Cryptocurrency Analysis

[IFX_Selena]

Shiba Inu Cryptocurrency (SHIB). Yesterday, a certain holder withdrew more than three billion US dollars in cryptocurrency, which provoked a drop in price quotes and sowed panic



The Shiba Inu cryptocurrency (SHIB) has become a real discovery. The meme coin decisively and irrevocably broke into the top 10 cryptocurrencies by capitalization and overtook dogecoin.

The cryptocurrency has a very good ecosystem based on the Ethereum network, and even has its own huge crypto community of fans called Shiba army. However, after a fabulous growth and a jump in prices up to its historical high, yesterday the price adjusted and began to fall.

The reason for this was the lucky shiba whale, who made almost $5 billion with $8000.

On Tuesday, this unknown whale withdrew more than $3 billion from his account, transferred them to four different wallets, which provoked the fall of the cryptocurrency due to such a colossal sale and liquidation of the token from the exchange.

According to Etherscan, this holder has sent more than 10 trillion tokens, $700 million each to four wallets. Shiba inu is based on Ethereum.

In recent months, the cryptocurrency has been full of headlines in various newspapers, appeared on radio and TV shows, and recently even appeared on a billboard in Times Square.

The other day, a code was even leaked, which indicates that Tesla may accept payments for cars in bitcoins and shiba inu (SHIB). However, after the information leaked, Tesla quickly removed the shiba inu from its code.

Yesterday, shiba inu fell by more than 8%, although its long-term indicators are still in an obvious bullish movement, because the crypto asset gained more than 600% over the past month.

According to rumors, in the very near future, the cryptocurrency may appear in the listing of the world-famous Kraken exchange, and after that, in the near future, Robinhood may open its doors to a very popular cryptocurrency, because the crypto asset is on the 9th place in capitalization, and its daily trades amount to billions of dollars.





Vitaly Kolesnikov
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin under massive upside pressure


Bitcoin declined in the short term after reaching the 64,300 psychological level. The crypto dropped to as low as 60,018.46 level where it has found demand again. The upside scenario remains intact despite the most recent retreat.

In the short term, BTC/USD dropped by 6.66% from 64,300 yesterday's high to 60,018 today's low. At the moment of writing, it was at 63,308.44 level and it seemed determined to climb higher. Technically, the rate fell only to test and retest the immediate support levels before jumping higher.


BITCOIN FALSE BREAKOUT WITH GREAT SEPARATION



BTC/USD plunged but it could register only a false breakout with great separation below the weekly pivot of 60,487 which could signal strong bullish pressure. Its failure to reach the weekly R1 (64,584.23) signaled that the bulls are exhausted.

Technically, as long as it stays above 59,953.74 - 58,933 support zone and above the 60,000 psychological level, BTC/USD could resume its upside journey.


BITCOIN PREDICTION

After escaping from the Flag pattern, the price of Bitcoin was expected to grow. The minor retreat could be only a temporary one. BTC/USD retested the buyers before climbing higher. A false breakout with great separation below the pivot point (60,487.91) followed by a bullish candle could announce more gains ahead.

An upside continuation could be invalidated only by a new lower low if the rate drops and closes below 60,018.46.





Ralph Shedler
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading signal for Ethereum (ETH) on November 03-04, 2021: buy in case of rebound from 4,375 (SMA 21)



Ethereum (ETH) is trading around 4,501, after having made an all-time high at 4,636. Now we are watching a correction and the price is likely to find support around the 21 SMA located at 4,375. The strong 6/8 support of murray is located at the same level.

According to the 4-hour chart, Ether remains in a strongly bullish trend. When it made its all-time high, it touched the top of the uptrend channel. It is likely that we will see a correction in the coming days for a new bullish wave that may encourage ETH to rise to the psychological level of 5,000, around 8/8 of murray.

We should expect a consolidation around the key level of 4,375. From October 18 to October 31, it was consolidating below this zone and is now this level likely to serve as strong support. A good opportunity will be to buy at these price levels with targets at 4,687 (7/7) and 5,000 (8/8).

If the price falls below 4,375, we should expect the correction to continue until we find support at the bottom of the uptrend channel. This will be the last support for ETH and also a good opportunity to buy with medium-term targets around $5,000.

If Ethereum breaks the uptrend channel formed since September 26, it could be the beginning of a bearish scenario and we could expect a drop to the 200 EMA level around 3,923. If the downward pressure prevails and if the panic increases the market could fall to the support of 4/8 murray at 3750.


Support and Resistance Levels for November 03 - 04, 2021
Resistance (3) 4,859
Resistance (2) 4,694
Resistance (1) 4,610

Support (1) 4,361
Support (2) 4,195
Support (3) 4,062


A trading tip for ETH for November 03 - 04, 2021
Buy if ETH rebounds from 4,375 (SMA 21) with take profit at 4,500 and 4,687 (7/8), stop loss below 4,265.





Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin hints new momentum: up or down?


Bitcoin failed to get out of the sideways trend 59,383.67 - 62,637.96 on Tuesday. The breakout turned out to be false, consolidation continues.

In general, the situation looks a bit boring and requires patience to wait for at least some clarification. But this is not bad at all, especially for those who trade in the corridor and now may risk selling on a rebound.

In the meantime, in search of clarity, I propose to consider the proposed scenario. There is a symmetrical triangle outlined on the daily chart. The emphasis here is on the word "outlined" - it is too early to make a final conclusion, it must be observed.

But if the figure is justified, then the market is waiting for a new impulse soon. But where is not yet clear. An equilateral triangle is a pattern of uncertainty, which means that the price of BTCUSD can both fall and rise.

Well, even with such a presumptive technical picture, a deeper correction is not ruled out. The potential for working out the downward pattern is at $52,000 per coin. And the potential of working upwards is on the achievement and update of the historical maximum.


JP MORGAN PREDICTS MODERATE GROWTH IN BTCUSD

While many analysts are predicting the next target for BTCUSD at $100,000 per coin, JP Morgan's forecasts are more modest.

The bank's strategists have stated that the current fair value of the main cryptocurrency is around $35,000. According to Bloomberg, JP Morgan analysts noted that if "the relative volatility of BTC is halved next year," then the $73,000 price target "seems reasonable."

But we remember well how back in October, JP Morgan experts said that Bitcoin would be the new gold for hedging against inflation. And that was what caused the cryptocurrency to skyrocket for most of the year. But now they are claiming that the current volatility of BTC is "four times" different from the yellow metal.


VOLATILITY DECREASES, AS WELL AS TARGETS

The argument for reducing volatility is noteworthy. We have already noted the other day that this is due to the natural maturation of the market and the institutional acceptance of the asset.

Many experts speak about this, including the CEO and founder of Pantera Capital, Dan Morehead. Morehead believes that the extreme volatility of bitcoin may become a thing of the past, which means that the previous price cycles that investors are used to are over. Consequently, the market will experience less volatility both upward and downward.


SO WILL BITCOIN GROW TO $100,000?

Many experts set this bar at the end of this year. But, in my opinion, the timing is something that is extremely difficult to predict in the financial markets.

Catalysts such as rising inflation and widespread institutional adoption are likely to push the mainstream cryptocurrency towards the $100,000 mark. But looking at the chart and guided by the Fibo Expansion, the next target for BTCUSD is around $74,000 per coin (161.8 Fibo Expansion). Let the price reach it first, after which we will discuss the following ambitious targets.







Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

XRPUSD challenges major short-term resistance.


XRPUSD has managed to break above $1.13 but price reached as high as $1.236 earlier today. In our previous posts we mentioned that important resistance is found between $1.13-$1.24. Bulls need to break above this area in order to call a break out and in order to get a bullish signal.



Orange lines - resistance trend lines

Blue line- support trend line

XRPUSD is now trading around $1.16.Short-term trend remains support as long as price is above the blue upward sloping support trend line. This support is at $1.04. Bulls do not want to see price break below this level. If this happens we should expect XRPUSD to fall further, towards $0.90-$0.80. Price is now just above the first orange resistance trend line. It got rejected at the second resistance trend line. If bulls can recapture $1.25, we should then expect XRPUSD to rise towards $1.50 and higher.





Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

BTC analysis for November 03,.2021 - Potential for the upside continuation

Technical Analysis:




BTC has been trading upside yesterday and there is strong breakout in the background. I see further rally on BTCUSD.


Trading recommendation:
Due to strong upside breakout I see potential for the upside continuation.

Watch for buying opportunities with the upside target at $66,600.

Bollinger bands are contracting, which is good sign to watch for the breakout.

Key support is set $62,400





Petar Jacimovic
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Ethereum again hits all-time high and awaits launch of ETF futures fund: when altcoin to set another record value?


Despite the great interest in SHIBA and bitcoin completing its consolidation stage, Ethereum is one of this week's favourites. Altcoin is moving steadily northward and has twice updated its historical high in the last 7 days. All this is accompanied by the start of a long period of deflation of the coin and a shortage of the asset on the market, which is the main driving force of the price growth. Besides, altcoin continues its upward movement within the medium-term trend, hitting a new high. It indicates that the coin will continue to update its highs in the coming days.

