Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 29 June 2020

Crypto Industry News:
Over the past few years, cryptocurrencies have attracted a lot of interest from institutional investors. Encryption has become quite popular due to more rules on the digital asset market. However, since most economies work with digital resources, there has also been pressure to strengthen regulations so that cryptocurrencies do not become a safe haven for money laundering and other illegal activities. Recent AML regulations and FAFT guidelines aimed to strengthen cryptography regulations.

However, as digital assets are gaining popularity in the world of finance, traditional financial institutions such as banks have now come under the eye of dealing with cryptocurrency users and stock exchanges regarding virtual assets. A recent Ciphertrace report looked at how virtual asset laws can affect banks. The report notes that 57% of these Virtual Asset Providers (VASPs) had weak or porous KYC processes. This is a greater threat because a weak KYC can lead to bad entities being able to launder virtual assets through stock exchanges operating as fiat off-ramps according to the report.

It is not clear, however, whether large banks are willing or willing to cope with exposure to crypto assets and at the same time ensure that there is no illegal activity in space. Although the number of cryptocurrencies has increased significantly over the years, mainstream banks still have reservations about users and cryptographic transactions. In the recent past, Bank of America raised concerns and kept customers from using debit cards to buy cryptocurrency. However, at the beginning of the Fifth Anti-Money Laundering Directive or AMLD5 it was pointed out that banks cannot refuse to provide services to sectors and must analyze cryptocurrencies on a case-by-case basis.

According to data provided by Ciphertrace, almost 74% of Bitcoins transferred in "from exchange to exchange" transactions have been transferred cross-border and pose a significant risk of money laundering. Given this scenario, FATF noted that illegal users of virtual assets (VAs) may, for example, benefit from the global reach and transaction speed that VA provides, as well as from inadequate regulation or supervision of financial activities and VA suppliers in various jurisdictions, resulting in inconsistent legal and regulatory rules of the game in the VA ecosystem.


Technical Market Outlook:
The BTC/USD pair has made a new local low at the level of $8,795, which means the key short-term technical support located at the level of $8,858 had been violated. The bounce has been continued for some time now, but so far it was rather shallow and the price is starting to reverse again. If the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $8,565.

Weekly Pivot Points:
WR3 - $10,465
WR2 - $10,072
WR1 - $9,509

Weekly Pivot - $9,126
WS1 - $8,593
WS2 - $8,191
WS3 - 7,623


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 29 June 2020

Crypto Industry News:
Tokai Tokyo Financial Holdings, one of the main traditional Japanese financial institutions, has presented a plan to develop a security tokens exchange. Tokai Tokyo is already an investor in Huobi Japan.

According to Nikkei, the first step on this journey was for Tokai Tokyo to invest in Hash Dash Holdings to use the company's knowledge to develop the stock market. Hash Dash's mission is to use Blockchain technology in the financial industry to issue digital securities and provide commercial services on smartphones.

The planned stock exchange will trade in tokenized real estate, and Tokai Tokyo, Hash Dash and ICHX TECH will explore this sector by digitizing Japanese real estate and trading them in iSTOX, the Singapore digital stock exchange. They also investigate the digitization of IP addresses and corporate bonds.

Tokai Tokyo hopes to connect the planned Japanese stock exchange with iSTOX so that investors can seamlessly buy and sell digital assets on both stock exchanges, enabling Japanese corporations to raise money on the Singapore stock exchange.

Last December, Tokai Tokyo invested 500 million yen (around $ 4.7 million) in Huobi Japan, a licensed cryptographic exchange in Japan. It was also planned to start an IEO to help corporations raise money. The company was also considering trading some social currencies at IEO Huobi.


Technical Market Outlook:
The ETh/USD pair has made a new local low at the level of $215.17, which means the key short-term technical support located at the level of $217.65 had been violated. The bounce has been continued for some time now, but so far it was rather shallow and the price is starting to reverse again. If the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $273.84
WR2 - $260.74
WR1 - $240.04

Weekly Pivot - $227.40
WS1 - $206.35
WS2 - $194.36
WS3 - $173.30


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 ETH/USD for 30 June 2020

Crypto Industry News:
The Hong Kong Cryptocurrency Instrument Exchange BitMEX is introducing a new program with benefits for its corporate clients, including improved security support and accounting.

According to the announcement published on the BitMEX support website, the stock exchange is launching a new program for corporate clients called BitMEX Corporate. Accounts on the cryptographic exchange that are not owned and not operated by a natural person can now guarantee that their BitMEX resources are the legal property of the corporation.

BitMEX said the new features were created for customers who need "different ownership structures for their accounts," account access and management, and security requirements. However, the announcement also states that options such as multi-user login and instant transfers between accounts will be available later in 2020.

Although BitMEX remains one of the largest derivative exchanges in the world, many members of the cryptographic community claim that they are losing confidence in it.

