Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 18 March 2020

Crypto Industry News:
Another meeting of cryptocurrency and Blockchain specialists has been postponed due to the ongoing global coronavirus crisis.

TEAMZ Blockchain Summit - the largest Blockchain conference in Japan - was to take place from April 22 to 23, but was moved to September 28.

"TEAMZ closely monitors the global development of coronavirus. TEAMZ is deeply concerned about the security of conference participants, including speakers, participants, partners and sponsors," the organizers said in an official statement.

The place, schedule and configuration of the summit will remain the same, according to the Coinspeaker report. Blockchain Summit invites over 2,000 visitors from around the world, including those implementing Blockchain, industry experts, venture capital investors and educators.

Among the confirmed speakers were Bitcoin.com president Roger Ver, founding partner of Primitive Ventures, Dovey Wan, and investor and billionaire Tim Draper.


Technical Market Overview:
The bears are still in full control over the ETH/USD market and the pair keeps trading inside of the narrow horizontal range. The bulls, however, 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 $116, 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 of BTC/USD for 18 March 2020

Crypto Industry News:
Former Bitcoin hobbyists came across an old wallet containing 1,000 Bitcoins, in addition to many Bitcoin forks.

On March 10, a thread was posted on Bitcointalk by a self-proclaimed "newcomer," who returned to cryptography for the first time after a "long break," seeking advice on access to an old Bitcoin cache.

The "whoamisoon" user claimed to have extracted some Bitcoins "a long time ago" using a graphics processor and recently located the wallet.dat file on a USB memory device.

The former miner sought advice on how to transfer Bitcoins to sell them, also asking if he has the same amount of Bitcoin Cash in his wallet and how he can sell BCH.

Later that day, 1,000 Bitcoins were identified extracted on August 24, 2010, on the Blockchain chain - these coins could have belonged to whoamisoon.

On March 12, the user returned to thank the forum members who helped him redeem the Bitcoin reward by stating:

"Thank you all for all suggestions. It was a great return and the best welcome you can get! Keep it up; I see it also helps others who are in my shoes."

The post suggested that whoamisoon could liquidate its assets before March 13 - which means it could withdraw money in the price range from USD 7,500 to USD 8,000, equivalent to USD 7.5 to USD 8 million.


Technical Market Overview:
The BTC/USD pair has hit the level of $5,550, which is short-term technical resistance for the market and reversed towards the narrow horizontal zone. The market is trading in a narrow range and still tries to bounce, but so far no avail. 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 03.17.2020 - Another downside movement is expected, watch for selling opportunities towards the $3.820

Industry news:


BitMEX's Chief Technology Officer [CTO], Samuel Reed, had provided a gist of the attack that hit the exchange platform on 13 March. Now, BitMEX's Chief Executive Officer [CEO], Arthur Hayes, has come out to update the community with more info, stating that the BitMEX team will be addressing the issue soon. He elaborated on the same in a blog post, one that expanded on the two DDoS attacks that took place on 13 March.

The CTO had previously noted that the exchange was under a botnet attack, the same it had warded off on 15 February. According to the aforementioned blog, the attackers had identified their target in February and were waiting for an opportune time to attack. The attackers deployed a "specially-crafted query to the Trollbox feature," one that prompted the database's query optimizer to run an inefficient query plan.

As Reed explained, even though the CPU reached 100% usage, 99.6% of the CPU was in IO wait [in an ideal state]. The team had previously misjudged this to be a hardware failure.


Technical analysis:
BTC has been trading sideways at the price of $5.300. My downside bias is still active and the downward targets are set at $3.820 and $3.120. The downside breakout of the upward channel would confim bear continuation.

I would watch for selling opportunities on the rallies with the downward targets at $3.800 and $3.120.

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

Resitance levels are set at the price of $5.630 and $6.215

Support levels and downward targets are set at the price of $3.820 and $3.120





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

[IFX_Selena]

Technical Analysis of ETH/USD for 17 March 2020

Crypto Industry News:
While in most cryptocurrencies there has been a reduction in their market capitalization over the past month, the market collapse has caused stablecoins to climb in market capitalization rankings. Six stablecoins are currently among the 50 largest cryptographic resources in terms of capitalization.

The largest stablecoin in terms of size, Tether (USDT), is currently the fourth largest cryptocurrency with a market capitalization of $ 4.66 billion. Despite a total USDT market growth of only 0.5% in four weeks, Tether has climbed the ladder from seventh place in the capitalization ranking since February 15.

However, due to the sharp fall in the prices of the assets traded in USDT, the volume of Tether fell by 20% from 48 to 60 billion dollars in the same period.

The USD Coin Circle (USDC) has made significant progress over the past month, rising from 30th place with a capitalization of $ 430 million to take 17th place with a market capitalization of $ 601.5 million today.