ETH hit a new high at $4,600, rising by 3% in the past 24 hours on daily trading volumes of just $22 billion. Besides the lack of coins triggered by the full-fledged London protocols, interest in the coin is stimulated by high activity in the DeFi sector. The total amount of blockchain funds in decentralized projects based on the altcoin blockchain continues to grow, which is reflected in the major assets quotations. Besides, altcoin has attracted institutional attention due to increased deflationary capabilities. Ethereum's new possibilities exacerbated its correlation with BTC, as large companies hedged risk in the two assets. Moreover, buyers have steadily taken positions close to ATH and continue to move the price to the north.

The main reasons for the current rally are evident. However, a significant rise in the ETH futures market is expected in the longer term. According to leading analytical portals in the United States, the regulator plans to approve the ETF for Ethereum futures on CME in the first quarter of 2022 due to which the demand for the futures market of the major altcoin has significantly increased. Investors are optimistic due to the exchange-traded fund's record performance on bitcoin futures. However, at the same time, the experience of launching similar institutions in Canada showed below-average results. Besides, it took more than 8 months to overcome the $1 billion mark in ETH investments. Considering this fact, the results of launching a futures ETF on ether would be a strong positive signal for altcoin. However, they are unlikely to reach BTC performance.

Meanwhile, ethereum is holding steady all-time high and at 1 pm the coin is trading at $4579. After reaching ATH, the cryptocurrency expectedly corrected to the local support zone at $4536, after which it resumed the uptrend. However, the coin encountered increased resistance at the round mark of $4,600, after which sellers began to restore positions. At 1 pm a local support zone at $4576 was formed on the hourly chart, and bears took the initiative in the short term. It is evidenced by the red candle trying to break the support line. In this case, the quotes will move to a short-term downtrend and expand the range of fluctuations. Such a scenario is indicated by technical indicators, which give bearish signals: MACD has formed a bearish crossover and begins to decrease to the zero mark. Stochastic oscillator is also showing weakness in buyers and is beginning to fall to 50. At the same time, the ether has firmly worked the triangle, which is followed by a consolidation phase. On a breakdown of $4536, the stabilization period will be replaced by a short-term downtrend to the nearest support area. With a successful consolidation in this area, the price has all chances to continue its movement to the new ATH.



On the daily chart, after the formation of the volley and two doji candlesticks, the price managed to recover and made a bullish break of the resistance area, which created a strong green candlestick. The current bullish momentum will most likely end with the formation of an uncertain bearish candlestick, which will be followed by the consolidation period with a possible rebound to the local support zone at $4249. At the same time, technical indicators are confidently moving north, indicating a strong position of buyers. Therefore, the stabilization phase may end in the next few hours, after which a breakthrough ATH and the movement to a new high will take place.



The 4-hour chart is excellent for determining the time boundaries of the consolidation period. Considering this fact, a downward price movement will start in the near future due to the formation of two red candles in a row, indicating strengthening of the sellers' positions. The price will unlikely fall below $4466 as the sellers' positions are strong in the short term, therefore a rebound from this local support zone is highly probable. If a bearish break occurs, buyers will have to defend the boundary of $4422. Besides, a wedge will be formed at the 4-hour chart, and its analysis may lead the price to the area above $4,600. In the nearest future the ETH quotes will continue to decrease. However, it is unlikely to expect a confident breakdown of two local support zones in the range of $4,400-4,600. After 3 pm the price will form a clear movement vector, which will most likely be the way to hit a new historical high.







Artem Petrenko
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for November 3, 2021


Crypto Industry News:
Cryptocurrency laws around the world vary significantly: China has in recent months suppressed significant cryptocurrency activity, while Japan has only recently allowed specialized cryptocurrency investment funds. El Salvador, on the other hand, has accepted Bitcoin as a legal currency.

While financial centers around the world strive to regulate this sector, Singapore is striving to become the global capital for cryptocurrency businesses. According to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), the city-state might have been left behind if it hadn't had an edge in dealing with cryptocurrencies.

The country is at the forefront of this movement thanks to its openness to cryptocurrencies, having developed a legal framework that favors their exploitation. The tax system was also modified to encourage the development of the industry.

According to Menon, MAS is introducing "very strong regulations" to authorize companies that meet the requirements and respond to numerous business risks.

Following the entry into force of the Payment Services Act in January 2020, 170 companies applied for a MAS license, bringing the number of applicants to around 400. Since then, only a handful of cryptocurrency companies have obtained the coveted licenses. About 30 applicants withdrew their applications after interacting with the regulator.


Technical Market Outlook
The BTC/USD pair has broken above the short-term trend line resistance around the level of $62,000 as the momentum starts to pick up again. The market made a local low at the level of $64,279 during an increased volatility session, but the rally had terminated with a Pin Bar candlestick pattern. The next target for bulls is seen at the level of $64,920 and $66,970 (ATH). On the other hand, the first Fibonacci retracement level, the 38% level, is seen at $56,934. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $70,127
WR2 - $66,705
WR1 - $64,387

Weekly Pivot - $60,937
WS1 - $58,287
WS2 - $54,685
WS3 - $52,480


Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $66,974 (the previous ATH level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).







