Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 24 March 2020

Crypto Industry News:
According to Sophos, a cyber security company, some online criminals impersonate the World Health Organization (WHO) in an attempt to steal cryptocurrency donations to combat the COVID-19 pandemic.

Chester Wisniewski, an expert on cyber security at Sophos, reported on scam impersonating WHO by publishing screenshots. According to Wisniewski, fraudsters are trying to mislead people to send them Bitcoins as a donation to the Solidarity Fund COVID-19, which was launched on March 13.

WHO established a new coronavirus fund in cooperation with the United Nations Foundation after the agency officially classified Koronavirus as a pandemic on March 11. As announced, the Solidarity Fund COVID-19 has started with the support of internet giants such as Facebook and Google, inviting individual donors to support the fund via the official website.

Although WHO provides a detailed FAQ about its COVID-19 Solidarity Fund, it is unclear whether the fund accepts cryptographic donations or not.

As previously reported, many governments have already warned public opinion about the outbreak of cryptographic fraud attempting to exploit the widespread concerns about COVID-19. The UK Financial Conduct Authority issued an official warning about coronavirus scammers, using all possible means to persuade people to give them money.

"Beware of coronavirus scams (Covid-19). These scams take many forms and may involve insurance policies, retirement transfers or high return investment opportunities, including investment in cryptocurrencies," FCA says.


Technical Market Outlook:
The BTC/USD pair has bounced from the level of $5,827 which is just above the lower Triangle pattern line located at $5,620. Then bulls has pushed the price out of the Triangle formation and almost make the test of the technical resistance located at the level of $6,863. They still make pressure on the market, but in the meantime they must be careful not the fall under the level of $5,500. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $4,972. The key short-term technical support is seen at the level of $3,946 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.

Weekly Pivot Points:
WR3 - $9,603
WR2 - $8,246
WR1 - $7,228

Weekly Pivot - $5,818
WS1 - $4,764
WS2 - $3,330
WS3 - $2,301


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.







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

[IFX_Selena]

BTC analysis for 03.23.2020 - Potential end of the upward correction and downside continuation, drop towards the level of $3.800 very possible

Corona virus news:


US President Donald Trump has ordered the deployment of National Guard troops in the three states hardest hit by the corona virus outbreak.

Troops will be used in New York, California and Washington to deliver medical aid and set up medical stations after the number of deaths nationwide rose to 471 and infections to 35,244.There are fears of a shortage of key medical supplies in New York City.A bill to fund national relief efforts has been blocked in the Senate.

Opposition Democrats want the emergency stimulus bill, which is worth almost $1.4 trillion (£1.2 trillion), to include more money for state and local governments and hospitals, while Mr Trump's Republicans are pushing for quick action to reassure financial markets.


Technical analysis:
BTC has been trading sideways at the price of $6.270. Anyway, the multi pivot resistance at the prrice of $7.000 held successfully, which is sign of the overall downside pressure.I see potential downside continuation and re-testing of $4.400 and $3.800. Daily chart looks like a bear flag and potential end of the upward correction.

Watch for selling opportunities with the downward targets at $4.400 and $3.800.

MACD oscillator is showing strong selling pressure from the background, which is strong sign of the sellers in control.

Major resistance is set at $7.000.

Support levels and downward targets are set at the price of $4.400 and $3.800.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 23 March 2020

Crypto Industry News:
Citing low liquidity, Bitfinex announced that it will soon remove more than 87 trading pairs. This movement reflects growing competition in the area of altcoins and can cause much greater market volatility.

Some platforms will be completely removed from the exchange, while others will only lose Ethereum (ETH) pairing. Crypto sentenced to be beheaded are Bancor (BNT), Raiden Network (RDN) and Zilliqa (ZIL). Verge (XVG) will also be deprived of two major fiat trading pairs: pound sterling and Euro.

Bitfinex is known for its huge selection of trading pairs, which played a key role in its success. Nevertheless, the volume has dropped significantly over the past two years, and the stock market is currently not the most popular among traders. In this situation, removing coins with lower performance makes sense.