According to previous reports, the stock market went offline in March for almost 25 minutes during a crypto blood-bath, many users were not happy about the BitMEX explanation of "a hardware problem with the cloud service provider." In addition, the derivatives giant must face a new lawsuit in which executives are accused of extorting money, laundering money, banking fraud and transferring money without a license.


Technical Market Outlook:
The ETH/USD pair has retraced 38% of the last wave down and made a new local high at the level of $229. Nevertheless, the is a Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. If the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $273.84
WR2 - $260.74
WR1 - $240.04

Weekly Pivot - $227.40
WS1 - $206.35
WS2 - $194.36
WS3 - $173.30


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 30 June 2020

Crypto Industry News:
Blockchain-based Russian voting system is reportedly attacked by an election observer node.

As reported by the state news agency TASS, the attack took place on June 27 at around 20:00 CET. A representative of the Moscow government told TASS that the attack did not cause a system crash, which means that all e-voices will be successfully registered in the chain.

According to the official, cyber security experts were working to restore access to the victim node. It is unclear whether it has been repaired.

Electronic voting, which takes place from June 25-30 for residents of Moscow and Nizhny Novgorod, is based on the Blockchain Exonum platform developed by Bitfury.

The constitutional amendments initiated earlier this year, if approved, will theoretically allow Vladimir Putin for a further two six-year terms, which means that he could remain president until 2036.

According to previous reports, the electronic voting website was unavailable for the first few hours after launch.

Furthermore, blockchain-based online voting has resulted in some incorrect results in some regions. For example, nearly 7,300 people assigned to polling stations in the Trojick County have been registered to vote online, even though the station has only 2,358 residents entitled to vote. The local electoral commission claimed it was a "technical failure".

In addition, some people reported that they were able to vote several times because of the apparently poor system compatibility with some offline voting.


Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $9,129, but it looks like the bulls had lost the battle of the trend line resistance. There is a Doji candlestick pattern made at the top of this move, so if the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $8,565.

Weekly Pivot Points:
WR3 - $10,465
WR2 - $10,072
WR1 - $9,509

Weekly Pivot - $9,126
WS1 - $8,593
WS2 - $8,191
WS3 - 7,623


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 30,.2020 - Watch for the potential drop on BTC towards the 8.900

Corona virus summary:


China has stopped almost all imports of pork from the Netherlands, following Covid-19 outbreaks at some of the largest Dutch slaughterhouses.

China banned meat delivered by four of the largest Dutch abattoirs on Sunday, a Dutch government spokeswoman said on Tuesday.

It gave no specific reason for the ban, but workers at all of the abattoirs have recently been infected with coronavirus, said Elise van den Bosch.

"Clearly, China is looking for the source of its second wave of COVID-19 infections, which they might feel could come from imported meat", she said.

"But there is no scientific evidence for the possible transmission of the virus through food or packaging materials."


Technical analysis:
BTC has been trading in consolidation at the price of $9,145. I see bearish flag pattern in creation and potential for the bearish continuation. Downward targets are set at $8,900 and $8,665.

Due to bear flag in creation and the downward slopping trend-channel, my advice is to watch for selling opportunities with the targets at $8,900 and $8,665.

Resistance is set at $9,330





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

[IFX_Selena]

Technical Analysis of ETH/USD for 01 July 2020

Crypto Industry News:
The British Financial Supervision Authority (FCA) estimates that around 2.6 million British consumers "bought cryptocurrencies" at some point.

FCA has published the results of its latest research on consumer interaction with cryptocurrency markets in the UK. 1.9 million people - 3.86% of the general adult population - were found to currently have cryptocurrencies, which is considered a "statistically significant increase," compared to 3% in the latest FCA consumer survey report in 2019. This increase increases overall the number of consumers in the UK who have ever owned cryptocurrencies at any time, from 1.5 million to the current estimated number of 2.6 million.

In addition to the marked increase in the number of cryptocurrency owners, industry awareness also seems to be growing - 73% of adults have heard about cryptocurrencies, compared with 42% last year.

FCA research indicates that 75% of 1.9 million currently have cryptocurrencies worth less than $ 1,229. 83% of cryptocurrency owners buy their assets through stock exchanges outside the UK.

In general, the level of technical knowledge of holders and understanding of the potential risks associated with a lack of collateral and asset volatility is high, FCA reports. One exception is that 11% of current and former cryptocurrency owners mistakenly believe that their cryptographic assets are covered by consumer protection - approximately 300,000 people.

The FCA believes that this exposes consumers to financial harm. At the same time, however, he states that the most popular reason consumers in the UK bought crypto was "as a gamble to earn or lose money" with full awareness of the volatility of crypto markets.


Technical Market Outlook:
The ETH/USD pair has retraced 38% of the last wave down and made a new local high at the level of $229. Nevertheless, the is a Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. For now, the market keeps consolidating in a narrow range, but if the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $273.84
WR2 - $260.74
WR1 - $240.04

Weekly Pivot - $227.40
WS1 - $206.35
WS2 - $194.36
WS3 - $173.30


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 01 July 2020

Crypto Industry News:
Anxiety in the cryptocurrency community is growing every day. No change in Bitcoin prices, trade between $ 9,000 to $ 9,500, for almost two months is currently not perceived as a feature of the strongest cryptocurrency in the world, but rather its relationship with larger financial markets.

