Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 10 February 2020

Crypto Industry News:
The Bitcoin network has exceeded half a billion transactions since the launch of the cryptocurrency over 11 years ago.

The first Bitcoin transaction took place on January 12, 2009. Satoshi Nakamoto and the late Hal Finney were the first participants in the project. Nakamoto sent Finney 10 Bitcoins as a test, after which the IT specialist himself began to extract cryptocurrency.

Ten months later, on October 5, 2009, the New Liberty Standard set the initial Bitcoin exchange rate against the dollar. At that time, $ 1 was worth 2,300.03 Bitcoins.

The first transaction in the history of exchanging Bitcoin for physical goods took place on May 22, 2010. On the famous Bitcoin Pizza Day for 10,000 Bitcoins, Laszlo Hanyecz bought pizzas. The developer offered Bitcointalk Bitcoin users in exchange for two pizzas. A teenager named Jeremy Sturdivant, nicknamed Jercos, took Bitcoin and sent Hanyecz two pizzas from Papa John's restaurant. This is the first commercial transaction for Bitcoin. After 11 years, Bitcoin reaches another important milestone in handing over half a billion transactions.


Technical Market Overview:
The BTC/USD pair has made another higher high over the weekend and hit the level of $10,133. Since then the market has made a Bearish Engulfing candlestick pattern at the H4 timeframe chart. Some traders have taken profit off the table ad the level of $10k was hit, but now the price is bouncing right back up. The trend is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The nearest important short-term technical support is seen at the level of $9,508 and only if this level is clearly violated the deeper correction can be made.

Weekly Pivot Points:
WR3 - $11,600
WR2 - $10,823
WR1 - $10,568

Weekly Pivot - $9,731
WS1 - $9,416
WS2 - $8,639
WS3 - $8,335


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 10 February 2020

Crypto Industry News:
The Swiss Financial Market Authority (FINMA) has adopted a law on anti-money laundering. Citing additional risk, the threshold for unidentified cryptocurrency exchanges has been lowered from 5,000 to 1,000 Swiss francs.

The provision appeared after the Act on financial services and the Act on financial institutions, which entered into force on January 1. FINMA has submitted a revised regulation in response to these laws and will continue to consult on further regulations until April 9.

One of the key changes is the normalization of Swiss national laws through the Anti-Money Laundering Special Group or FATF directives since June 2019. The international body has set a maximum transaction limit of 1,000 francs for unidentified cryptocurrency exchanges.

All financial service providers involved in cryptocurrencies will have to collect data on all persons initiating transactions in excess of 1,000 Swiss francs.

This initiative is part of a global trend seeking to tighten anti-money laundering regulations. By implementing the directive, according to a press release, FINMA recognizes the increased risk of money laundering in cryptocurrency transactions.

The European Union has also implemented the Fifth Anti-Money Laundering Directive (5 AMLD), which entered into force this year. The new regulation applies primarily to certain types of cryptocurrency transactions, in particular those requiring strict reporting of customer information.


Technical Market Overview:
The ETH/USD pair has been trading above the $200 level over the weekend. The recent swing high had been made at the level of $229.61 and since then the price started a corrective cycle to the downside and a Shooting Star candlestick pattern has been made around the top. Currently, the price is trading above the local technical support located at the level of $215.30, but if the bearish pressure intensify, then the price might get back to the channel zone around the level of $200. That would be the first indication of a deeper corrective cycle to come soon.

Weekly Pivot Points:
WR3 - $294.29
WR2 - $261.49
WR1 - $246.98

Weekly Pivot - $213.30
WS1 - $200.82
WS2 - $167.15
WS3 - $155.55


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.







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

[IFX_Selena]

BTC analysis for 02.10.2020 - Strong liquidation at $10.000, watch for bearish continuation

Industry news:


Bitcoin recently surged past its crucial resistance at $9.9k and held on above $10k for some time. However, as sellers' pressure increased, the coin could not hold on to $10k and its price slumped by 4.55% within a few hours. Bitcoin was valued at $10,195 before it experienced a downward force and was pulled back under the $9,731, causing a flurry of liquidation on BitMEX Bitcoin longs.

According to data provided by Datamish, a total of $56.3 million longs were liquidated in the last 6 hours, with $600k worth short contracts expiring.

This decline in price also helped to fill a gap left at the end of trading on Friday on the CME futures. The Futures on CME group ended last week at $9,850 and on 10 February, the drop in price brought BTC back to the $9.8k range.


Technical analysis:
BTC got strong rejection of our Pitchfork median line, which is strong sign that more selling can come. My advice is to watch for selling opportuntieis with the target at $9.040..

MACD oscillator is showing bearish divergence on the daily time-frame, which is good confirmation for our short bias.

Support levels are set at the price of $9.570 and $9.040

Resistance level is seen at $10.000





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

[IFX_Selena]

Technical Analysis of BTC/USD for 11 February 2020

Crypto Industry News:
Many cryptocurrency conferences in Asia are delaying in response to an outbreak of coronavirus outbreak in the region.

Token2049, the main cryptographic event organized annually in Hong Kong, is the latest event that will postpone the date. Originally scheduled for mid-March 2020, Token2049 will now take place from October 7-8, 2020.

Hong Kong, which reportedly announced plans to close its border crossing points with mainland China to further combat the deadly virus, is experiencing even greater uncertainty due to local anti-government protests.

Token2049 is not alone in postponing his event. On January 3, Binance's popular global cryptocurrency market announced the delay of Binance Blockchain Week in Vietnam, which was originally scheduled for February 29 - March 4, 2020. Binance said it would return registered visitors, noting that the new event date will be announced later.

At the end of January, another major conference, Hong Kong Blockchain Week 2020, announced that it would suspend the March 2020 event. The event organizer said it would publish a new date as soon as it was set.


Technical Market Overview:
Since the Bitcoin market has made a Bearish Engulfing candlestick pattern at the H4 timeframe chart at the level of $10,133, some traders have taken profit off the table and the price has been pushed lower towards the technical support located at the level of $9,645. Nevertheless, the trend is still up despite the extremely overbought market conditions on H4 and Daily timeframes, but the bears might try to test the nearest important short-term technical support at the level of $9,508 soon. Only if this level is clearly violated the deeper correction can be made towards the levels of $9,123 and $9,013.

Weekly Pivot Points:
WR3 - $11,600
WR2 - $10,823
WR1 - $10,568

Weekly Pivot - $9,731
WS1 - $9,416
WS2 - $8,639
WS3 - $8,335


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 11 February 2020

Crypto Industry News:
In a large-scale Ask-Me-Anything (AMA) session that took place on February 7, CEO of Binance Changpeng Zhao announced major plans for the cryptocurrency exchange in 2020. One of the least explained plans was the emergence of a new product called Binance Cloud, which apparently will be presented in the next 10 days.

The exact use of Binance Cloud was not explained because Zhao remained laconic during AMA. The company is currently looking for a Senior Cloud Engineer to join the cloud engineering and architecture team.

The stand describes "large-scale, massive parallel and highly available computing systems on an advanced cloud computing platform" and requires someone who can "improve, scale and automate this business-critical cloud-based architecture."

The way it translates into a consumer product remains unclear, although the answer will be given in a few days. After AMA, Zhao continued on Twitter, publishing cloud GIFs to increase speculation.

Earlier, however, we will see BNB futures contracts with a 50x leverage launched on February 10. Binance is also opening gates for fiat currencies, including Russian rubles, Norwegian krone, and Croatian kuna, while purchases using cryptocurrencies are now available with Russian credit cards.


Technical Market Overview:
The recent swing high on the ETH/USD pair had been made at the level of $229.61 and since then the price started a corrective cycle to the downside. This wave down had been made after the Shooting Star candlestick pattern has been made around the top. Currently, Ethereum has been trading above the level of $215.30, close to the upper channel line, which provides support for the price, but if the bearish pressure intensifies, then the price might get back to the channel zone around the level of $200. That would be the first indication of a deeper corrective cycle to come soon.

Weekly Pivot Points:
WR3 - $294.29
WR2 - $261.49
WR1 - $246.98

Weekly Pivot - $213.30
WS1 - $200.82
WS2 - $167.15
WS3 - $155.55


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.

Attachment 2259




Attachment 2260
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for 02.011.2020 - Mini sell signal due to breakout of Pitchfork upward channel, watch for test of $9.060

Industry news:


The infamous PlusToken Ponzi scam that resulted in investors losing over $3 billion in cryptocurrencies like Bitcoin [BTC] and Ethereum [ETC] has reared its ugly head again. After a short hiatus, the scam artists have re-surfaced and moved $117 million in Bitcoin, within their addresses.


Technical analysis:
BTC has been trading sideways at the price of $9.800. Another stronger rejection of the Pitchfork median line was the key for the recent downside movement together with the lack of demand around $10.000

Watch for selling opportunities if you see the breakout of $9.685 with targets at $9.060 and $8.220.

MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside.

Major resistance is set at the price of $10.185

Support levels are seen at the price of $9.060 and $8.220.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 12 February 2020

Crypto Industry News:
The Ukrainian Ministry and the Committee for Digital Transformation of Ukraine have just published the most reasonable and reliable crypto-regulatory policy for public Blockchain and Proof of Work (PoW) mining on the ground.

Regulatory ministries came to the conclusion that the Bitcoin protocol and enforced consensus rules are sufficient to regulate onchain activities because network rules are enforced by the protocol itself, node operators and the social consensus of the users themselves. Therefore, it does not need government supervision or intervention.

Ukrainian officials understand that Blockchain technology is self-regulating due to the use of open-source protocols and open network access, which allows privacy and free flow of resources, secured by a decentralized network, cryptography, PoW system and social consensus.

