Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 03 December 2019

Crypto Industry News:
IBM has patented a system using Blockchain technology to prevent package theft using drones.

According to data published by the United States Patent and Trademark Office (USPTO), IBM will track the height of drones using the Internet of Things (IoT) altimeter, while constantly sending this data to the secure Blockchain platform.

In the future, theft of packages with the help of drones can become something ordinary. The point is that the packages will be equipped with a height sensor that is set to trigger an alarm if a significant change in height is measured outside the set criteria. When the alarm is triggered, the IoT device with GPS support will send accurate location data to the tracking module. It's like giving Amazon packages a way to call SOS when something goes wrong on the way to the buyer's home.

IBM patent describes unattended delivery of packages that can expose items to theft and other destructive behavior after package delivery and before it is received:

"The coincidence of the increase in the use of drones and the increase in the number of online purchases provides a situation in which the drone can be used with the wicked intention to anonymously take the package left at hand after delivery," we read.


Technical Market Overview:
The BTC/USD pair has retraced over 50% of the last wave up and made a local low at the level of $7,080. It means that the three-wave upwards move was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target, which is 61% Fibonacci retracement located at the level of $6,973. For now, the market consolidates in the narrow zone located between the levels of $7,405 - $7,080 as the global traders await for the next move.

Weekly Pivot Points:
WR3 - $9,343
WR2 - $8,576
WS3 - $7,989

Weekly Pivot - $7,181
WS1 - $6,590
WS2 - $5,869
WS3 - $5,242


Technical 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 © 2007-2019

[IFX_Selena]

BTC 12.02.2019 - BTC started another down cycle

BTC did exactly what I expected last week. Our Fibonacci resistance confluence at the price of $7.900 held successfully and the BTC did strong rejection of it. My main downward target is still at the price of $6.550.



Stochastic oscillator is showing oversold condition but that is totally normal after the breakout of upward consolidation.

Watch for selling opportunities on the rallies with the first downward target at the price of $6.550.

Support levels are seen at $7.163, $6.850 and $6.550. Resistance levels are seen at $7.370 and $7.670.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 02 December 2019

Crypto Industry News:
At least five Chinese cryptocurrency exchanges have suspended or decided to end the operation this month in response to Beijing's noticeable anti-cryptographic attitude.

Bitsoda exchange operator informed the public on November 23 of its decision to terminate services; Akdex followed suit, announcing its decision to close on November 24. On the same day, Idax gave the Chinese government's policy as the basis for its decision to prevent customers from using its services.

Similarly, with a clear reference to government policy, Btuex revealed on November 25 that it would immediately stop services and re-open them to foreign customers in the future.

On November 4, Biss cryptographic market announced that it was "actively cooperating" in investigating its operations and plans to resume services as soon as possible. Since then, it has been reported that the authorities have arrested 10 suspects related to the stock exchange. While information about the arrests is fragmentary, reports say regulators have found that Biss's services are violating China's capital control.

It seems that, as with everything within their boundaries, China believes they need to have tighter control in the cryptographic market, including stock exchanges, miners and asset issuers. Beijing's position is evolving in a similar direction as Japan is doing, where strict and clear rules are set for cryptographic companies.

Local traders, however, seem nervous: the Imtoken wallet app has reported a twofold increase in Tether transactions (USDT) among 10 million users, allegedly in response to new warnings from Chinese regulators.


Technical Market Overview:
The ETH/USD pair has possibly completed a three-wave counter-trend corrective cycle at the level of $156.76 and since then the bears are pushing the prices lower towards the level of $136.98. So far the new local low was made at the level of $144,96, but due to the diminishing momentum, the down move might extend soon towards the next technical support. Only a new higher high might change this base bearish scenario to a bullish one.

Weekly Pivot Points:
WR3 - $187.69
WR2 - $171.75
WS3 - $162.01

Weekly Pivot - $146.28
WS1 - $136.26
WS2 - $119.53
WS3 - $110.92


Technical 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 © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 02 December 2019

Crypto Industry News:
Russia is allegedly preparing a ban on the use of cryptocurrencies to pay for goods and services. The media report cites several sources allegedly familiar with the ongoing discussions at the central bank of the country, the financial supervision office and the Ministry of Finance, which support the ban.

Currently, cryptocurrencies can be used in e-commerce, and many Russian freelancers, including programmers, designers and copywriters, agree to receive salaries in Bitcoin or Ethereum, said Vladislav Antonov of Izvestia.

However, it can be seen that although they are not officially allowed, cryptocurrencies are often used to buy a range of goods and services; including tickets, computers and home appliances, apartment rentals or hotel reservations.