Bitcoin, for most of this year, when the pandemic began shifting markets, acted against itself. According to the "uncorrelated" status, the cryptocurrency reached enormous highs when both the stock market and the commodity market collapsed, losing millions. This is despite the fact that Bitcoin lost over 50% of its value in one day in March and increased its supply by 50% in May.

However, now that price and supply have normalized, the unstable asset is stable from the outset, and some cryptocurrency community members suggest that the reason is that it has not yet separated from the stock market.

Bitcoins and the larger cryptocurrency market, despite being called 'decentralized', have often exerted an impact on macroeconomic activities, usually affecting traditional markets. Last year, Bitcoin saw movement in the gold market on various isolated occasions, mainly because of the safe harbor narrative in times of economic or political turmoil.

Now the prices on the stock market offset the negative effects of the slowdown of global economies by a pandemic and the inflow of liquidity from central banks. At this time, Bitcoin is actually moving according to the highest stock index, S & P500. Market data indicate that the 1-month correlation of Bitcoins with S & P500 is the highest in over a year, and is currently estimated at over 42.6%

Because Bitcoin is "coupled" with S & P500, this presents a different set of short-term fate for cryptocurrency in the future. Given the likelihood of a second package of government assistance in the United States, another injection of freshly minted dollars may again positively affect Bitcoin, as it did in May. Another scenario is the second wave of COVID-19 cases that could cause another liquidation madness.


Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $9,129, but there is a Doji candlestick pattern made at the top of this move, so if the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high. The momentum is still weak and negative, but is getting closer to the level of fifty, which is a neutral level for the momentum indicator. The next target for bears is seen at the level of $8,565, but in a case of an upside breakout, the next target for bulls is seen at the level of $9,249 (technical resistance level).

Weekly Pivot Points:
WR3 - $10,465
WR2 - $10,072
WR1 - $9,509

Weekly Pivot - $9,126
WS1 - $8,593
WS2 - $8,191
WS3 - 7,623


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 July 01,.2020 -Downside cycle in creation and the breakout of $9.000 will confirm downside continuation towards the $8.666

News:
Lawyers in Washington D.C. can now accept cryptocurrencies as a form of payment for their services, the D.C. Bar has said.

In it ethics opinio published in June, the Bar said it is not unethical for lawyers to accept cryptocurrency, as long as the fee is reasonable and lawyers can safeguard that virtual property.

"Payment of fees in cryptocurrency is more akin to payment in property than payment in fiat currency," said the Bar. "Cryptocurrency is, ultimately, simply a relatively new means of transferring economic value."


Technical analysis:
BTC has been trading sideways at the priceo f $9,140. I see further downside movement due to potetnial C leg in creation. There is potential for test of $8,900-$8,666


Trading recommendation:
Resistance level is set at $9,300




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

[IFX_Selena]

Technical Analysis of BTC/USD for 02 July 2020

Crypto Industry News:
Startup Blockchain Kirobo claims that its technology can prevent the loss of cryptocurrencies caused by human error when sending transactions between Bitcoin wallets, which are usually irreversible.

The Recoverable Transfer feature is to build a new layer on existing Blockchain protocols. Users can then "cancel" the transaction sent to the incorrect cryptocurrency wallet address, the Israeli company said in a press release:

"Our goal is to make Blockchain transactions as simple and secure as online banking," said Asaf Naim, CEO of Kirobo.

The logical layer of the protocol works by providing a unique transaction code that must be entered by the recipient to receive funds from the sender. Until the recipient enters the correct code, the sender can recover the funds at any time. Loss of funds can occur and occurs when the sender makes a mistake in the long string of alphanumeric characters that make up cryptocurrency addresses.

Kirobo quoted a survey that showed that 18% of respondents said they lost funds due to such sending errors. A way to reduce transaction risk can help encourage new cryptocurrency users.

The startup has said that it does not hold or store the user's private keys, and the unique code simply indicates whether the transaction will be finalized. This feature can also work offline in the event of Kirobo servers crashing.


Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $9,240, but bulls had hit the technical resistance located at the level of 9,238, so the price pulled-back towards the level of $9,138 (previous local technical support). If the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high. The momentum is still weak and negative, but keeps hovering around the level of fifty, which is a neutral level for the momentum indicator. The next target for bears is seen at the level of $8,565, but in a case of an upside breakout, the next target for bulls is seen at the level of $9,290 (technical resistance level).

Weekly Pivot Points:
WR3 - $10,465
WR2 - $10,072
WR1 - $9,509

Weekly Pivot - $9,126
WS1 - $8,593
WS2 - $8,191
WS3 - 7,623


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 02 July 2020

Crypto Industry News:
The European Innovation Council (EIC) has allocated € 5 million to six Blockchain initiatives under the Blockchains for Social Good program. