Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 06 March 2020

Crypto Industry News:
China's Ministry of Education has just given permission to Chengdu University of Information Technology (CUIT) to open the country's first engineering faculty with Blockchain. Admission and registration will start this year, Chinanews says.

The first Blockchain engineering project in China aims to keep up with the ever-changing changes in the social economy and social informatization. The most important thing is to provide training for technical talent to meet the needs of the Blockchain industry.

Course design is designed to equip students with the skills of Blockchain system design, project management and implementation. The program will allow future Blockchain specialists to acquire skills in information and technology, basic Blockchain technology theory and methods for developing Blockchain projects.

Recently, reports have appeared that China has turned to Blockchain technology for medical data management, tracking virus supply materials and consulting public opinion to fight coronavirus. The Beijing tax office also officially announced that it will start blockchain invoicing in the city on March 2.


Technical Market Overview:
The ETH/USD pair has managed to hit the key technical resistance zone located between the levels of $235.42 - $238.68 on increased momentum. Nevertheless, the price is still trading inside of the horizontal channel, so the bulls must break through the technical resistance zone in order to move even higher as the upper boundary of the channel is seen at the level of $244. The immediate support is seen at the level of $234.24 and if violated, then the Ethereum is most likely back to the horizontal range.

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 BTC/USD for 09 March 2020

Crypto Industry News:
A French commercial court classified Bitcoin as a currency during a recent trial.

Local media reported that the commercial court in Nanterre decided on February 26 to qualify Bitcoin as an exchangeable resource that cannot be individualized like fiat money.

The ruling was part of the dispute between the French cryptocurrency exchange Paymium and the BitSpread investment company dealing with alternative assets. According to a report, Paymium granted BitSpread in 2014 a loan of 1,000 Bitcoins.

Holding a leased 1,000 BTC, BitSpread also obtained 1,000 Bitcoin Cash when a hard fork creating altcoin was carried out in 2017. Now both sides are questioning BCH rights worth over $ 350,000.

To resolve the dispute, the court had to deal with the legal nature of Bitcoin, and after defining it as a convertible asset, it identified a Bitcoin loan as a consumer loan. This type of loan transfers ownership to the borrower during the loan period.

For this reason, the court stated that Bitcoin Cash belongs to the borrower, as dividends belong to shareholders. The article suggests that because of this court ruling, future cryptocurrency loan agreements may contain a clause regarding the return of additional assets created by the fork.


Technical Market Overview:
The BTC/USD pair has been falling lower during the weekend and all the technical support levels had been violated. Currently, the Bitcoin trades around the level of $7,930 after the swing low has been made at the level of $7,670. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $7,581.

Weekly Pivot Points:
WR3 - $9,697
WR2 - $9,419
WR1 - $8,697

Weekly Pivot - $8,456
WS1 - $7,720
WS2 - $7,436
WS3 - $6,712


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 09 March 2020

Crypto Industry News:
The Chain Integration Pilot (CHIP) from Auburn University RFID Lab in Alabama has published official documentation that aims to demonstrate the savings in Blockchain technology that can be achieved in the modern supply chain.

This concept was designed to receive, encode, distribute and store serialized data from multiple points throughout the supply chain at Hyperledger Fabric. The pilot collected live data from the brands Nike, PVH Corp. and Herman Kay and major US retailers, Kohl and Macy.

CHIP was launched in 2018 and claims to be the first supply chain project that integrates information extracted from RFID tags into the Blockchain network.

The project reported data on 223,036 goods loaded into a distributed register. Only 1% of data entries were sent by stores, with 87% of the data coming from distribution centers and the remaining 12% coming from the coding site.

In this regard, CHIP stated that Blockchain is a functional solution to problems with serialized data exchange in the supply chain. The report states that participating companies "were able to record transactions containing serialized data in a common language and share this data with relevant trading partners."

The article indicates "a huge number of errors and inefficiencies in currency supply systems," estimating that eliminating counterfeiting and shrinking the supply chain could unlock $ 181 business opportunities.

In contrast, the article claims that pre-existing exchange networks are built for "outdated internet technologies" and are not suitable for handling the massive amount of serialized data that is generated in the modern supply chain. "

The team points to the lack of an "effective, industry-specific solution for exchanging serialized data between business partners," despite the introduction of data such as RFID tags and QR codes over a decade ago.

In addition, the report claims that previous attempts to integrate infrastructure to collect mass information throughout the entire supply chain have been "limited by the industry's inability to share serialized data."


Technical Market Overview:
The ETH/USD pair has been falling lower during the weekend after the bears have managed to break out from the parallel channel range and all the technical support levels had been violated. Currently, Ethereum trades around the level of $200 after the swing low has been made at the level of $196.61. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $190.00.

Weekly Pivot Points:
WR3 - $280.41
WR2 - $266.81
WR1 - $233.00

Weekly Pivot - $218.78
WS1 - $185.21
WS2 - $170.40
WS3 - $159.54


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]

BTC analysis for 03.09.2020 - Massive drop on the BTC and both downside tarrgets reached, still strong selling pressurre and potential forr test of $6.475

Industry news:


As Bitcoin (BTC) mining difficulty and hashrate hit new highs, less efficient miners, hurt by the virus outbreak, new-generation rigs, and falling BTC prices, may be out of business.Bitcoin mining difficulty, a measure that shows how hard it is to compete for mining rewards, has hit yet another record. According to the major Bitcoin mining pool BTC.com, it climbed to 16.55 T today, never being outside the 15 T range before.This was a rise of 6.88%. It follows a 0.38% drop in mining difficulty two weeks ago, which was the first drop this year. That said, it took BTC mining difficulty just half a year to climb from 10 T to 16 T, making validating new blocks harder.


Technical analysis:
BTC been trading downwards as I expected.The price reached both of our Friday's targets at $8.210 and $7.680. Anyway, there is still strong selling pressure together with the gap down, which is indication for the further downside movement.

I would watch for selling opportunities in case of the breakout of the Pitchfork median line. Next major downward target is set at the price of $6.475.

Stochastic is in oversold zone but with new momentum to the downside.

Resitance is set at $8.457 (bottom of the gap)

Support level is set at the price of $7.678





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

[IFX_Selena]

Technical Analysis of BTC/USD for 10 March 2020

Crypto Industry News:
The German financial regulator stops KKT UG from Berlin, which allows consumers to buy and sell cryptocurrencies at ATMs. According to the published BaFin statement, the owner, who runs KKT UG as managing editor, will cease cross-border trade in property rights.

On its website, the company advertises 24 Bitcoin machines for the purchase and sale of cryptocurrencies in Germany. What's more, its activities cover the whole of Europe.

According to BaFin, the company conducts commercial trading of property rights through KKT UG, which requires a BaFin license under the German Banking Act (Kreditwesengesetz, KWG). The operator apparently lacked the necessary permission.

ATMs with cryptocurrencies have so far had uncertain status in Germany. By January 2020, obligations in this area had not been fully clarified. In proceedings on September 25 last year against the Bitcoin-24 Bitcoin exchange operator, which was discontinued, the Berlin Court of Appeal (Kammergericht Berlin) ruled that commercial trading of Bitcoins without the explicit consent of the authorities is not punishable.

In 2020, the German government decided to introduce new anti-money laundering regulations. From next year, cryptocurrency-related companies, such as digital exchanges, trustees and portfolio providers will need a license issued by BaFin.


Technical Market Overview:
The BTC/USD pair has made a new swing low at the level of $7,640 and currently, BTC/USD trades around the level of $7,930 as it is trying to bounce higher. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $7,581 and $7,474.

