Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 26 February 2020

Crypto Industry News:
Justin Sun, founder and CEO of Tron (TRX), the 15th largest cryptocurrency in terms of market capitalization, invests in many other cryptocurrencies than Bitcoin. In a television interview, CEO Tron said he has long believed in cryptocurrencies and owns many altcoins, including the two largest coins after Bitcoin - Ethereum and XRP.

When asked if Sun had a diversified cryptographic offer, Tron's CEO answered:

"I also have a lot of XRP and Ethereum. I am a long-term cryptocurrency follower, which is why I want all cryptographic resources to be successful. That's why I have many other different cryptos."

As a big supporter of cryptocurrencies, Sun is optimistic about the price of cryptocurrencies and is convinced that cryptocurrencies like Bitcoin are the future of money. In an interview with CEO, Tron forecast that Bitcoin will exceed $ 100,000 in 2025, stressing that other cryptocurrencies will follow this trend.

"I strongly believe that Bitcoin will exceed $ 100,000 in 2025. I believe that we can reach this price before 2025. At the same time, I believe that many other cryptographic projects, such as Tron, Ethereum and XRP, will also see a bull market," he said.

In line with his positive attitude towards cryptography, Justin Sun said in an interview that he is investing all his money in crypto. However, it still converts its crypto into fiat currencies, such as the US dollar. In an interview, CEO Tron said that he changes crypto to fiat only when he has to spend money in his daily life.


Technical Market Outlook:
The BTC/USD pair has made another lower low overnight as anticipated. Currently, the BTC/USD is trading below the support located at the level of $9,123 and the local low was made at the level of $9,070. The momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $9,013 and $8,836.

Weekly Pivot Points:
WR3 - $11,253
WR2 - $10,744
WR1 - $10,274

Weekly Pivot - $9,742
WS1 - $9,288
WS2 - $8,756
WS3 - $8,263


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 $10,433 is clearly broken.







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

[IFX_Selena]

BTC analysis for 02.26.2020 - Sell zone at the price of $9.300, potential for test of $9.425

Industry news:


The Antminer E3 has stopped mining Ethereum Classic (ETC) and will cease mining Ethereum (ETH) by next month.

In less than a month, Ethereum Classic's hash rate has dropped by almost half. Many miners are dropping out of the network, especially those who run the Antminer E3.

The Antminer E3 mining rig is the first and only mining device on an Ethash algorithm ASIC. First released in the summer of 2018, the miner has been popular for some time — albeit pricey.

Last week users reported difficulty mining with the Antminer E3 which may mark its end.


Technical analysis:
BTC has been reached my downside target at $9.060.Big resistance at the price of $9.265 is on the test and my advice is to watch for selling opportunities with the downward targets at $8.430 and $8.230

MACD oscillator is showing increase in momentum on the latest downside swing, which is good indication that supply is very strong.

Major resistance level is set at the price of $9.300-$9.425.

Support levels and downward targets are set at the price of $8.427 and $8.229.





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

[IFX_Selena]

Technical Analysis of BTC/USD on 27 February 2020

Crypto Industry News:
The fourth richest person in the world discussed his experience with Bitcoin after raising money. Justin Sun, CEO of the Throne and longtime cryptocurrency supporter was present.

In May 2019, they both met others at a fundraiser for the Glide Foundation, a charity that helps homeless people in San Francisco. Speaking like a billionaire to billionaire, young Sun suggested to seasoned Warren to consider investing in cryptocurrencies.

However, when asked if Sun gave him Bitcoins after the exchange, Buffett replied:

"I don't have any cryptocurrency. I will never do it ... You can't do it except to sell it to someone else. Cryptocurrencies basically have no value."

He also commented on the fact that cryptocurrency is related to money laundering and terrorism:

Bitcoin was used to illegally transfer a large amount of money, "he said.

Buffett made the most of his assets on hedge funds and insurance. His assets are estimated at USD 88.9 billion.

Bitcoin has seen large investments from both millionaires and billionaires, but as Warren showed, some who have made a fortune using more traditional means are reluctant to accept cryptocurrencies. Mark Cuban, a billionaire who gained fame in the dot-com bubble, said he would rather have "bananas" rather than Bitcoin.