Jeremy Allaire, co-founder and CEO of Circle, went on Twitter to celebrate a 40% increase in USDC capitalization over the past month, stating:

"USDC is growing rapidly in recent days, reaching a new ATH at $ 568 million in circulation. It is fascinating watching" escape to a safe place "on the macro cryptocurrency market, but also the demand for high-quality USD liquidity for markets. Although observing such collapsed markets is not it is so exciting, still satisfying, that this completely new, completely digital Blockchain-based monetary infrastructure works. "


Technical Market Overview:
The bears are in full control over the ETH/USD market and the pair keeps trading inside of the narrow horizontal range. The bulls, however, 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 $116, 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 of BTC/USD for 17 March 2020

Crypto Industry News:
According to a press release, Microsoft's programmer, philanthropist and co-founder Bill Gates will leave the board of directors.

A 64-year-old business magnate founded Microsoft with Paul Allen in 1975. The company is certainly best known for its Windows operating system, which was released in 1985 and remains just as important today.

Microsoft announced at the end of 2019 the Blockchain token and data management service, which will be a new tool for users of its corporate Azure service. Sam Gates also recently supported a Blockchain security service for fintech companies in Africa and Asia called Crest, writing a check for $ 1.4 million earlier this month to help financial technology companies in these areas provide financial services to people without access to banking services.

Microsoft's release explains that Gates's departure from the council involves spending more time on his philanthropy and efforts to combat climate change.


Technical Market Overview:
The BTC/USD pair has hit the level of $5,909 during the weekend, which was a key short-term technical resistance for the market. The Bearish Engulfing candlestick pattern was made at this level and the market reversed towards the level of $4,890. Since then the market is trading in a narrow range and still tries to bounce, but so far no avail. 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.

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 03.16.2020 - Another downside movement is expected, watch for selling opportunities towards the $3.135

Industry news:


Due to the fears surrounding COVID-19, the crypto markets crashed on Thursday and recorded the worst day in their history. Investors are still extremely fearful.Some stablecoins like Paxos Standard (PAX), USD Coin (USDC), and Binance Coin (BUSD) were able to strongly gain liquidity amid these extreme market movements. The latter made issuances for the third time in a row and is now ranked higher than its competitor TrueUSD (TUSD).

Excluding stablecoins, all cryptocurrencies are deep in the red. The least bad performer was UNUS SED LEO, the exchange token for Bitfinex and Ethfinex. Compared to Bitcoin, LEO gained +29,5% to trading at 17,016 satoshis.

By far the worst performer was the payment platform Swipe. This is peculiar, since Swipe was one of the top performers in January, but has lost ground since and dropped out of the CMC100-ranking for now.In the last week, the total market cap of all listed cryptocurrencies dropped -34.4% to $153.7B. The BTC-dominance dropped 0.3 percentage points to 63.7%


Technical analysis:
BTC has been trading to the downside as I expected last week. My downside bias is still active and the downward targets are set at $3.86 and $3.134

The BTC ended the upward correction and I do expect another downside movement. I would watch for selling opportunities on the rallies with the downward targets at $3.800 and $3.135. MACD oscillator is showing new momentum down, which is strong sign of the bearish pressure.

Resitance levels are set at the price of $5.630 and $6.215

Support levels and downward targets are set at the price of $3.800 and $3.135




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

[IFX_Selena]

Technical Analysis of ETH/USD for 16 March 2020

Crypto Industry News:
There is an Internet list of people from the Ethereum world who have recently participated in industry events. There are popular and well-known names in the community, including Vitalik Buterin, co-creator of Ethereum.

The spreadsheet quotes relevant sources and links to statements about the health status of individual persons on the list. The list includes the presence of these people at major Ethereum events in Europe. In addition to the official meetings themselves, the account was also taken of these less formal meetings, which often take place in parallel with the conference. Currently, there are 38 people on the list, of which about 8 have been positively diagnosed with coronavirus.Some participants, after seeing the list, began to report for themselves. Some of them were quarantined.One of the people on the list is Vitalik Buterin. The co-founder of Ethereum was present at one of the industry events - Lighthouse, as well as a conference in Paris. As he allegedly said himself on one of the channels on Telegram, Buterin had a small fever on March 6. According to the previously mentioned list, Vitalik has not passed any tests. It has not been confirmed that it is infected.

Some call into question the legitimacy of creating a list when governments around the world declare emergency states.


Technical Market Overview:
The ETH/USD pair has not been able to rally over the weekend as the bears are in full control over the markets. The bulls, however, 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 $110.03 which is a short-term technical support. The other 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 of BTC/USD for 16 March 2020

Crypto Industry News:
The Italian Red Cross collects donations in bitcoin and other cryptocurrencies to fight the coronavirus pandemic. Helperbit helps him in the process.

The proceeds from the collection will reportedly be used to set up an "advanced second-level medical facility to pre-segregate COVID-19 cases in this country." It is expected that a target of EUR 10,000 will be achieved for the purchase of necessary medical equipment and the construction of infrastructure.