This movement may be related to the fact that Bitfinex is losing support from the cryptographic community. Unlike its key rivals, the stock exchange still maintains strict privacy during its key operations. This position is unsustainable when cryptocurrencies are moving into the mainstream. For example, Binance, which also has a large selection of couples and is popular with traders, is actively working to achieve legitimacy in the eyes of governments and regulators, and makes transparency a priority for the future.


Technical Market Outlook:
The ETH/USD pair has made a new local high at the level of $152.06 during the weekend, but after the Bearish Engulfing candlestick pattern was made, the bears has pushed the price lower towards the key zone again. Currently, the market is trading around the level of $123 which is just above the trend line support. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $110.33. The key short-term technical support is seen at the level of $89.35 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.

Weekly Pivot Points:
WR3 - $202.93
WR2 - $178.10
WR1 - $150.26

Weekly Pivot - $126.31
WS1 - $100.57
WS2 - $71.34
WS3 - $47.20


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 23 March 2020

Crypto Industry News:
The growing popularity of cryptocurrencies and the explosion of COVID-19 encouraged Italian Banco Sella to launch the Bitcoin trading service.

Trading takes place via the Hype platform, and the bank acts as an intermediary to limit potential security threats when exchanging cryptocurrencies. In a situation where the country is closed and everyone is stuck at home, the bank uses the growing interest in Bitcoin as a safe way to transfer money internationally in the midst of a crisis.

About 1.2 million Italians are already using Hype Banco Sella to make transactions and not only will they be able to buy and sell Bitcoins, but also pay for goods and services using cryptocurrencies.

"The cryptocurrency and Bitcoin market continues to attract interest, especially among the public, which is our customer base - by definition young and intelligent, and who are increasingly expecting that they will be able to access this world using tools they manage money on a daily basis "- says Antonio Valitutti, CEO of Hype.

Interest in cryptocurrencies and Blockchain has grown in recent months among Italian institutions. Blockchain technology was used for electronic voting in Naples, and two Italian high schools announced last week that they would be registering their Blockchain diplomas.


Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $6,863 during the weekend, but the bears had pushed the price lower towards the key zone again. Currently, the market is trading around the level of $5,827 which is just above the lower Triangle pattern line located at $5,620. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $4,972. The key short-term technical support is seen at the level of $3,946 (13th March sell-off low). Please notice, that any breakout through the black trendline support will accelerate the wave down.

Weekly Pivot Points:
WR3 - $9,603
WR2 - $8,246
WR1 - $7,228

Weekly Pivot - $5,818
WS1 - $4,764
WS2 - $3,330
WS3 - $2,301


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 20 March 2020

Crypto Industry News:
The Canadian Center for Financial Transaction Analysis and Reporting (FINTRAC) announced that it will soon implement new anti-money laundering (AML) and terrorist financing (CTF) laws. The guidelines on virtual currencies will also be updated.

In the published departmental report, FINTRAC emphasizes that establishing "improved AML / [CTF]" for cryptocurrency companies is "the main priority in the near future".

In the FINTRAC report, it emphasizes the challenges associated with the adoption of new technologies, such as cryptocurrency, by businesses and consumers - adding that while most changes resulting from new technologies are incremental, "many of them have a revolutionary impact."

The updated legal framework will include new reporting requirements for transactions in virtual currencies, extending FINTRAC's regulatory mandate to better cover the activities of foreign companies operating with cryptocurrencies.

The Canadian Financial Supervisory Authority plans to conduct "extensive national consultations with stakeholders and a rigorous implementation phase". FINTRAC adds that it hopes to work with industry representatives to consider changes to the new framework.

The new regulations, adopted in June 2019, require companies operating cryptocurrencies to register and report large amounts of identifying information from the clients whose transactions they process.

For each attempt or successful transaction or transfer in excess of $ 1000 Canadian, companies must record the type and amount of each virtual currency involved, the sending and receiving addresses involved in the transaction, the source of the virtual currency, and entities involved in the transfer.


