Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 10 January 2020

Crypto Industry News:
According to a press release from January 8, Interpol began working with the cybersecurity company Trend Micro to reduce cryptojacking affecting MikroTik routers in Southeast Asia. Although collaboration has reduced the number of devices affected by the problem by 78 percent, it is unlikely to have a significant impact on the hash rate.

Cryptojacking is a malicious practice in which attackers infect popular devices with cryptocurrency mining software using the victim's computational resources to extract them. Trend Micro works with Interpol's Global Complex for Innovation to disinfect malware-infected MikroTik routers.

As part of Operation Goldfish Alpha, Trend Micro has developed a document with guidelines on "Limiting and preventing cryptojacking" describing how a vulnerability affecting the known brand of home and corporate routers has infected thousands of devices in the ASEAN region. The document also suggests how victims can use Trend Micro to detect and eliminate malware.

Within five months of creating the document in June 2019, experts from national computer failure teams and police have helped identify and restore more than 20,000 affected routers, reducing the number of infected devices in the region by 78 percent.


Technical Market Overview:
The recent move up on ETH/USD might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern, but so far the bullish rally has been terminated at the level of $145.94. Since then the market has retraced more than 50% of the wave up and the last local low was made at the level of $134.18. The next target for bears is seen at the level of 61% Fibonacci retracement located at $133.13. There is still a chance for the rally to continue, but the level of $124.42 can not be violated before any new swing high is made.

Weekly Pivot Points:
WR3 - $152.72
WR2 - $144.64
WR1 - $140.53

Weekly Pivot - $132.09
WS1 - $127.41
WS2 - $119.97
WS3 - $115.08


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 10 January 2019

Crypto Industry News:
To address the aftermath of fires in Australia, the Binance Charity Foundation (BCF) donates $ 1 million BNB tokens to the Australia Bushfire Donations project.

In a BCF blog post - the philanthropic branch of the Binance cryptocurrency exchange - announced the launch of a new charity project called Australia Bushfire Donations, to which BCF donates $ 1 million in the native Binance Coins exchange. The funds raised under the project will be used to mitigate the destructive impact of fires across the continent.

As Australian fire donations are a Blockchain-based initiative, there is an assurance that all BNB donations and distribution will be verifiable to anyone. The BCF says it intends to reach as many local organizations as possible to donate received.

Binance CEO Changpeng Zhao called on the cryptographic community to support Australia, which is fighting forest fires - which have hit the south-east of the country most. Since October last year, over 20 people have been killed and nearly 2,000 homes have been destroyed. In the first week of January, more than 8.4 million hectares burned throughout the country.


Technical Market Overview:
The BTC/USD rally has been capped around 50% Fibonacci retracement located at the level of $8,320 and since then the bears have took temporary control of the market. They have managed to move the price towards the key technical support located at the level of $7,581 - $7,601. As long as this level is not clearly violated, the whole move down will be considered as short-term counter-trend corrective move only. The weekly timeframe trend remains down and there are no signals of any trend reversal just yet.

Weekly Pivot Points:
WR3 - $8,248
WR2 - $7,819
WR1 - $7,642

Weekly Pivot - $7,179
WS1 - $6,988
WS2 - $6,550
WS3 - $6,318


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






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

[IFX_Selena]

BTC analysis for 01.09.2020 - Potential big sell off is coming, fist target at $6.500

Industry news:
In a submission (pdf) to the Select Committee on Financial Technology and Regulatory Technology just before Christmas, RBA officials were skeptical that cryptocurrencies, in their current and future forms, would ever replace government-issued money.

Although newer initiatives like Libra and CBDCs could promote financial inclusion, the bank's current assessment is that innovation in the broader fintech space will make these solutions redundant.

"In Australia, it is unclear that there will be strong demand for global stablecoins even if they do meet all regulatory requirements, particularly for domestic payments," reads the submission. "Australia is already well served by a range of low-cost and efficient real-time payment methods, such as the NPP [New Payments Platform] that utilise funds held in accounts at prudentially supervised financial institutions."


Technical analysis:


BTC reached major resistance at the price of $8.500 and I do see further downside movement. The price is still trading inside of the downside channel, which is another confirmation for our bearish view...

Downward targets are set at the price of $6.500 and $5.825

MACD oscillator is showing neutral stance and slow line is near the zero level.

Major resistance level is set at $8.500

Support levels are set at the price of $6.500 and $5.825




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

[IFX_Selena]

Technical Analysis of BTC/USD for 09 January 2020

Crypto Industry News:
Calibra Facebook is looking for two marketing specialists while the company continues to develop the Libra stablecoin project.

The company is looking for the head of media, digital marketing, and community as well as the head of the brand in the Calibra digital portfolio department. Positions require candidates with a minimum of 15 years of experience in their fields, as well as with over a decade of experience in managing and managing people.

According to the announcement, the proposed head of media will be involved in building acquisition and cross-selling strategies and creating customer and customer segments that can be used in engagement programs, among other responsibilities. The brand boss will be tasked with developing creative campaigns targeted at mobile devices, using resources across the entire marketing range to promote the company to over 2.5 billion worldwide.