If the media sources are right, Russian regulators believe that a ban on the use of cryptocurrencies as payments is necessary because of their concerns about crime.

The report refers to the comments of Alexei Yakovlev, deputy head of the banking regulations department of the Ministry of Finance, who reportedly confirmed at a recent conference on crypto-economy: "We see no basis for using cryptocurrencies as a means of payment."

The central bank's press department has not officially confirmed the preparation of formal law, but stressed that private cryptocurrencies cannot be equated with fiduciary currency and cannot be considered a legitimate way of paying for purchases:

"If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position," we read.


Technical Market Overview:
The BTC/USD pair has retraced over 50% of the last wave up and made a local low at the level of $7,080 at the time of writing the analysis. It means that the three-wave upwards move was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target, which is 61% Fibonacci retracement located at the level of $6,973.

Weekly Pivot Points:
WR3 - $9,343
WR2 - $8,576
WS3 - $7,989

Weekly Pivot - $7,181
WS1 - $6,590
WS2 - $5,869
WS3 - $5,242


Technical 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 © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 29 November 2019

Crypto Industry News:
Leading cryptocurrency exchange Binance announced in its blog that it has started working with the TravelByBit crypto startup to introduce a reward card that facilitates cryptocurrency payments on major travel websites.

According to the announcement, the card will work like a traditional prepaid card with access to additional rebates and rewards, which users will be able to load using Bitcoin, Binance USD, Binance Coina and Ontology.

The card will be issued at the beginning of next year and will initially be addressed to travelers in the Association of Southeast Asian Nations, Australia and Europe, with plans for gradual expansion.

The service will allow customers to book flights and hotels through major websites, including Booking.com, Expedia, Agoda and Ctrip, as well as their own TravelByBit platform.

TravelByBit is not the first service enabling users to travel thanks to cryptocurrencies. Recently, there have been reports that the Travala cryptocurrency booking company has announced that it will now allow its clients to book any hotel that can be booked via cryptocurrency via Booking.com.

Earlier this summer, the co-founders of the Scandinavian air carrier Norwegian Air announced plans to launch their own cryptocurrency exchange, which will then make it easier for the airline to accept cryptocurrency payments.


Technical Market Overview:
The ETH/USD pair is currently testing the key technical resistance located at the level of $152.28 and even a new local high was made at the level of $154.78. Nevertheless, the move upwards was made in three waves only, so it looks like a typical simple corrective move during a downtrend. When the correction is terminated, the market should resume the downtrend. The key short-term support is seen at the level of $136.98.

Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68

Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. 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 wave down.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 29 November 2019

Crypto Industry News:
Kraken, one of the largest and oldest Bitcoin exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining the SEN, the US cryptocurrency market enables its clients to deposit and withdraw US dollars from Silvergate accounts without charge, the company announced.

According to the announcement, the deposit process will vary depending on whether Kraken users have a Silvergate account. If they have a Silvergate account, Kraken users will simply need to enable SEN funding on their Kraken account before using this option. Those who do not have a Silvergate account will need to submit a separate application to the bank.

Silvergate Capital is a commercial bank based in California that focuses on businesses with digital currencies. SEN Silvergate is a network of cryptographic exchanges and investors that enables transactions in US dollars between network members.

Silvergate's clients include crypto exchanges, miners and trustees. A cryptocurrency friendly bank increased the number of customers using digital currencies from 655 from June 30, 2019 to 756 on September 30, 2019.

In August 2019, the SEN added another important partner, the Gemini Stock Exchange, founded by the Winklevoss brothers, thus enabling faster transfers in US dollars. Earlier this month, Silvergate Bank introduced its shares to trading on the New York Stock Exchange under the symbol NYSE: SI.


Technical Market Overview:
Since the new local high on the BTC/USD was made at the level of $7,616 which is above the key technical resistance located at the level of $7,234, the market has entered a sideways trading phase. The range has been established between the levels of $7,313 - $7,616. Please notice, the move up is in three waves only, so it is a typical corrective wave to the upside which should be only a local correction. When the correction is completed, the market will resume the downtrend.

Weekly Pivot Points:
WR3 - $9,581
WR2 - $9,033
WR1 - $7,830

Weekly Pivot - $7,282
WS1 - $6,055
WS2 - $5,531
WS3 - $4,254


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 © 2007-2019

[IFX_Selena]

BTC 11.28.2019 - End of the upward correction and bear cross on intraday Ichimoku

BTC has been trading sideways at the price of $7.396. Anyway, I see potential for the end of the upward correction (ABC) and potential beginning of the new downside leg. Watch for selling opportunities.

