Cryptocurrency Analysis

[IFX_Selena]

Technical analysis for Bitcoin



The bulls were busy completing the downward course and forming a rebound from the encountered support levels in the area of 41532.34 - 41028.86 (monthly Fibo Kijun + lower border of the daily cloud) during the past two weeks. The strategy has succeeded. At the moment, we were able to rise above all the closest resistance and attraction levels of this area. So, the daily cloud (48000.61), the final border of the weekly dead cross (51163.17), and the high of September (52873.23) were left behind. The upward movement continues.

A significant psychological level of 55000.00 is currently being tested. We observe a slight daily slowdown. In order to maintain opportunities and plan for the bulls, it is now important to maintain the reached positions. Even if there is no further progress yet, the achieved result also needs to be consolidated at the close of the week. The breakdown of the level of $ 55,000 opens the way to testing $ 60,000. After that, the most important thing is to break through the level of $ 65,000, which may not be implemented until April. The formation of a rebound from the encountered resistance of $ 55,000 will return Bitcoin to the overcame levels, which will now act as support levels of 52873.23 - 51163.17 - 48000.61.



The advantage in the smaller timeframes is on the side of the bulls. The current decline has led the situation to the first significant support – the central pivot level of the day (53533.35). If a rebound occurs, the range of the pivot point of classic pivot levels is quite impressive 56749.93 - 58650.62 - 61867.20. The loss of the central pivot level will focus bearish interests on testing and conquering the next key level of the lower timeframes – the weekly long-term trend, which is now set at 50200.79.


Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of this cryptocurrency.





Evangelos Poulakis
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin whales keep digital gold tight-knit and fuel bull rally



According to many analytical data, the bitcoin exchange rate became bullish after overcoming key resistance levels. Digital gold continues to grow and move to new record highs.

Yesterday, bitcoin was trading at $55,000, digital gold managed to break the downward trend line, which linked the September highs, about $52,000, as well as the record April highs - about $65,000.

Bulls managed to overcome an important resistance level of $52,900, which can have a positive effect on the bullish rally, now you can observe bullish territory on the crypto arena.

This trend is directly related to colossal spot purchases, as well as the fact that the SEC gives the green light to cryptocurrencies and will not ban them and strictly regulate them, unless, of course, they themselves will not get into trouble.

Such an upward breakthrough of bitcoin gives hope that it will update its record highs this month.

The prerequisites for growth are due not only to the accumulation of bitcoin by whales, but also to an increase in the volume of trading volumes.

Whales are the most significant figures in the crypto market, these are investors who own a huge amount of bitcoin.

The most iconic figures are humpback whales, which determine the weather in the market.

Since the end of September, the total volume of spot trading on the leading crypto exchanges has doubled and reached almost $45 billion per day.

According to the analytical company Sentiment, bitcoin whales have determined in advance what the trend will be now.

Since September, whales who own from 100 to 10,000 bitcoins have accumulated another 70,000, which is a record phenomenon since July 2019.

The growth of bitcoin for the week was about 13 percent, and in the April highs the increase was 15%. Bitcoin is moving in the right direction.





Vitaly Kolesnikov
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Ethereum confirms further growth


Ethereum reached a fresh new high of 3,642.61 today. The bias remains bullish, so further growth is favored. The crypto has managed to take out strong upside obstacles signaling strong buyers and potential upside continuation.

ETH/USD is up by 0.79% in the last 24 hours even if it moves somehow sideways, and is up by 19.33% in the last 7 days. Bitcoin is still bullish, further growth could help the price of Ethereum to climb even higher.


ETH/USD TARGETING THE 3,700 PSYCHOLOGICAL LEVEL!



Ethereum has confirmed its breakout above the 23.6% retracement level, the immediate target is represented by 3,676.96 weekly R1. After escaping from the down channel and after consolidating above the median line (ml), ETH/USD is strongly bullish as the sentiment has changed.

The corrective phase has ended after failing o stabilize below the 50% retracement level. Personally, I believe that the upside scenario remains intact as long as the rate is located above the median line (ml).


ETHEREUM FORECAST!
The bias is bullish, so we could still search for new long opportunities. I believe that a minor retreat of consolidation above the 23.6% retracement level could offer new bullish signals. Making a valid breakout through the weekly R1 (3,676.96) validates a potential growth towards the upper median line (uml), around 3,900.





Ralph Shedler
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin: forecast worked out, investors are in the black. Is there a chance to get to 60,000?


According to Glassnode, nearly 95% of the bitcoin market is currently in positive territory. After the main cryptocurrency rose above $55,000, the number of profitable companies increased by 16%.