Calibra is apparently continuing its development and expanding the team of professionals working on the project, despite skepticism from global regulators. Last fall, David Marcus, head of Calibra, referred to regulatory concerns that the planned stablecoin could potentially disrupt the central bank's monetary policy and destabilize the global financial system.

Marcus had previously argued that Libra's anti-money laundering (AML) standards would be better than other payment networks. He said Blockchain network technology would allow regulators to better track transactions and identify suspicious activity.


Technical Market Overview:
The BTC/USD rally has been capped around 50% Fibonacci retracement located at the level of $8,320 and since then the bears have took temporary control of the market. They have managed to push the price towards the level of $7,859 and the wave down might extend towards the level of $7,581. As long as this level is not clearly violated, the whole move down will be considered as short-term counter-trend corrective move only. The weekly timeframe trend remains down and there are no signals of any trend reversal just yet.

Weekly Pivot Points:
WR3 - $8,248
WR2 - $7,819
WR1 - $7,642

Weekly Pivot - $7,179
WS1 - $6,988
WS2 - $6,550
WS3 - $6,318


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

Attachment 2040




Attachment 2041
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 09 January 2020

Crypto Industry News:
Coinbase said in a blog post that the Coinbase Pro mobile app is now available on the Android operating system. The Stock Exchange presented its Pro application for iPhone users (iOS) in October 2019.

Coinbase Pro on Android also announces updates to the already available version of the iOS application, including the possibility of deposits and withdrawals in cryptocurrencies and fiduciary currencies (USD, CAD etc.), as well as additional security features, says the blog. Coinbase has also updated its Pro iOS application to include these capabilities.

However, decentralized applications (DApps) may suffer in the coming days due to recent bans and restrictions. Google recently took the Ethereum and DApp Metamask wallet from its Google Play app store, claiming that the app contained "deceptive services." Coinbase Pro, like other DApps, may also suffer from Apple App Store policies.


Technical Market Overview:
The recent move up on ETH/USD might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern, but so far the bullish rally has been terminated at the level of $145.94. Since then the market has dropped towards the technical support located at the level of $136.77 which is inside of the ascending channel. There is still a chance for the rally to continue, but the level of $124.42 can not be violated before any new swing high is made.

Weekly Pivot Points:
WR3 - $152.72
WR2 - $144.64
WR1 - $140.53

Weekly Pivot - $132.09
WS1 - $127.41
WS2 - $119.97
WS3 - $115.08


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.






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

[IFX_Selena]

BTC analysis for 01.08.2020 - Bullish flag pattern on the hourly time-frame, watch fo rpotential buying opporrtunities

Crypto Industry News:
Cryptocurrency has been scrutinised over the past year by the United States Securities Exchange Commission (SEC).

Such scrutiny comes as its compliance office includes fintech and cryptocurrencies to the priorities list.

Cryptocurrency has been scrutinised over the past year by the United States Securities Exchange Commission (SEC). Such scrutiny comes as its compliance office includes fintech and cryptocurrencies to the priorities list.

As per an announcement from the SEC's Office of Compliance Inspections and Examinations (OCIE), the organisation has put new financial technologies, including digital currency, at the forefront of their concern for the coming year.

In the words of the regulator, new technological developments in capital formation and investment advice "warrant ongoing attention and review."


Technical Market Overview:


I found strong upside momentum on the BTC in the recent 24-hours, which is sign that buyers are in control. Most recently, I found the buying flag on the 1H time-frame, which is good pattern to load more long positions.

Upside targets are set at the price of $8.665 and $8.950 (Fibonacci expansion levels)

Weekly Pivot Points:
WR3 - $8,980
WR2 - $8,506
WR1 - $8,333

Weekly Pivot - $8,035
WS1 - $7,862
WS2 - $7,563
WS3 - $7,092


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is up. I found the bull flag on the 1H time-frame and there is chance for re-test of the resistances at $8.445, $8.665 and $8,945.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 08 January 2020

Crypto Industry News:
The American CFTC Commission has a problem finding Benjamin Reynolds, who is allegedly responsible for the Ponzi cryptocurrency program worth over $ 140 million.

The financial media reported that the CFTC has filed an application with the Southern District Court in New York. More specifically, the supervisory authority has applied for service of Reynolds' pleadings and a sixty-day extension within which the service must be performed.

In mid-June, the CFTC initiated proceedings against the company in connection with the alleged Bitcoin Ponzi scheme worth USD 147 million. The CFTC filed a charge against Reynolds for the alleged fraud of over a thousand investors for at least 22,858 Bitcoins.

In the note attached to the application, the regulatory authority explains that it attempted to deliver the letter to Reynolds to the address given as its "service address" in the founding documents of Control Finance, the program management company. When the delivery man arrived at this address, he discovered that this one does not really exist.

The CFTC also tried to email Reynolds to the only known email address associated with him and his company, but received an error message indicating that the message could not be delivered. The regulator learned from affected investors that the district prosecutor's office in Ulsan, South Korea, is also investigating this program, but similarly has not contacted Reynolds.

Fraudsters have long used the speculative enthusiasm surrounding cryptocurrencies to attract and deceive unsuspecting investors. One of the particularly well-known cryptocurrency scams is OneCoin, which was a $ 4 billion pyramid. The scam was first discovered in May 2015, however, the proceedings are still pending and the OneCoin website was not closed until early December last year.


Technical Market Overview:
The BTC/USD pair has been rallying higher and broke through the technical resistance located at the level of $8,298 just to make a new swing high at the level of $8,403 (in the time of writing the analysis). If the rally persists, then the next target for bulls is seen at the level of $8,836, but it is worth to notice, that Bitcoin has hit 50% Fibonacci retracement located at the level of $8,320 and there might be some kind of bearish reaction before the move up resume. Moreover, the Bitcoin has broken out of a narrow range located between the levels of $6,345 - $7,601, just as other main cryptocurrencies like ETH and BCH done earlier. The larger timeframe trend remains down and there are no signals of any trend reversal just yet.

Weekly Pivot Points:
WR3 - $8,248
WR2 - $7,819
WR1 - $7,642

Weekly Pivot - $7,179
WS1 - $6,988
WS2 - $6,550
WS3 - $6,318


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 08 January 2020

Crypto Industry News:
The South Korean cryptocurrency exchange Bithumb founded its own research and development (R&D) center. According to the published announcement, the initiative makes Bithumb the first company from the Blockchain and cryptocurrency research center in South Korea. Bithumb expressed high hopes for the impact of the research center on the company:

The new research and development center will employ around 30 people and will start operations this month. The Bithumb research team will examine the system architecture design to strengthen Blockchain public transaction analysis and cryptocurrency private key security.

The architecture research team will focus on high-performance transaction matching systems that can respond to large concurrent orders. Bithumb also plans to analyze Blockchain chains to extract cryptocurrency trading transactions and develop a system for generating user addresses that allow deposits and withdrawals on the exchange.

The exchange plans to develop security improvement technologies related to encryption, function separation and implementation of verification systems that allow secure storage and use of private keys. The Bithumb research team will also work on high availability and efficient data exchange between chains and databases. In addition, employees were entrusted with the task of building an application programming interface for the cryptocurrency trading platform and modernizing the matching mechanism.


Technical Market Overview:
The ETH/USD pair has been seen testing the higher channel boundary located around the level of $144.00 with a local high made at the level of $146.95. The momentum behind the move up looks strong, so there is still a chance to continue the rally towards the next target located at the level of $150.95. The nearest technical support is seen now at three levels: $139.90, $138.10 and $136.77. This move up might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern.

Weekly Pivot Points:
WR3 - $152.72
WR2 - $144.64
WR1 - $140.53

Weekly Pivot - $132.09
WS1 - $127.41
WS2 - $119.97
WS3 - $115.08


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.






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

[IFX_Selena]

BTC analysis for 01.07.2020 - Median line reached, several pivots expected to form, potential downside movement due to overbought condition

Industry news:
China's economy has been making headlines in the last few months, and not for good reasons. The country has just experienced its third bank failure within three months, as its economic growth continues to diminish. In fact, China's economic growth is reaching levels that have not been seen in over 30 years. Judging by its performance so far, it will likely only keep getting lower and lower.

Technical analysis:


I found that the BTC reached Pitchfork ML at $8.000 and I do expect further sideways to the downside movement. Usually after the price reach Median Line, you expect several pivot to form around.

I would watch for selling opportunities with targets at $7.662 and $7.415.

Stochastic is in overbought zone...




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

[IFX_Selena]

Technical Analysis of ETH/USD for 07 January 2020

Crypto Industry News:
The average block time of the Blockchain Ethereum chain decreased by almost a quarter after reducing mining difficulties.

The data presented on the Etherscan block explorer show that from January 1 to January 4, the daily average block time of the chain decreased from 17.16 seconds to 12.96, which translates into a decrease of 24.48%.

Of course, the shorter time resulted in more blocks mined per day and higher ether inflation. According to the number of Ethereum blocks and the Etherscan reward table, on January 1, miners created 4980 new blocks and 10.237 ETH. Meanwhile, on January 4, network miners created 6,570 new blocks and 13,437 new ETHs. It is almost a 32% increase in the number of blocks and over 31% increase in block awards.

The changes described above are the consequences of the recent implementation of Muir Glacier's hard fork. This fork is to delay the so-called Ethereum Ice Age. The Ice Age protocol increases the difficulty of mining the network over time until it virtually prevents chain mining.

The ice age will occur through a series of difficulty bombs, which ultimately aims to prevent the further extraction of the old Ethereum chain after the implementation of the Ethereum 2.0 chain.


Technical Market Overview:
The ETH/USD pair has broken through the technical resistance located at the level of $139.90 and made a local high at the level of 4144.19. The momentum behind the move up looks strong, so there is still a chance to continue the rally towards the next target located at the level of $150.95. The nearest technical support is seen now at three levels: $139.90, $138.10 and $136.77. This move up might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern.

Weekly Pivot Points:
WR3 - $152.72
WR2 - $144.64
WR1 - $140.53

Weekly Pivot - $132.09
WS1 - $127.41
WS2 - $119.97
WS3 - $115.08


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.







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