Sebastian Seliga
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for November 3, 2021


Crypto Industry News:
Over the past three years, leading US-based banks and financial institutions have filled over 1,000 cryptocurrency expert positions.

Financial institutions offer significant bonuses to attract crypto talent, and consultants estimate that for crypto positions, salaries are 20% to 30% higher than for comparable non-digital currency positions.

The company added that many of the senior crypto positions can boast a salary increase of up to 50% compared to comparable positions.

Research firm Revelio Labs analyzed 287 cryptocurrency jobs from Goldman Sachs, Wells Fargo, Fidelity and JPMorgan Chase - the four largest employers employing digital talent on the LinkedIn professional social network. Revelio concluded that cryptocurrency professionals enjoy an average of 9% salary increases over their banking associates.

In October, LinkedIn reported that site-wide job vacancies for Cryptocurrency and Blockchain-related jobs had risen 615% from August 2020.


Technical Market Outlook
The ETH/USD pair has made a new ATH at the level of $4,643 as the bulls has recently manage to break out of the descending channel. The next target for bulls is 100% Fibonacci extension seen at the level of $4,717. The nearest technical support is seen at the level of $4,459 and the key short-term technical support is currently located at the level of $4,146. The larger time frame trend remains up and the outlook for the rest of the trading week is bullish.

Weekly Pivot Points:
WR3 - $5,137
WR2 - $4,787
WR1 - $4,556

Weekly Pivot - $4,216
WS1 - $3,997
WS2 - $3,650
WS3 - $3,426


Trading Outlook:
The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.







Sebastian Seliga
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Robert Kiyosaki criticized Joe Biden and advised everyone to buy Bitcoin



The bullish trend not only continues but also has great prospects

Yesterday, Bitcoin rose by $ 2,500. As a result, its quotes consolidated above the Ichimoku cloud in the four-hour timeframe, which indicates that the upward movement will most likely continue. The daily chart below clearly shows that the "bullish" trend continues and there is no reason to expect its end in the long term. In simple words, the price rebounded from the critical line a couple of days ago and can now return to its historical highs and update them. Thus, it remains only to continue to stay in purchases, and it will be possible to think about a downward movement no earlier than the consolidation of quotes below the critical line or the formation of a downward trend on the four-hour TF.


Robert Kiyosaki criticizes the government for high inflation

Meanwhile, the author of the bestseller "Rich Dad, Poor Dad" Robert Kiyosaki made an extensive speech about a possible new economic crisis in the United States (and possibly around the world). According to Kiyosaki, the US authorities are contributing to the growth of inflation, not trying to reduce it, which will eventually hit the most low-income segments of the population while the rich will continue to get richer. "Joe Biden and the US Federal Government need inflation to prevent a new depression. And inflation makes the rich richer and the poor poorer. Biden and the feds are corrupt. Be prepared for an economic crisis and a new depression. Be reasonable. Buy gold, silver, and bitcoins," Kiyosaki said.

It can be recalled that this is not the first time when the States has predicted a new crisis and even an economic collapse, which will kill any economic growth for many years. Now, the problem is the huge national debt of the country, as well as the trillions of dollars that the Fed and the Federal Government have pumped into the economy and markets. In general, no one knows what will happen next, and how the economy will react to all this money in the future. The world has never faced such a large-scale crisis before. Therefore, anything can happen in the future, and the Fed and the Government need to turn on their forecasting abilities to prevent a new possible economic crisis.


Bitcoin remains the best protection against inflation

At the same time, Bitcoin really remains one of the best means of protection against inflation. Although it is not the only one, it is one of the best. Thus, as long as inflation remains high and the QE program continues to function, this digital coin can continue to grow, as demand for it will constantly grow. In the event that the Fed announces the curtailment of the quantitative stimulus program today, then the BTC growth support factor will slowly begin to level off. But in any case, Bitcoin will maintain a favorable environment to further rise in the next 6-8 months.



The trend on the daily timeframe continues to be upward, and market participants were not able to consolidate below the critical line. Therefore, Bitcoin purchases with the targets of $64,700 and $67,000 currently remain more preferable. However, closing the price below the Kijun-sen line will open the way for the cryptocurrency to the lower border of the Ichimoku cloud, as well as the trend line. Anyhow, judging by the daily timeframe, the end of the upward trend will not be a threat to Bitcoin in the next few days.





Paolo Greco
Analytical expert of InstaForex
© 2007-2021