In addition, BTC will - after converting them to Fiats - also be spent to cover the costs of medical personnel who will be involved in the project.

Bruno Pietrosanti, chairman of the Colli Albani Committee, who also participates in the collection, said that in general, "reduce the pressure on hospitalizations" due to the increase in the number of infected patients and the reduced number of places available in Italian hospitals. Added:

"We believe that an innovative fundraising tool, such as bitcoin, can help us find the necessary economic resources that are very difficult to obtain at this historic moment."

The campaign is also supported by Young Srl, a fintech startup that operates in the cryptocurrency sector to support community initiatives, and by Blockchain Education Network Italy, a non-profit organization that promotes BTC and blockchain in Italy.


Technical Market Overview:
The BTC/USD pair has hit the level of $5,909 during the weekend, which was a key short-term technical resistance for the market. The Bearish Engulfing candlestick pattern was made at this level and the market reversed towards the level of $4,890. 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.

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]

Technical Analysis of ETH/USD for 13 March 2020

Crypto Industry News:
Adam Kokesh, the first libertarian presidential race candidate in the US in 2020, appointed Alastair Caithness as his chief policy adviser on Blockchain. The purpose of this role will be to work on developing a sovereign cryptocurrency known as AmeriCoin.

Further, Caithness will focus on developing cryptocurrency associated with all federal government assets. These include significant resources of US government land, energy, gold, wood and minerals, reports the Associated Press.

Kokesh aims to create a new decentralized monetary system based on AmeriCoin. Citizens will receive universal basic income and compensation for existing government tax policies through AmeriCoin. According to the candidate, institutional inequalities such as these prevent citizens from achieving their own vision of success in American society or the so-called American Dream.

The professional origin of Caithness is marked by the development of the oil and gas security token called ZiyenCoin, which focuses on the development of Blockchain and Internet of Things in the oil sector.


Technical Market Overview:
The ETH/USD pair broke out of the main channel and made a new swing low at the level of $89.01 and there is no sign of the downtrend reversal despite the oversold market conditions. The bulls are trying to bounce higher towards the level of $134.12 where the lower channel line is as well and maybe they will be able to make a Bullish Engulfing candlestick pattern. The next target for bears is seen at the level of $76.89 and this is the multi-year low for Ethereum.

Weekly Pivot Points:
WR3 - $280.41
WR2 - $266.81
WR1 - $233.00

Weekly Pivot - $218.78
WS1 - $185.21
WS2 - $170.40
WS3 - $159.54


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 13 March 2020

Crypto Industry News:
Kirill Victorowicz Firsow, the alleged owner of the Russian anonymous portal Deer.io, was arrested on March 7 by agents of the Federal Bureau of Investigation (FBI) at John F. Kennedy Airport in New York.

Court documents claim that Firsov is the brains of Deer.io - a site offering darknet style services in exchange for Bitcoins in the ordinary network. The FBI estimates it has allowed sales worth over $ 17 million.

Firsov will be brought to court in a New York court this week, where he is expected to be prosecuted for trafficking in stolen information and trafficking in human beings.

Since 2013, Deer.io has hosted 24,000 active stores specializing in stolen information, offering a simple "turn-key" solution for black market entrepreneurs.

Sellers paid about 800 Russian rubles ($ 12.50) for operating on Deer.io each month, and hosting was offered on private Russian servers outside the reach of the US authorities.

Fees for Firsov were paid in Bitcoins or via the Russian payment platform WebMoney. Of the 250 Deer.io stores inspected by the FBI so far, no company dealt with legal goods. Products for sale on the platform included user passwords, fake social media accounts, and confidential identity data such as birth certificates and tax returns.

During its investigations, the FBI made several purchases using the Deer platform, including 999 documents containing personal data (PII) from one supplier for $170. For $522 they obtained a set of 2,650 documents from another provider, and for $20, the FBI was able to collect usernames and passwords for 1,100 attacked gaming accounts.

Deer.io gained importance as an underground market specializing in stolen goods in 2016 after the infamous hacker Tessa88 used the platform to sell sensitive data hacked from LinkedIn and MySpace social networks.


Technical Market Overview:
The total carnage at the Bitcoin market is an excellent example of crowd psychology during the global pandemic - coronavirus fears. All the moves down were very dynamic and no technical support was able to stop the bears. The recent low was made on the level of $3,940, so now the narrow zone located between the levels of $5,500 - $5,733 will act as a key short-term technical resistance zone. The next support is seen at the level of $3,474. All the weekly pivot points have been broken already as well.

Weekly Pivot Points:
WR3 - $9,697
WR2 - $9,419
WR1 - $8,697

Weekly Pivot - $8,456
WS1 - $7,720
WS2 - $7,436
WS3 - $6,712


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