On the other hand, several success stories have appeared. Tyler and Cameron Winklevoss may not have grabbed the benefits of Facebook, but after the Gemini cryptographic exchange was founded, they both have total assets of over $ 1.4 billion.


Technical Market Outlook:
The BTC/USD pair has made another lower low at the level of $8,495. Currently, the BTC/USD is trading below the support located at the level of $9,123 and the momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $8,405. The corrective cycle is getting deeper as the coronavirus fears affect all financial markets.

Weekly Pivot Points:
WR3 - $11,253
WR2 - $10,744
WR1 - $10,274

Weekly Pivot - $9,742
WS1 - $9,288
WS2 - $8,756
WS3 - $8,263


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 $10,433 is clearly broken.








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

[IFX_Selena]

Technical Analysis of ETH/USD for 02 March 2020

Crypto Industry News:
Hong Kong Financial Secretary Paul Chan said his administration will strengthen its anti-money laundering (AML) and anti-terrorism (CTF) policies on cryptocurrency.

In his last budgetary speech, Chan pointed out that the amendments would concern recommendations made by the global financial supervisory authority, the Financial Action Task Force (FATF).

The FATF assessed that Hong Kong largely complied with the AML / CTF guidelines after the September 2019 assessment. As a result of the assessment, Hong Kong became the first jurisdiction in the Asia-Pacific region to pass the FATF assessment.

The proposed changes in anti-money laundering and terrorist financing policies in Hong Kong have been presented as part of the government's budget for 2020-2021 and will be implemented after a period of public consultation.

Chan pointed out that the changes will mainly affect cryptocurrency exchanges and money transfer service providers, adding that detailed proposals will be published this year. Precious metals, stones and jewelry investors will also be covered by the new AML / CTF structure.

The Financial Services Regulatory Authority, one of the three global market regulators in Abu Dhabi (ADGM), announced changes to its cryptography regulations. The changes include changing the term "cryptographic resource" to "virtual resource" in order to adapt it to the FATF vocabulary.

ADGM will also expand the regulatory category "Conducting Cryptographic Asset Activities" to include other regulated cryptographic activities, including fiduciary services, trading platform and investment transactions.

Abu Dhabi and Hong Kong include the latest jurisdictions that update cryptography regulations in response to recent FAFT directives, in accordance with South Korea, Singapore and Switzerland.


Technical Market Overview:
The ETH/USD pair has been trading close to the recent lows all the weekend and the bearish pressure is still visible on the market. Ethereum stays below the short-term trendline resistance and is keeps trading in a narrow range located between the levels of $212.48 - $235.42. The downward momentum is decreasing, but is still weak and negative, so another wave down can occur soon. The next target for bears is seen at the level of $200 and below at $196.61.

Weekly Pivot Points:
WR3 - $315.76
WR2 - $294.92
WR1 - $247.66

Weekly Pivot - $227.96
WS1 - $180.28
WS2 - $159.27
WS3 - $113.10


Trading Recommendations:
The larger timeframe 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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 27 February 2020

Crypto Industry News:
Billionaire Vladimir Potanin received the permission of the Russian central bank to launch his own Blockchain-based platform and token for use by consumers, financial media reports.

Vladimir Potanin, who has recently become the richest man in Russia according to Forbes ranking, wants to expand his Blockchain platform by launching his own cryptographic token. Digital units will allow customers to buy metals, airline tickets and transfer ski passes from his companies.

Ironically, messages appear shortly after we reported that the FSB has opted for the central bank to potentially ban cryptocurrency as a means of payment.

Potanin has expressed his intention to develop cryptographic tokens several times. He wanted to help customers buy metals using tokens. Now he can implement his plans after obtaining the green light from the Bank of Russia.

The platform's goal is to reduce formalities and brokers, as well as to speed up transaction time.

The Blockchain Potanina platform, called Atomyze, will also be present in Switzerland and the United States, but will only be available to institutional clients.

Atomyze is expected to enter into force by the end of 2020 when the Russian law on digital financial assets will pass through the State Duma and enter into force. Potanin says his tokens would have a great impact on metals. Its nickel and palladium mining giant, Norilsk Nickel, will be the first to try tokens supported by palladium, copper and cobalt. Other platform testing companies include Traxys SA, Trafigura Group and Umicore SA. Nickel, who is the world's largest palladium producer, will be the first to issue Potanin tokens.