Weekly Pivot Points:
WR3 - $9,697
WR2 - $9,419
WR1 - $8,697

Weekly Pivot - $8,456
WS1 - $7,720
WS2 - $7,436
WS3 - $6,712


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 10 March 2020

Crypto Industry News:
The pending bill could still halt the rise of cryptocurrency in India. The Indian Parliament has not yet decided on the "Act on the prohibition of cryptocurrencies and regulation of the official digital currency" from 2019, reports Business Insider.

If adopted, the bill will introduce a unique regulatory framework for virtual currencies, tool tokens and commodity-protected tokens - likely creating a complex legislative apparatus.

On March 4, the Indian cryptographic community rejoiced when the Supreme Court of India ruled that the ban on the Reserve Bank of India (RBI) was "disproportionate and unconstitutional.

The circular prevented financial institutions from providing banking services to companies operating on the basis of cryptocurrencies. The ban was in force from April 2018 and was addressed to companies offering "any services related to virtual currencies".

Less than 24 hours after lifting restrictions, several Indian cryptocurrency exchanges have already resumed fiat deposit services - including Unocoin, Wazirx and CoinDCX. In response to the repeal, HashCash consultants also announced that this year they would invest $ 10 million in the Indian cryptographic industry.

Despite the RBI ban on cryptocurrencies, a recent survey by Statista shows that the population of India has the highest per capita usage of Darknet platforms in the world. The report shows that 26% of the 23,227 respondents aged 16 to 65 used technology that facilitates access to the dark network - more than double the global average of 12%.


Technical Market Overview:
The ETH/USD pair trades around the level of $200 after the swing low has been made at the level of $190.31. There is no sign of the downtrend reversal despite the oversold market conditions, but the bulls are trying to bounce higher towards the level of $209.00. The next target for bears is seen at the level of $188.93 and $185.37.

Weekly Pivot Points:
WR3 - $280.41
WR2 - $266.81
WR1 - $233.00

Weekly Pivot - $218.78
WS1 - $185.21
WS2 - $170.40
WS3 - $159.54


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]

BTC analysis for 03.10.2020 -The level of $8.460 is strong resistance pivot and good shorting spot, potential for the further downside continuation towards the level of $6.476

Industry news:


In brief

China appears to have brought its coronavirus epidemic under control, with new cases slowing.

The global Bitcoin hashrate didn't drop off during the peak of China's epidemic in February.

That's despite China accounting for two thirds of the global Bitcoin hashrate.

China's drastic measures in response to the coronavirus outbreak appear to have brought the epidemic under control—and the country's Bitcoin mining industry seems to have shown no signs of slowing down during the crisis.

Although half of Bitcoin's hashrate comes from Chinese mining pools, it has consistently set new highs throughout the past two months, with no major drop off during the height of the coronavirus crisis in February.


Technical analysis:
BTC been trading upwards. In my opinion, the BTC is in upward correction phase and the level at $8.460 seems like a strong resistance level and potential short-zone. In the background, there is the gap down and the BTC is trying to test the gap area. There is no indication of any reversal yet.

Watch for selling opportunities on the ralllies with the main target at $6.475.

MACD is showing the new momentum down, which is good confirmation for the further downside.

Major resistance is set at the price of $8.460

Support levels are set at the price of $7.615 and $6.476




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

[IFX_Selena]

Technical Analysis of BTC/USD for 11 March 2020

Crypto Industry News:
As reported by the financial media, Bitcoin now has official money status in France. This is the result of a court verdict that appeared at the end of February but has only been made public now.

The media now expects that this court decision will improve the situation regarding transactions concluded using Bitcoins and increase the liquidity of the cryptocurrency market in the country. Earlier, almost three years ago, on April 1, 2017, a similar decision was made by the Japanese authorities, which recognized BTC as the official means of payment.

The abovementioned judgment was issued by the commercial court in Nanterre. In the documents you can read that BTC was considered to be a "exchangeable component of intangible assets similar to fiat currency".