Instead of micro-management and blatant regulatory requirements, Ukrainian officials focus on developing state policy in the fields of digitization, digital economy, digital innovation, e-administration and e-democracy, and the development of the information society.

The regulatory policy of Ukraine is trying to revive participation in the creation of virtual assets, blockchain and tokenization, artificial intelligence and other technological innovations.

It is a breath of fresh air that shows that Ukrainian officials actually understand the no-impediment and open public Blockchain chains.


Technical Market Overview:
The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The recent high was made at the level of $10,320, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, The bears might try to test the nearest important short-term technical support at the level of $9,508 soon. Only if this level is clearly violated the deeper correction can be made towards the levels of $9,123 and $9,013.

Weekly Pivot Points:
WR3 - $11,600
WR2 - $10,823
WR1 - $10,568

Weekly Pivot - $9,731
WS1 - $9,416
WS2 - $8,639
WS3 - $8,335


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 12 February 2020

Crypto Industry News:
Pawnhub cryptographic loan startup has just become the first fully licensed and insured cryptocurrency lender in Hong Kong. Pawnhub also has offices in Switzerland, Great Britain, Taiwan and Thailand.

Pawnhub has big plans to become one of the leading cryptocurrency companies in the Asia-Pacific region. Asian nations have a high degree of technological efficiency and enthusiasm for cryptocurrency and blockchain projects.

Many Asian nations are home to some of the largest cryptocurrency markets, and have some of the most forward-looking cryptocurrency-friendly recipes. Singapore, Japan, South Korea and Hong Kong have adopted laws that make their jurisdiction more attractive for online startups.

Pawnhub's expedition into the cryptocurrency loans space can be a big deal. The cryptocurrency industry has become one of the fastest and most profitable sub-sectors of the overall investment climate for crypto assets over the past 2 years.

The company was able to obtain a government license in Hong Kong and also announced that it would work with a leading US cryptographic asset storage company to offer insurance of up to $ 100 million, anywhere in the world, to cover its clients' Bitcoins.

Pawnhub is just one of the virtual currency lending companies that appeared in the headlines of newspapers. This industry has recently become the center of attention, as one of the few successful sectors that developed during the crypto-winter.


Technical Market Overview:
The ETH/USD pair has broken through the technical resistance located at the level of $229.81 and made a new high at the level of $247.20. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $250. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle.

Weekly Pivot Points:
WR3 - $294.29
WR2 - $261.49
WR1 - $246.98

Weekly Pivot - $213.30
WS1 - $200.82
WS2 - $167.15
WS3 - $155.55


Trading Recommendations:
The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.







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

[IFX_Selena]

BTC analysis for 02.12.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line

Industry news:


On Tuesday, Feb. 11, pro-crypto presidential candidate Andrew Yang has dropped out of the 2020 race after a "bitterly disappointing" outcome in the New Hampshire primary where he trailed in a dismal eighth place.

Yang's campaign drew a lot of attention inside and out of the cryptocurrency space based on his pledge of a universal base income giving all Americans $1,000 a month to counter the effects of job redundancy through increasing automation.


Technical analysis:
BTC has been trading upwards. The price tested and rejected of the Pitchfork median line at the $10.500 and that was the key for the recent downside movement. I do expect few pivots to form around the Pitchfork median line.

Watch for selling opportunities and potential rotation down towards the $9.685 and $9.100.

MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside.

Major resistance is set at the price of $10.500

Support levels are seen at the price of $9.685 and $9.100




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

[IFX_Selena]

Technical Analysis of BTC/USD for 13 February 2020

Crypto Industry News:
There are several indicators that can be used to measure market sentiment and general interest. Google searches are one of them.

During the darkness of crypto-winter, market sentiment and general interest weaken, and Bitcoins and cryptographic assets are put aside for ordinary traders and the general public. Only when Bitcoin starts to grow rapidly again, and especially when it exceeds $ 10,000, will people start paying attention to it again.

A look at Google search trends can give us an indication of how much public interest is and whether this could result in another FOMO round. The number of Bitcoin searches on Google has increased by 33% over the past week, rising from its lowest level in six months.

Search peaks coincide with two Bitcoin price peaks, the first in December 2017 and the second in June 2019. Since the beginning of this year, searches have increased by around 37% worldwide.

However, it seems that people will not be interested in Bitcoin until it reaches the summit, although few can reliably predict where this peak is. What's even more interesting is that the search for "Bitcoin halving" shows even more rapid growth as the event approaches.


Technical Market Overview:
The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The last swing high was made at the level of $10,430, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, during the correction, the bears might try to test the nearest important short-term technical support at the level of $9,508. Only if this level is clearly violated, the deeper correction can be made towards the levels of $9,123 and $9,013.

Weekly Pivot Points:
WR3 - $11,600
WR2 - $10,823
WR1 - $10,568

Weekly Pivot - $9,731
WS1 - $9,416
WS2 - $8,639
WS3 - $8,335


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.






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