Headquartered in Zugu, Switzerland, Atomyze has developed a Blockchain platform based on Hyperledger Fabric and is currently in trial mode.


Technical Market Outlook:
The ETH/USD pair has broken through the key short-term technical support located between the levels of $225.12 - $229.81 as anticipated. The new low was made at the level of $209.85, but the bulls are now trying to bounce a little and test the level of $225.12 from below. The weak and negative momentum supports the bearish outlook. The fear of coronavirus is spreading across the financial markets and the cryptocurrency market is involved as well, together with stocks and risky currencies.

Weekly Pivot Points:
WR3 - $334.89
WR2 - $309.29
WR1 - $291.76

Weekly Pivot -$264.76
WS1 - $245.87
WS2 - $220.22
WS3 - $202.34


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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.







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

[IFX_Selena]

BTC analysis for 02.27.2020 -Watch for potential downside on the BTC due to strong downside moemntum and potential for test of the Pitchfork Median line at $7.700

Industry news:
The American Securities and Exchange Commission (SEC) has rejected yet another Bitcoin ETF application. This time, Wilshire Phoenix, a New York-based investment firm, bore the brunt of the agency's ruling.

SEC Commissioner Hester Peirce believes the dismissal is unfounded and "evinces a stubborn stodginess in the face of innovation."

SEC SINKS ANOTHER BITCOIN ETF

The Commission cited crypto's vulnerabilities to market manipulation as a prime reason in its latest rejection.

Wilshire Phoenix, the applicant in question, submitted its proposal with NYSE Arca in June 2019. They refiled again in October so as to include a minor amendment, and the Commission postponed their ruling the following month.


Technical analysis:


BTC has been trading downwards as I expected yesterday. The rejection of the resistance line was the key for the recent downside movement together with the lack of demand around $9.440.

I found bear flag on the 4H time-frame and my advice is to watch for selling opportunities and potential rotation down towards the $8.261 and $7.695 (Pitchfork Median line).

MACD oscillator is showing increasing downside momentum, which adds confirmation for further downside.

Major resistance is set at the price of $9.300

Support levels are seen at the price of $8.261 and $7.695





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

[IFX_Selena]

Technical Analysis of BTC/USD for 28 February 2020

Crypto Industry News:
According to Skew's analytical data provider, Bitcoins worth more than $ 150 million have been liquidated on the BitMEX exchange, which is the highest value since the beginning of this year. Millions of dollars in long and short positions caused the value of the cryptocurrency to drop to $ 8,580, which is a decrease of over 6%.

Although the price of Bitcoins slightly increased to $ 8,328, it can be difficult to return to above 10,000 again. On February 16, the market value dropped by almost $ 300 per hour, which gives Bitcoin a value well below that threshold.

Some are already preparing for the possibility that the value of cryptocurrency may fall below $ 8,000. However, some observers are more optimistic. Tom Lee, the co-founder of Fundstrat Global Advisors, predicted that by this summer, Bitcoin's price would rise to over $ 27,000 based on a 200-day moving average.

Many cryptocurrency exchanges and companies associated with Blockchain technology have felt the impact of a potential global COVID-19 epidemic, also known as coronavirus. Employees of Chinese mining companies have been forced to stay at home or imprisoned out of cities due to quarantine enforcement.

Regardless of the reason for the recent Bitcoin decline, this incident reminds us that the cryptocurrency market can be just as fragile as traditional investments.


Technical Market Outlook:
The BTC/USD bounce towards the level of $9,000 was very short-lived and the price has only managed to hit the level of $8,915. Currently, the BTC/USD is trading above the support located at the level of $8,693 and the momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $8,405 and the main technical resistance is located at the level of $9,013. The corrective cycle is getting deeper as the coronavirus fears affect all financial markets.

Weekly Pivot Points:
WR3 - $11,253
WR2 - $10,744
WR1 - $10,274

Weekly Pivot - $9,742
WS1 - $9,288
WS2 - $8,756
WS3 - $8,263


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 $10,433 is clearly broken.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 28 February 2020

Crypto Industry News:
Ethereum co-founder Vitalik Buterin does not believe that the popular model is useful for predicting the price of Bitcoin.

