Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 23 June 2020

Crypto Industry News:
Wang Wong Zhongmin, former vice chairman of the Chinese National Social Security Fund Council, announced that China has completed the development of the architecture of the back office of China's digital currency, the central bank (CBDC).

Wang announced this during the Fintech 2020 online forum organized by the Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing.

With so many existing and developed cryptocurrencies, China is trying to create a payment infrastructure in which these currencies could coexist with sovereign digital currencies. Wang said that such a system would create an environment in the digital currency space for healthier competition and cooperation.

According to Wang, the epidemic has increased competition in the digital currency space, and more technology giants and governments have become interested in creating a better digital payment infrastructure. He also noted the development of Libra.

Wang said in the forum that CBDC in China is currently being tested. Earlier, there were also reports that the country began developing regulations that would help launch and implement the digital currency.

The Chinese technology and payment giants Alibaba, Tencent, Huawei and China Merchants Bank are believed to cooperate with the People's Bank of China in developing and testing.

Although everyone is still not sure when China plans to officially release the digital currency, head of Ledger Vault from the Asia-Pacific region Glenn Woo said that the digital Yuan will probably be the first virtual currency supported by the state around the world.


Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704. This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $9,530 as any violation of this level might accelerate the drop towards the level of $9,381. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.






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

[IFX_Selena]

BTC analysis for June 23,.2020 - Watch for potential drop in case of the downside breakout of the channel. Target set at $8.890

Coronavirus summary:


GERMAN ECONOMISTS SEE SUMMER GROWTH REBOUND AFTER VIRUS

A panel of economists that advises the German government has said Europe's leading economy will likely shrink 6.5% this year but the post-coronavirus recovery will begin "from the summer".

"Economic developments in Germany are likely to fall close to the deep 'V' scenario" described in an emergency forecast in March," the so-called "Wise Men" panel (SVR) said, referring to a sharp plunge and relatively swift rebound.

"From the summer, a gradual recovery should get going, making for 4.9% growth in 2021," said the Wise Men – who for the first time this year include two women on their five-strong panel.


Technical analysis:
BTC has been trading upwards as I expected. The price reached our first upward target at $9,460 but I see potential for the downside movement. Downward target is set at $8,890


Trading recommendation:
The confirmation of further downside movement will be in case of the breakout of rising trendline.

Watch for selling opportunities with the main target at $8,890




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

[IFX_Selena]

Technical Analysis of BTC/USD for 24 June 2020

Crypto Industry News:
The logo and name and Bitcoin were registered in Spain by the Spanish Patent and Trademark Office. The process was completed by Ignacio Rubio Menendez, a compliance expert and lawyer specializing in business law. Financial media spoke directly to Menendez's client, who for the time being decides to remain anonymous.

"I have registered the logo and the word" Bitcoin "at the national level in the Spanish Patent and Trademark Office. Everyone can access the registers because they are published daily and for all recipients" - explains the person.

When asked why he took the initiative to protect this intellectual property, he replied: "I am a Bitcoin seller, I have a buy and sell office, and the idea is to protect Bitcoins, at least in Spain. That is why I am in favor of the brand and take responsibility for the fact that every new user can feel 100% safe working with me and away from the scams that use the word "Bitcoin".

It should be noted that the application relates to a logo containing the white letter 'B' in an orange circle that would be the official Bitcoin logo. "In the text, uppercase B refers to code, and lowercase b refers to crypto," he explained.


Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704 and since then had been trading inside of a narrow local zone located between the levels of $9,530 - $9,650. This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $9,530 as any violation of this level might accelerate the drop towards the level of $9,381. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 24 June 2020

Crypto Industry News:
Former Deputy Chief of Vietnamese Criminal Police, Vu Hoang Kien, said campaigns to raise money for cryptocurrency companies are illegal in this country.

Kien warned Vietnamese citizens to remain vigilant and not get caught up in any form of investment in cryptocurrencies, no matter how high the profits are.

In addition to the risk of investing in such programs, he also emphasized that investments in cryptocurrencies and payments made using virtual currencies are not legally recognized in this country. Therefore, investing in or using cryptocurrencies will also mean breaking Vietnamese laws.