Technical Market Overview:
The ETH/USD bulls had managed to push the price above the local technical resistance located at the level of $134.12 and made a new local high at the level of $142.78. Currently, the bulls are still trying to bounce towards the next target located at the level of $153.44 as the momentum is increasing. On the other hand, the technical support is located at the level of $110.33 and $100.00. The deepest low was made at the level of $89.01 and might be soon visited again if the coronavirus pandemic fears intensity again.

Weekly Pivot Points:
WR3 - $312.98
WR2 - $261.92
WR1 - $190.92

Weekly Pivot - $137.43
WS1 - $68.38
WS2 - $14.40
WS3 - $1


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 20 March 2020

Crypto Industry News:
Among the significant revival around Bitcoins after several consecutive market busts last week, billionaire and investor Tim Draper presented another optimistic forecast regarding Bitcoin.

In a media interview, Draper presented decentralization related to Bitcoin and other new technologies as the main tool that has the ability to transform the largest industries in the world.

According to Draper, Bitcoin will be one of the most important tools in times of overcoming the ongoing global financial crisis, opposing the main cryptocurrency to centralized structures such as banks and governments. He believed that new technologies, such as Bitcoin and artificial intelligence (AI), could potentially completely transform all industries, from banking to healthcare and real estate. As an example, Draper cited a use case in the insurance industry, arguing that the combination of artificial intelligence, intelligent contracts based on Blockchain and Bitcoin technology is the perfect start for an insurance company.

For example, I could set up an insurance company with actuarial artificial intelligence to determine fraud, and create an intelligent contract with Bitcoin and put everything on Blockchain.

Tim Draper, a pioneer of business ventures in the US and co-founder of Draper Fisher Jurvetson Venture Company, has become one of the main proponents of the cryptographic industry. In addition to Morgan Creek founder Anthony Pompliano and former anti-virus software magnate John McAfee, Draper is known for his great Bitcoin forecasts.


Technical Market Overview:
The BTC/USD pair has broken out of the narrow range after the price has hit the level of $5,550, which is short-term technical resistance for the market and reversed towards the narrow horizontal zone. This technical resistance has been violated recently and BTC/USD made a new local high at the level of $6,135. The momentum is strong and positive, but if the fears related to coronavirus pandemic intensity, the wave down might even break through this key long-term technical support.

Weekly Pivot Points:
WR3 - $12,242
WR2 - $10,225
WR1 - $8,024

Weekly Pivot - $5,824
WS1 - $3,603
WS2 - $1,606
WS3 - $10


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.







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

[IFX_Selena]

BTC analysis for 03.19.2020 - Potential end of the upward correction, watch for selling opportunities near the pivot at $6.000, the downward taget is set at $3.800

Industry news:


The upcoming block reward halving may put more pressure on the weary shoulders of Bitcoin miners. Bitcoin's price action over the past week has not really helped this cause, but in many ways, casts a shadow of a doubt over the sustainability of mining, mainly for smaller mining pools. At press time, Bitcoin was trading at $5385, having lost over 30 percent of its value since last week.

John Lee Quigley, Head of Research at MinerUpdate, recently appeared on the Stephen Livera podcast and highlighted some of the implications of Bitcoin's price crash on the mining community.Announcing this latest move Ms Lagarde said the ECB will do everything in its powers to support the euro in these "extraordinary times".


Technical analysis:
BTC has been trading upwards at the level of $5.800. There is the solid resistance at $6.000 and potential good zone for selling opportunities.I still expect downside movement towards the levels at $3.800 and $3.162. In my opinion BTC is in upward correction and there is possible ABC completion that can come very soon.Watch for selling opportunities...

The downward targets are set at the price of 3.800 and $3.162.

My advice is still to watch for selling ....

MACD oscillator is showing new momentum down in the background, which is strong sign of the bearish pressure.

Resistance level is set at the price of $6.000

Support levels and downward targets are set at the price of 3.800 and $3.162.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 19 March 2020

Crypto Industry News:
Documentation submitted to the lower house of the Indian Parliament - Lok Sabha - revealed an investigation into the unfair practices of bitcoin companies.

The official question was asked by center-left MP Mohammed Faizal, to which Minister of State for Finance and Corporate Affairs Anurag Thakur answered.