In a recent Twitter debate, Buterin became the second known figure to criticize the stock-to-flow model, according to which Bitcoin will reach an average of $ 100,000 in 2021-2024.

The model has been accurate so far in predicting Bitcoin price increases. However, according to Buterin, the stock-to-flow model is a prognostic model like any other. Discussing press articles that attribute specific events to Bitcoin price increases, he stated that the vast majority were "rationalized nonsense."

"Every day I remind you that 95% + articles in the form" event X will cause the crypto to go (up | down) "is post-hoc rationalized nonsense," wrote Buterin.

The remaining 5% of the articles that Buterin apparently supports are not disclosed."You don't have to be beaten - using the" stock-to-flow "model to predict prices is absolute nonsense," concluded Buterin.


Technical Market Outlook:
The ETH/USD pair has bounced towards the level of $235.42 which is the key short-term technical resistance for the market, but the bulls did not manage to break through this level. Ethereum still trades below the short-term trendline resistance.The weak and negative momentum supports the bearish outlook. The fear of coronavirus is spreading across the financial markets and the cryptocurrency market is involved as well, together with stocks and risky currencies.

Weekly Pivot Points:
WR3 - $334.89
WR2 - $309.29
WR1 - $291.76

Weekly Pivot -$264.76
WS1 - $245.87
WS2 - $220.22
WS3 - $202.34


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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 02 March 2020

Crypto Industry News:
A recent presentation by the US Federal Bureau of Investigation (FBI) shows that ransomware hackers have stolen huge amounts of Bitcoins since 2013.

Joel DeCapua, head of the FBI, pointed out to the RSA conference that between October 2013 and November 2019, victims paid about $ 144 million in Bitcoins to ransomware hackers.

When hacked through ransomware, fraudsters take control of a person's or entity's computer systems, demanding payment, often in Bitcoins, to unblock victim platforms. DeCapua noticed that almost all ransomware payments are sent in Bitcoins.

As part of the FBI presentation at the RSA conference, a government agency provided detailed information on ransomware.

The virus from China known as Ryuk raised around $ 61 million - the most in one year, while Crysis, also known as Dharma, accumulated around $ 24 million in three years. The office found a complex ecosystem in the dark web that included contractors to create viruses and partner programs offering income to those involved in some operations.


Technical Market Overview:
The BTC/USD pair has been trading close to the swing lows at the level of $8,405 during all the weekend as all the bounces form this level was very shallow. The downwards momentum is now decreasing, but is still weak and negative, so another wave down might happen any time now. The next target for bears is seen at the level of $8,000 and the key short-term technical resistance is seen at the level of $9,013.


Weekly Pivot Points:
WR3 - $10,789
WR2 - $10,332
WR1 - $9,212

Weekly Pivot - $8,808
WS1 - $7,687
WS2 - $7,218
WS3 - $6,064


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 $10,433 is clearly broken.







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

[IFX_Selena]

BTC analysis for 02.03.2020 - Bigger drop is expected towards the levle of $7.650, watch the downbreak of smaller Pitchfork channel

Industry news:


Decentralized cryptocurrency exchanges based on the Ethereum blockchain platform recorded all-time high transaction volumes in February, according to data from Dune Analytics.What HappenedThe decentralized exchanges, better known by the acronym DEX, recorded $372.2 million in transaction volume in the month, as first reported by The Block, up 62% from January's $229.2 million.The highest ever transaction volume recorded by the DEXs, according to Dune Analytics, ahead of February was the $358.5 million posted in July last year.


Technical analysis:
BTC has been trading sideways at the price of $8.832. My analysis from last Friday is till acrive, I still expect more downside and potential testing of $8.190 and $7.695. The most recent drop did start after the BTC breakdown of the bear flag that we mentioned last Friday. Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes... Stochastic oscillator is showing rally and its good to wait Stochastic to become again overbought.

Resistance levels and potential sell levels are set at $8.950 and $9.270.

Support levels and downside targets are set at the price of $8.190 and $7.657.





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