Despite the warnings, crypto investments are still underway in the country, said Nguyen Nam Hao from the Department of Corruption, Smuggling and Economic Crime Police. He also added that in order to limit fraud and minimize other negative effects of cryptocurrencies, Vietnam needs more stringent and detailed rules.

In August 2017, Vietnamese Prime Minister Nguyen Xuan Phuc ordered the Central Bank of Vietnam and the Ministry of Finance to review virtual currencies and establish a legal framework for regulating them.

However, the review did not result in benefits for cryptocurrencies. The central bank announced the following month that the use of Bitcoin and other cryptocurrencies is illegal in this country. In April 2018, cryptocurrencies were officially banned as means of payment for goods and services.


Technical Market Outlook:
The ETH/USD pair is testing the range zone upper line located at the level of $248.90 after the bounce from the technical support located at the level of $225.84. Momentum is now increasing, which help the bullish cause, bur despite the recent rally continuation, Ethereum is still trading below the key technical resistance seen at the level of $252.03. Moreover, any sustained violation of the nearest technical support located at the level of $238.68 might accelerate the drop towards the next support seen at the level of $235.42. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53

Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.







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

[IFX_Selena]

BTC analysis for June 24,.2020 - Strong downbreak as I expected. Watch for more further selling towards the level at $8.890

News:


Available data shows that over the last 16 days Ethereum users have been paying more to move funds on their network than Bitcoin users.


Technical analysis:
BTC has been downwards, extacly what I expected yesterday.Due to confirmed breakout of the Pitchfork upward channel , I still see further downside movement towards the level at $8,890


Trading recommendation:
Watch for sellling opportunities on the rallies using the intraday frames like 15/30 minutes with the target at $8,890.

There is clear breakout of the upward trendline and Pitchfork upside channel, which is good indication for further downside movement.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 25 June 2020

Crypto Industry News:
The Australian Securities and Investment Commission (ASIC) has identified a sharp increase in investment fraud during the coronavirus pandemic and highlighted cryptocurrency fraud as a particular problem.

According to the published ASIC announcement, between March and May 2020, all types of investment frauds were reportedly increased by 20% compared to the same period in 2019.

Criminals seem to be trying to take advantage of the economic uncertainty many citizens face during the crisis. ASIC Executive Director for Evaluation and Intelligence, Warren Day, warned that scammers "use age-old tactics in new and sophisticated ways."

"ASIC is particularly concerned about the risk of losing funds by consumers and investors when purchasing fake cryptographic assets. Most of the options for investing in crypto assets reported to ASIC seem like a scam and there is no real underlying investment," he added.

Although fraud reports have provided "supervisory information" to the supervisory authority, the announcement warns readers that it is difficult to catch fraudsters - especially those who operate abroad. For this reason, consumers and investors may not be able to recover lost funds. However, ASIC encourages victims to report financial and investment fraud. Typical features of suspicious programs include a number of investment offers presented that sound 'safer than they are,' requests to withdraw money from individuals or companies using multiple or ever-changing bank accounts, or false confirmations from celebrities or public agencies, including ASIC .


Technical Market Outlook:
The ETH/USD pair is trading below the short-term trend line support seen at the level of $230. Moreover, any sustained violation of the nearest technical support located at the level of $225.84 might accelerate the drop towards the next support seen at the level of $217.42. This is the key short-term technical support for bulls, so it might be well defended and some kind of a price bounce should be expected if the price hit this level.

Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53

Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 25 June 2020

Crypto Industry News:
The Bitcoin.com forum, one of the most popular cryptographic forums, has suddenly announced the closure.

The bitcoin.com forum, a place of lively debates and thoughtful discussions related to cryptocurrencies, will end services on July 23, 2020. The message was reported by the forum administrator in a thread published on June 24.

In the post, the forum administrator gave some details about the upcoming closure. No reasons were given.

The Bitcoin.com forum is linked to the Bitcoin.com website - one of the oldest and largest cryptocurrency websites in the world. The site, supported by Bitcoin's early supporter and investor, Roger Vera, offers a number of Bitcoin and Bitcoin Cash services, including cryptocurrency exchanges.


Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704 and after a short period of trading inside of a narrow local zone located between the levels of $9,530 - $9,650 the price turned sharply down towards the level of $9,249 (broken already). This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $8,858 as any violation of this level might accelerate the drop towards the level of $8,565. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.







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

[IFX_Selena]

BTC analysis for June 25,.2020 - Strong downside movement in the background and poitential for new down wave towards the $8.890

Corona virus summary:


Israel is experiencing an alarming surge in new coronavirus cases which has prompted the government to approve reimposing a controversial tracking system administered by the country's domestic security agency, the Shin Bet.

Cases in the country have rocketed again after Israel eased restrictions at the end of May, a move that coincided with the Shavuot holiday and saw crowded beaches on both the Mediterranean and around the Sea of Galilee.


Technical analysis:
BTC has been trading downwards. As I expected, the price tested the level of $8,990 and almost met our main target at $8,890. Anyway, I still see downside movement due to strong downside momentum in the background. The target is set at $8,890.


Trading recommendation:
Resistance is set at $9,315




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

[IFX_Selena]

Technical Analysis of BTC/USD for 26 June 2020

Crypto Industry News:
The Italian Banking Association (ABI) has revealed that it wants to support the implementation of the digital currency from the European Central Bank.

According to information on the ABI website, the association approved guidelines governing its position on the digital currency and digital currencies of the central bank (CBDC).

ABI - representing a group of banks in Italy - stated that it is ready to "participate in projects and experiments on the digital currency of the European Central Bank [...] to accelerate the implementation of the initiative at European level".

ABI listed 'monetary stability' and compliance with the provisions related to the digital Euro as two main priorities.

The association said that the creation of a European CBDC could allow for more cross-border P2P transactions, reduce the impact of interest rates and exchange rates, and generally simply reduce the size of the bureaucratic payment process.

According to ABI, developing a digital currency in the European Union could replace cryptocurrency demand.

"The existence of [European CBDC] could at the same time reduce the attractiveness of instruments with comparable applications but issued by private individuals or (in the case of total decentralization) which cannot be identified, characterized by an internally higher risk profile," reads in a statement.


Technical Market Outlook:
The BTC/USD pair has been seen trading in a narrow range after a bounce from the level of $8,952. Moreover, the recent rally turned out to be a fake one and the price has returned below the short-term trend line resistance again. Please keep an eye on the key short-term technical support located at the level of $8,858 as any violation of this level might accelerate the drop towards the level of $8,565. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 June 2020

Crypto Industry News:
A terrorist organization known as the Islamic State of Iraq and Syria, or ISIS, is beginning to switch to Monero to accept donations from the public.

As the intelligence company Whitestream reports, an information website related to the terrorist organization and the jihadist movement updated its donations page on June 21 to accept Monero only. According to the tutorial page published by Monero, the payment method is more secure and cannot be traced. The site then explains how users can buy and ship Monero while providing the XMR address.

Previously, the site accepted donations in Bitcoin. According to Whitestream, the organization has consolidated the received Bitcoins at one address, which currently contains 0.295 BTC worth approximately $ 2,700.

The site publishes news about the reported "successes" of the organization, which since its expulsion from Syria, Iraq and Libya, operates primarily underground in the Egypt region of Sinai and Northern Nigeria.

While many regulatory steps taken for cryptocurrencies are aimed at limiting this exact type of activity, the recent Chainalysis report refutes the widespread belief that cryptocurrencies play a significant role in terrorist financing. Among speculations about ISIS war chests hidden in Bitcoins, Chainalysis said less than $ 10,000 was collected for cryptocurrency terrorism, and it is unlikely that they would use cryptocurrencies to store their oil revenues.


Technical Market Outlook:
The ETH/USD pair has been consolidating in a narrow range after a bounce from the level of $226. Any sustained violation of the nearest technical support located at the level of $225.84 might accelerate the drop towards the next support seen at the level of $217.42. This is the key short-term technical support for bulls, so it might be well defended and some kind of a price bounce should be expected if the price hit this level.

Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53

Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the shor







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