekly Pivot Points:
WR3 - $8,127
WR2 - $7,746
WR1 - $7,416

Weekly Pivot - $7,017
WS1 - $6,690
WS2 - $6,300
WS3 - $5,960


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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