Faizal asked the Minister of Corporate Affairs three questions about cryptocurrency companies in India. First, he asked if the government was aware of the growing number of reports of "fraud and unfair practices by bit coin companies"

He also asked whether these cryptographic companies "repeatedly violate the principles set out by the Ministry of Corporate Affairs without submitting annual balance sheets", finally asking for details of any action taken against criminals.

In reply, Minister Thakur confirmed that the cryptographic companies mentioned by Faizal "are not defined in the Companies Act." He also notes that only two companies using Bitcoin have registered in the Register of Companies of the Ministry of Corporate Affairs - Zeb IT Services and Unocoin Technologies.

In addition, Thakur notes that "allegations of infringement were filed under various provisions of the Company Act" against Zeb IT, adding that the company is now "in liquidation". The corporate affairs minister states that Unocoin is current in his conclusions, adding that the ministry has not received any complaints about Unocoin.


Technical Market Overview:
The ETH/USD pair keeps trading inside of the narrow horizontal range as bears seem to be still in full control of the market. On the other hand, bulls had managed to push the price back into the descending channel, but the technical resistance located at the level of $134.12 was too strong for the breakout. Currently, the market is trading around the level of $119, way below the level of $124.00 which is short-term technical resistance. The technical support is located at the level of $100.00. The last low was made at the level of $89.01 and might be soon visited again.

Weekly Pivot Points:
WR3 - $312.98
WR2 - $261.92
WR1 - $190.92

Weekly Pivot - $137.43
WS1 - $68.38
WS2 - $14.40
WS3 - $1


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.







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

[IFX_Selena]

Technical Analysis on 19 March 2020

Crypto Industry News:
The fight against the Coronavirus pandemic has reached cryptocurrency miners. The American chip manufacturer NVIDIA has proposed that all users use their computer resources to help this case.

The technology company said through Reddit that the "Folding @ home" initiative was open to receiving donations from unused GPU computing power, and thus distributed it to the international processing power network for COVID-19 and other diseases.

The company extended the initiative to other gaming companies such as Steel Series, NZXT and Razer, even receiving replies from Intel Gaming and MSI that responded to a thread posted on Twitter by NVIDIA.

Although the invitation was directly addressed to players, cryptocurrency miners may also participate in this task, due to the amount of technology and equipment resources used for mining.

Most of the projects listed at Folding @ home to combat a coronavirus pandemic using donated GPU computing power are to find a potential vaccine, identify a protease that acts as a virus inhibitor or isolate the antibody, and obtain additional information on the COVID-19 mutation. The global state of emergency continues to exist, and several governments have taken drastic measures to prevent the spread of the virus.


Technical Market Overview:
The BTC/USD market is trading in a narrow range after the price has hit the level of $5,550, which is short-term technical resistance for the market and reversed towards the narrow horizontal zone. The momentum is still weak and negative, so bears might develop another wave down towards the technical support located at the level of $3,946 soon. If the fears related to coronavirus pandemic intensity, the wave down might even break through this key long-term technical support.

Weekly Pivot Points:
WR3 - $12,242
WR2 - $10,225
WR1 - $8,024

Weekly Pivot - $5,824
WS1 - $3,603
WS2 - $1,606
WS3 - $10


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.







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

[IFX_Selena]

BTC analysis for 03.18.2020 - Bigger drop is expected, watch for selling with the downside targets at $3.822 and $3.120

Corona virus news:


The present economic slowdown, coupled with increasing uncertainty surrounding the COVID-19 pandemic, has challenged the integrity of safe-haven assets.

Bitcoin's price drop has had a lasting impact on investor sentiment and has also influenced the price of other cryptocurrencies.

The coming months, especially the ones after halving, will be an avenue for the king coin to redeem the store of value narrative in the minds of investors.


Technical analysis:
BTC has been trading downwards as I expected. The price broke the rising trend line and gave early sell signal for potential test of $3.822 and $3.120.Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes. That will enable you better entry location.

Downward targets are set at the price of $3.822 and $3.120

MACD is showing new momentum down in the background, which is strong sign that selling pressure is still present.

Resistance level is set at hte price of $5.900

Support levels and downward targets are set at the price of $3.822 and $3.120.





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