Ichimoku analysis:


15M time-frame

The price just crossed below the Ichimoku cloud on the 15M time-frame, which is sign that sellers took control from buyers. Intraday support levels are set at $7.306 and $6.800. The 15MIN time-frame produced sell signal.

H4 time-frame

Based on the 4H time-frame, the price reached Ichimoku cloud but the overall trend is still bearish. My advice is still to watch for selling opportunities with the targets at $6.800 and $6.450.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 28 November 2019

Crypto Industry News:
One of South Korea's major cryptocurrency exchanges - operated by a subsidiary of the Korean technology giant Kakao - notified users of the theft of 342,000 Ethereum from a hot wallet. The incident was confirmed in an official statement by Lee Seok-woo, CEO of Upbit operator Dunam.

In his statement, Lee Seok-woo revealed that:

"At 13:06 November 27, 2019, 342,000 ETH (about 58 billion won) was transferred from Upbeat Ethereum Hot Wallet to an unknown wallet. The unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029," we read.

Apologizing to users for any "inconvenience" arising, the CEO outlined the measures that the stock exchange took after detecting the incident, while not calling it "hacking."

The stock exchange is committed to protecting user assets by stating that ETH 342,000 (approximately $ 50 million) will be covered by corporate funds. Resuming deposits and withdrawals will take at least two weeks - Lee Seok-woo promises to inform users as soon as they are re-opened.

The director-general also pointed out that all other recent large-scale transfers were not abnormal but were related to the transfer of stock exchange assets between hot and cold portfolios.


Technical Market Overview:
The ETH/USD pair is currently testing the key technical resistance located at the level of $152.28 and even a new local high was made at the level of $154.78. Nevertheless, the move upwards was made in three waves only, so it looks like a typical simple corrective move during a downtrend. When the correction is terminated, the market should resume the downtrend. The key short-term support is seen at the level of $136.98.

Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68

Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. 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 © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 28 November 2019

Crypto Industry News:
The Indian government is working on the national Blockchain strategy, which will aim to expand the use of this technology in the country. As reported by the India Times, the Indian Ministry of Electronics and Information Technology (MeitY) said it recognizes the potential of Blockchain technology and the need to develop common infrastructure to address related use cases. The ministry added that it is working on a "Blockchain Framework at the national level".

The Minister of State for Human Resources Development, Communication, Electronics and IT, Sanjay Dhotre, noted, inter alia, the possibilities and potential of Blockchain in sectors such as management, banking, finance and cybersecurity.

There have been reports before that the Indian state of Tamil Nadu is working on a state-level policy regarding Blockchain technology and artificial intelligence. Tamil Nadu's Blockchain and Artificial Intelligence regulations are expected to lay down basic principles on how the government can apply new technologies to provide services and address management issues.

Earlier this year, the state of Telangana in southern India also released a project of Blockchain policy initiative that aimed to establish an ecosystem for startups and Blockchain research institutes. The initiative is particularly focused on projects aimed at developing Blockchain applications for the banking and financial sector, pharmaceuticals, logistics and solutions for governmental sectors.

Although India may be pro-Blockchain, their attitude to cryptocurrency is definitely hostile. In July, the Indian government proposed a bill entitled 'Cryptocurrency banking and regulation of official digital currencies', which aimed not only at a total ban on the use of cryptocurrencies in India, but also the introduction of a 'Digital Rupee' issued by the country's central bank, Reserve Bank of India


Technical Market Overview:
The BTC/USD pair has made another leg to the upside after the local correction had been completed with a low located at the level of $6,821. The new local high was made at the level of $7,616 which is above the key technical resistance located at the level of $7,234. Please notice, the move up is in three waves only, so it is a typical corrective wave to the upside which should be only a local correction. When the correction is completed, the market will resume the downtrend.

Weekly Pivot Points:
WR3 - $9,581
WR2 - $9,033
WR1 - $7,830

Weekly Pivot - $7,282
WS1 - $6,055
WS2 - $5,531
WS3 - $4,254


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 © 2007-2019

[IFX_Selena]

BTC 11.27.2019 - Potential end of the upward ABC correction, watch for downside

BTC has been trading upside in recent 24h but there is still chance for more downside. Important resistance pivots are set at $7.400 and $7.700. Watch for selling opportunities near resistance levels with the downward target at the price of $6.545.



MACD oscillator did have strong momentum in the background and that is why I still expect further downside after potential ABC upward correction.

Support levels are set at the price of $6.870 and $6.545.





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