The data is based on an indicator created by Glassnode, which is designed to display the percentage of organizations on the network that are currently holding their funds in profit. To determine if the investor is making a profit, the indicator analyzes the "buy price", which is the price at the moment the coins were moved to the wallet, and then compares it to the actual price of bitcoin.

Previously, the marginal profit of legal entities was reached back in May 2021, right before the market collapse. The number of profitable bitcoin addresses on the network began to grow significantly after the cryptocurrency market hit all-time highs in 2020.

Correction: logic and probability

How to evaluate this information and what conclusions can be drawn? As noted, the last time the market hit 95% profitability, there was a major sell-off almost immediately. Bitcoin price has lost about 50%. This means that as soon as the indicators of the indicator grow, the number of traders willing to take profits also increases.

Technical correction scenarios

But let's take a look at the graph. Bitcoin has broken through the resistance zone 52,000.18 - 52,929.15, and will clearly stop below the level of 55,842.84. Today's daily candle is forming a pullback, and it is technically quite logical.

The mirror zone 52,000.18 - 52,929.15 is a very strong border. It will be possible to talk about the final victory of the cryptocurrencies after consolidating over it. If the price confirms it with an upward rebound as support, it will be an excellent signal, after which it will be possible to adjust to the historical highs.

But there is a second scenario for the development of events: the level may not be given away for no reason. After a rollback, there can be a struggle for the zone 52,000.18 - 52,929.15, it can be bargained, perhaps a decrease to $50,000 per coin. And even in this case, the correction will be natural.

In addition, Bitcoin grew almost non-stop for seven trading sessions in a row. Moreover, for the first time since mid-May, it rose above the area of 52,000.18 - 52,929.15. At the very least, profit-taking by speculators is quite possible.

Next milestones on the road to all-time high

Finally, when the correction ends, what are the growth targets? It is worth noting that since the daily candle is not closed on Thursday, it is possible that the losses of the day will be less than at the time of this writing. An earlier completion of the correction is not excluded, without reaching the support zone 52,000.18 - 52,929.15.

A breakdown of the level of 55,842.84 with a consolidation above will open the way for the main cryptocurrency first to the psychological level of $60,000 per coin, and then, when it is overcome, it will remain within reach of the all-time high.







Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Reviews: XRPUSD continues to trade below short-term resistance.


XRPUSD continues to trade around $1.06. Price remains above the key support at $1 that was recently tested. Price also shows inability from bulls to break above the $1.09-$1.12 resistance level in order to proceed higher towards $1.23.



Red line - resistance

Blue line- support area

XRPUSD continues making higher highs and higher lows. Price is stalling below $1.10-$1.12 horizontal resistance level. Breaking above this resistance will be a bullish signal and will give us $1.23 as the next target. Support remains key at $1-$0.98. Bulls need to defend this, otherwise failure to stay above it, will be a bearish signal and could push price back to $0.85 and even lower.





Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading Signal for BITCOIN for October 07 - 08, 2021: sell below $ 56,250 (+2/8)




The price of Bitcoin continued with its bullish rally after breaking and consolidating above the psychological level of 50,000. Since then, BTC reached the high of 55,684. Now it is trading above +1/8 of murray and very close to +2/8 of murray that is an extremely overbought level that suggests a high probability of a technical reversal.

Investors should expect a BTC correction in the coming days, as it is below +2/8 murray. So, a decline is imminent towards the support of 21 SMA located at 51,113 if the bearish strength prevails up to the support of the psychological level of 50,000 located at 8/8 murray.

On the other hand, if the price of Bitcoin continues to decline and consolidates below 8/8 of murray, a drop is expected to the key level of the dynamic support of the 200 EMA located at 46,409.

The oscillator of the eagle indicator yesterday touched the level of 95 in the 4-hour chart. This represents an imminent technical correction and BTC could fall to the immediate support at 51,113 level of the SMA of 21.

The eagle indicator remains above a bullish channel. The break of this channel could be a bearish signal for BTC, as it would indicate that the market is losing momentum and a trade volume is decreasing.

The short-term outlook for Bitcoin is seen on the positive side. The 200 EMA, which is now located at 46,409, is giving this optimism to the market. Any correction towards this level will be seen as an opportunity to continue buying BTC.


Support and Resistance Levels for October 07 - 08, 2021
Resistance (3) 56,749
Resistance (2) 56,250
Resistance (1) 54,541

Support (1) 53,125
Support (2) 51,446
Support (3) 48,416


Trading tip for BTC for October 07 - 08, 2021
Sell below 53,125 (+1/8) with take profit at 51,113 and 50,000 (8/8), stop loss below 54,500.

Sell if pullback 56,250 (+2/8) with take profit at 53,125 and 50,000 (8/8), stop loss below 57,500.





Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

BTC analysis for October 07,.2021 - Buying climax and rounding top in the background

Technical Analysis:




BTC has been trading flat today at $54,000 but I see potential for the downside movement towards $52,000.


Trading recommendation:
Due to buying climax in the background with the rounding top formation after, I see potential for the downside movement.

Watch for selling opportunities on the rallies with the downside objective at the price of $52,000.

Stochastic is showing bull cross but with new momentum low on slow line.

Resistance is set at $55,500





Petar Jacimovic
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin soars to highest level since May


Bitcoin skyrocketed to its highest level since May after gaining more than 30% over the past seven days.



It rose 8% to $ 54,210, about $ 9,331 less than its all-time high in mid-April. Its market cap, meanwhile, exceeded $ 1 trillion.

The rally contrasts with the more mundane performance of traditional assets like stocks, bonds and gold, amid worries about high inflation and slowing economic growth.



Obviously, Bitcoin has already overcome the tribulation of China banning crypto transactions and the uproar surrounding El Salvador's adoption of the token as legal tender.

Optimists point out that it continues to gain traction in Wall Street as an independent asset class, and comments from US regulators allayed fears of tighter oversight.

Other digital coins, such as Ether, Binance Coin, Solana, and Dogecoin, also rose over the past seven days, but Bitcoin trading volumes remain two-thirds higher, said crypto exchange Kraken.





Andrey Shevchenko
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for October 7, 2021


Crypto Industry News:
MetaMask has announced an extension of the offer for institutional investors using a special version of the popular cryptocurrency wallet. It is about MetaMask Institutional's partnership with other companies, which will allow investors to take advantage of the possibility of decentralized finance (DeFi).

MetaMask Institutional was launched in May this year, but is only available to a small number of investors for the time being. The questionnaire that must be completed in order to enter the waiting list confirms that this is a solution for institutional clients. Access to MetaMask Institutional will be available to, among others, cryptocurrency and hedge funds and banks.

According to a representative of the MetaMask Institutional company, it is to offer the same functionality as a regular MetaMask wallet:

"MetaMask Institutional provides the same functionality and features as MetaMask - i.e. Connectivity to the Decentralized Finance (DeFi) ecosystem spanning 10s of thousands of venues for trading, staking, lending, and borrowing across all EVM-compatible (Ethereum Virtual Machine) chains ".

In August this year, the number of active users of the MetaMask wallet exceeded 10 million. The introduction and popularization of a dedicated solution for institutional clients will certainly attract many new users.


Technical Market Outlook:
The ETH/USD pair has made a new local high at the level of $3,631 and the market is consolidating the recent gains. The bulls are not that keen to continue the rally straight away, so the short-term pull-back might occur soon. The key short-term technical support is located at the level of $3,489 and the next target for bulls is seen at the level of $3,677. Please notice the bearish divergence between the price and the momentum oscillator supports the short-term bearish view and even a deeper corrective cycle towards the level of $3,252.

Weekly Pivot Points:
WR3 - $4,444
WR2 - $3,970
WR1 - $3,761

Weekly Pivot - $3,277
WS1 - $3,057
WS2 - $2,590
WS3 - $2,360


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.







Sebastian Seliga
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for October 7, 2021


Crypto Industry News:
The US Department of Justice has announced that it will appoint a team to enforce cryptocurrency laws. Thanks to the activities carried out by the new team, exchange users are to be better protected against possible abuses.

Lisa Monaco, who is the deputy attorney general, spoke about the plans to create a special team:

"Cryptocurrency exchanges want to be the banks of the future. We need to make sure that folks can have confidence when they're using these systems, and we need to make sure we've poised to root out abuse that can take hold on them ".

The US government wants to focus primarily on organizations that use cryptocurrencies for money laundering. According to Monaco, it's about a better fight against the financial ecosystem that enables criminals to grow their businesses and profit.

"We want to strengthen our capacity to dismantle the financial ecosystem that enables these criminal actors to flourish and - quite frankly - to profit from what they're doing".

The announced activities are to be implemented in cooperation with experts in cybercrime and anti-money laundering.


Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $55,785, just above the 261% Fibonacci extension located at $55,198. This means the target for the wave 3 in our Elliott wave analysis scenario had been completed and the market might be ready to develop the corrective wave 4. The nearest technical support is seen at the level of $52,902 and $52,330. Please notice the extremely overbought market conditions on the H4 time frame chart support the possibility of the corrective wave 4 to happen soon.

Weekly Pivot Points:
WR3 - $61,007
WR2 - $54,857
WR1 - $52,632

Weekly Pivot - $42,280
WS1 - $43,798
WS2 - $38,065
WS3 - $35,092


Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).







Sebastian Seliga
Analytical expert of InstaForex
© 2007-2021