Lawyer Hubert de Vauplane from Kramer & Levin says that this decision now allows you to legally use Bitcoin as money. This should stimulate cryptocurrency transactions space and increase the number of products and services that are sold in exchange for the digital currency, and thus turn this market into a more liquid one.

However, what was the matter about the case that ended in such a good way for the French cryptocurrency community? The court made such a favorable decision, working on a dispute between the French cryptocurrency exchange Paymium and the English investment company BitSpread, which also operates on the blockchain currency market.

In 2014, Paymium borrowed a certain amount of BTC to BitSpread. When Bitcoin Cash appeared on the market in 2017 as a result of hardfork, and all BTC owners received BCH in a 1: 1 ratio, the question arose whether BitSpread should give back Paymium also obtained as a result of the "hard fork" of the BCH unit


Technical Market Overview:
After a new swing low was made at the level of $7,640, Bitcoin trades around the level of $7,830 as it is trying to bounce higher. The recent bounce towards the level of $8,120 was very shallow and this is an indication the bear market is not terminated yet. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $7,581 and $7,474.

Weekly Pivot Points:
WR3 - $9,697
WR2 - $9,419
WR1 - $8,697

Weekly Pivot - $8,456
WS1 - $7,720
WS2 - $7,436
WS3 - $6,712


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 11 March 2020

Crypto Industry News:
Weiss Ratings claims that Ethereum is the driving force behind the development of the entire modern cryptocurrency industry. Why? It's about how the project affects the foundation of the market. Most of the current important initiatives, including Tron, EOS and many others, were initially built on Ethereum.

Weiss Ratings also indicates that Ethereum blockchain and Ether tokens are important elements that are good both for building projects (blockchain) and are ideal for trading (of course, tokens):

"We've noticed that people call ETH fiat money, praising governments for their efforts to introduce their own digital currencies author. At the moment ETH is the main project developing our industry. Whether you want to build on it or trade on it, ETH is where it is".

Earlier this week, the Santiment analytics agency released data showing that whales on the cryptocurrency market began buying the second-largest cryptocurrency. The 100 largest wallets in the Ethereum network are beginning to swell again.

Thus, many investors expect the price of Ethereum token to rise to new peaks this year - mainly due to the rapid development of decentralized Ethereum-based applications and the amount of ETH blocked in them.


Technical Market Overview:
No major rally has occurred yet on the ETH/USD pair. The market still trades around the level of $200 after the swing low has been made at the level of $190.31. There is no sign of the downtrend reversal despite the oversold market conditions, but the bulls are trying to bounce higher towards the level of $209.00. The next target for bears is seen at the level of $188.93 and $185.37.

Weekly Pivot Points:
WR3 - $280.41
WR2 - $266.81
WR1 - $233.00

Weekly Pivot - $218.78
WS1 - $185.21
WS2 - $170.40
WS3 - $159.54


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]

BTC analysis for 03.11.2020 - Downside continuation is present, watch for selling oppportuniteis and eventual bigger drop towards the level of $6.475

Industry news:


According to a blog post, crypto exchange Kraken is excited to recommit resources to grow its services in the region through new features and offerings. The exchange claimed that they have long served the Indian market with a full suite of exchange products, including spot, derivatives, and futures. Kraken believes that with its youthful and tech-savvy population, they are excited to help again Indian customers re-enter the crypto market. Earlier, the global blockchain company HashCash Consultants announced to invest $10 million in the Indian crypto market.


Technical analysis:
BTC been trading downwards. As I expected, the BTC started with downside continuation. In my opinion, the level at $8.460 seems like a strong resistance level and potential short-zone. In the background, there is the gap down and the BTC is trying to test the gap area. There is no indication of any reversal yet.

Watch for selling opportunities on the ralllies with the main target at $6.475.

MACD is showing the new momentum down, which is good confirmation for the further downside.

Major resistance is set at the price of $8.460

Support levels are set at the price of $7.615 and $6.476





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