Cryptocurrency Analysis

[Clausfx]

Fresh forecast for Bitcoin !!! The best time to buy Bitcoin for months.
The cue ball is in consolidation. We look forward to a good upward movement on increased volumes.
To determine the movement, it is necessary to observe the next days of fluctuation in the corridor of 150-300 points.
The latest news from China indicates a high demand for the cue ball, pay attention to the increase in volumes.
With a high probability, in the near future we expect a long-term trend with a target of 13000-14000. A trend can take from 3 to 6 months.

[Clausfx]

#Ripple - Daily on an operational scale Minor continues to develop movement within the 1/2 Median Line channel (0.3330 - 0.3030 - 0.2750) forks of the operational Minute scale, and makes attempts to break through the lower boundary (0.2750) of this channel, if this happens, then we will to observe the continuation of the downward movement of the crypto instrument to the local minimum 0.2225, although it seems to me that the movement will continue in the mentioned channel with the prospect of breaking the upper boundary (0.3330) thereof and reaching the control line UTL (0.3700) of the operational scale Minor

[IFX_Selena]

Technical Analysis of ETH/USD for 17 December 2020

Crypto Industry News:
The hacker, who stole $ 8.3 million from the private wallet of Nexus Mutual CEO Hugh Karpa, sent a ransom note of $ 2.66 million on Ethereum.

In the published announcement, the hacker addresses Karp directly and seems to suggest that he will stop selling the stolen NXM until the price goes up or Karp sends 4,500 ETH.

It is unclear whether the hacker offered to return the remainder of the stolen NXM in the latter scenario, although that would likely be a precondition for Karp if he decided to send the ransom.

Any negotiation should be routed via the attacker's Ethereum address, and the message ends with a list of three wallet addresses that are allegedly owned by Karp, along with an assertion that he is "rich". The hacker managed to install an infected version of Metamask, which prompted Karp to sign a deal that transferred all of his NXM 370,000 to the attacker's wallet.

In an online tweet, Karp praised the attacker with the words "next level stuff", noting that it would be difficult to withdraw so much NXM and then offered a reward of $ 300,000 if the tokens were returned in full. However, the undaunted hacker has reportedly washed up to $ 2.7 million of the stolen NXM, and is now demanding a similar amount so as not to sell the rest.


Technical Market Outlook:
The ETH/USD pair has broken above the technical resistance seen at the level of $635.46 and made a new swing high at the level of $648.78 (at the time of writing the article). The momentum has increased as well and is strong and positive, so the bulls might attack the level of $700 again soon. The next technical resistance is seen at the level of $652.52 and the technical support is located at $635.46 and $620.52.

Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59

Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. This scenario is valid as long as the level of $360 is broken.






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

[IFX_Selena]

Analysis of Bitcoin for August 1, 2019: price to push above $10,000 despite USD strength?

The month of August started with the strong US dollar which gained ground against several FX pairs but could not get the upper hand against bitcoin. The cryptocurrency managed to sustain the bullish momentum while residing at the edge of $10,000 area with a daily close.

After over a week of a lull on the market, BTC managed to shrug off the bearish pressure. After failing to break $9,700 multiple times, bitcoin has ticked towards $10,000 recently. It was quite a surprise for traders as there was no positive news about the cryptocurrency industry released during this time, making this surge more confusing. Interestingly, it's a bit of a mixed bag, despite the fact that bitcoin reclaiming the auspicious $10,000 price point is quite notable.

Bitcoin and other cryptocurrencies has gathered bullish momentum recently that allowed them to climb significantly higher but not as impulsively as earlier. These upward moves came about after a long period of downwards pressure that had jeopardized the upward trend that had been formed throughout the first half of 2019. Although the general market sentiment was bearish, with many analysts anticipating a movement to $8,800, some analysts warn that this newfound bullishness could be a trap.

As of the current scenario, bitcoin is expected to continue pushing higher despite the fact that the price may throwback below $10,000 again. The daily close above $11,000 may lead the cryptocurrency higher in the coming days. As the price remains above $9,000 area, the bullish bias is expected to continue.


TECHNICAL OVERVIEW:
The price is currently being held by the dynamic levels as support whereas rejecting off the $10,000 injected certain bearish pressure in the process. The price is residing above the Kumo Cloud but not quite satisfactory with the current corrective momentum, remaining below $10,000 area with a daily close. As long as the price remains above $9,000 area, the bullish bias is expected to continue.


TECHNICAL LEVELS:

SUPPORT- 9,000, 9,400, 9,500, 9,800

RESISTANCE- 10,000, 10,500, 11,000, 11,500

BIAS- Bullish

MOMENTUM- Volatile





Performed by Rocky Yaman
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Forecast for Bitcoin and US dollar on August 1. The importance of bitcoin is highly overrated. Sooner or later, the "bubble" will burst

Bitcoin – 4H.

As seen on the 4-hour chart, Bitcoin has completed the consolidation above the correction level of 100.0% ($9679). However, BTC's growth potential is currently limited. The first reason is another growth of the US dollar in the world currency markets. Yesterday's speech by Jerome Powell was regarded as positive for the dollar, despite the Fed's key rate cut. As a result, the US dollar has risen in price, and today, this wave can cover bitcoin with other cryptocurrencies, the price of which is measured in dollars. Secondly, many experts and analysts of the cryptocurrency segment begin to give their forecasts about the cost of the "cue ball" in six months or a year. According to many experts, the price may rise to $55,000. From my point of view, such scenarios cannot be excluded, but now they look absurd. The last time bitcoin grew to $20,000, predictions were made with numbers and $200,000 and even more for a single BTC coin. After that, Bitcoin fell to $ 3,000 per coin. This is what makes bitcoin the most unattractive tool for preserving the value of money from all existing ones. An asset that can rise in price by 5-10 times in a short period of time and in the same way fall in price, can only attract investors to "wait a few years" and with the hope that bitcoin will grow to just $ 50,000. But no sane investor will store his savings in cryptocurrencies if his goal is to save money. Therefore, I believe that bitcoin is very much overrated. At the current time, this is an HYIP technology, on which many want and try to earn. The advantage of bitcoin over fiat money is only one – anonymity. But anonymity is not necessary for those who do not suppress the laws. Therefore, many ordinary citizens do not need bitcoin as a means of payment. Especially – given its fluctuations in value.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.


Forecast for Bitcoin and trading recommendations:
Bitcoin has completed the consolidation above the correction level of 100.0% ($9679). Thus, I recommend buying cryptocurrency with the target of $10478, with the stop-loss order below the level of 100.0%. I recommend selling bitcoin with the target of $8744, and with the stop-loss order above the level of $9558, if the closure is performed under the correction level of 38.2%.



Performed by Samir Klishi
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC. Potential downward continuation
01 August 2019

Crypto Industry News:
The latest policy by the FCA provides multiple key clarifications and definitions.

As an example, cryptocurrencies like Bitcoin and Ethereum which the FCA considers being "exchange tokens," that are not regulated but will adhere to anti-money laundering regulations.

Furthermore, security tokens fall under the FCA's 'specifcied investment' category according to the statement, although it will also be under the firm's remit.

On the other hand, utility tokens will fall outside the FCA's control, except for when they can be defined as electronic money and fall with a new category of e-money tokens.


Technical Market Overview:

The BTCU/USD is still trading in the downward trend and there is no indication of any reversal yet. As long as the BTC is trading below the level of $11.000 and the level of $12.000, I would watch for selling opportunities. Stochastic oscillator is showing overbought condition and the down flip, which is good sign for the further downside move. Pitchfork warning line 1 is suggesting that very soon there should be turn, which adds more potential weakness on BTC.

Important resistance levels to watch:
$10,206
$10,731
$11,000

Important support levels to watch:
$9,738
$9.346
$9.088


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. Stochastic is showing overbought condition and the fresh new down flip and the BTC is trading near the resistance $10,200.



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

[IFX_Selena]

Technical Analysis of BTC/USD for 02 August 2019

Crypto Industry News:
The total and target Bitcoin supply amounts to 21 million units. Today 85% of this number has been dug. In addition, in less than a year - in May 2020 - another division of the prize for block mining in the BTC network awaits. Up to now, such a period was conducive to growth and was the basis for subsequent bubbles. It is no different now.

The current supply of bitcoins means that only 17,850,000 people around the world can own one whole coin. In reality, however, this number is even smaller because there are people who, for example, have lost private keys to their portfolios.

Estimates of the Chainalysis blockchain research company from 2017 showed that the number of lost coins amounts to as much as 4 million units or more than 20% of the total supply.

Looking to the future, in May 2020 the aforementioned reduction of miners 'payments will take place - the miners' award will fall from 12.5 BTC to 6.25 BTC for a new block. This event, which, according to analysts' predictions, will increase the price of bitcoin.


Technical Market Overview:
The BTC/USD pair has been continuing the move up and recently the bulls have broken above the technical resistance located at the level of $10,166. The new local high was made at the level of $10,432 on a solid upward momentum. The next target is seen at the level of $10,636 or even at the level of $11,068. The last target can be hit only if the bulls will maintain control over the market.

Weekly Pivot Points:
WR3 - $11,468
WR2 - $11,040
WR1 - $10,062

Weekly Pivot - $9,661
WS1 - $8,704
WS2 - $8,287
WS3 - $7,289


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 being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 02 August 2019

Crypto Industry News:
The general manager of a company dealing in trade and investment in cryptocurrencies, Circle, believes that the United States will create appropriate regulations, as more and more companies are moving abroad.

Speaking in an interview with Bloomberg, Jeremy Allaire, he pointed to current trends for cryptographic market participants to move abroad as a factor motivating future regulatory policy in Washington.

Allaire's comments come as a follow-up to his testimony on Tuesday's hearings on cryptography and Blockchain, the latest in a series of sessions that US lawmakers have conducted about the growing industry.

"The increase in the number of projects related to digital resources outside the United States, the movement of companies to leave the US and projects wanting to start operations outside the United States is definitely attracting people's attention, I think it will eventually lead to legislative initiatives to try to provide adequate safeguards and protect investors but also clarity, which is very much needed to enable the development of technology and industry "- he said.


Technical Market Overview:
Not much has changed at this market since the beginning of the week as the ETH/USD pair still keeps trading inside of a narrow price range between two levels of $189.91 - $223.38. The level of the local support at $199.68 has been tested, but the price did not break below but bounced back to the range. The bulls did not make any decision regarding the possible move higher, so the bullish momentum is decreasing as the price goes nowhere fast. In order to continue the move upwards, the bulls must break through the Fibonacci retracement levels located at $223.38, $233.77 and $244.16. Otherwise, the market will stay inside of the trading range or will be pushed lower by bears to test the technical support at the level of $189.91 again.

Weekly Pivot Points:
WR3 - $247.21
WR2 - $236.28
WR1 - $220.47

Weekly Pivot - $209.37
WS1 - $191.97
WS2 - $182.25
WS3 - $161.51


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 being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume sooner or later. We are waiting for a breakout.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 05 August 2019

Crypto Industry News:
From August 2019, Brazilian citizens are required to report their cryptographic transactions to the national tax authority, the Department of Federal Revenue (RFB).

Transactions with cryptocurrencies, such as Bitcoin, must be reported to the RFB in accordance with the rules set out in the 1888 normative manual introduced in May 2019. As reported by the national public agency Agencia Brasil, the new measure applies to individuals, companies and brokerage houses and covers all types of activities related to cryptography, including the purchase and sale of cryptocurrencies, as well as donations, barter, deposits, withdrawals and others.

Entities are to provide monthly reports by the end of each subsequent month if crypto transactions have taken place. According to the rules, local cryptographic exchanges will have to inform RFB about all operations regardless of value. However, those who use foreign exchanges, intermediaries or make peer-to-peer transactions in crypto, will have to report transactions if the monthly amount exceeds 30,000 Brazilian real ($ 7,800).

Penalties range from 1.5% to 3% of the amount of unreported transaction.

Those who do not report on cryptographic transactions will face penalties ranging from 100 to 500 realities in Brazil or from 25 to 130 dollars. According to Agencia Brasil, RFB is also authorized to collect from 1.5% to 3% of the amount of the unpaid transaction as a penalty.

RFB believes that the digital currency market in Brazil has more investors than the second oldest stock exchange in Brazil, B3, which reportedly has around 800,000 customers. The authority intends to combat illegal activities such as money laundering, tax evasion and financing of terrorism.


Technical Market Overview:
The BTC/USD pair has bounced from the level of $9,049 after the corrective cycle in the wave Z of wave 2 had been completed. The bulls have broken above all of the key technical resistance levels located at $10,166 and $11,068 and now are testing the 61% of the Fibonacci retracement of the lase wave down at the level of $11,548. The positive and strong momentum supports the short-term bullish outlook and if the level of $11,548 is violated, then the next target is seen at the level of $11,855.

Weekly Pivot Points:
WR3 - $13,750
WR2 - $12,333
WR1 - $11,817

Weekly Pivot - $10,382
WS1 - $9,882
WS2 - $8,441
WS3 - $7,9485


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 being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 05 August 2019

Crypto Industry News:
The Chinese manufacturer of ASIC Bitcoin excavators, Bitmain, lost $ 625 million in the first two months of this year, according to a QQ report from August 2.

According to the report, the company suffered losses of USD 625 million in March, USD 345 in January and USD 280 million in February. These results were probably caused by the sale of obsolete 16-nanometer ASICs at low prices, and after the removal of stocks from these machines, new profits from the sale of new 7-nanometer mining platforms are expected.

It was estimated that the company's gross profit margin would reach 30% in April thanks to the sale of the aforementioned device. At the end of March, the company announced that its 9-nanometer excavator from the Antminer S17 series is to be launched on April 9.

Bitmain is planning to fundraise again, arguing that the cryptocurrency market has started to record profits again. The company was hoping to get $ 3 billion from the planned IPO in Hong Kong, but the latest report suggested that this fundraising goal would be reduced to between $ 300 million and $ 500 million if it was carried out in the United States.

The ETH/USD pair is trying harder to break out of the horizontal trading range located between the levels of $199.68 - $235.42. The recent move up above the local resistance located at the level of $228.04 has been made on a high volume and momentum, so the chances are good that it will at least test the level of $235.42. Please notice, that the corrective cycle in wave 2 of the higher degree might have been completed already.

Weekly Pivot Points:
WR3 - $260.89
WR2 - $241.83
WR1 - $232.61

Weekly Pivot - $214.73
WS1 - $206.31
WS2 - $187.76
WS3 - $178.82


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 being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume sooner or later. We are waiting for a breakout above the level of $235.42 to confirm the bullish momentum.






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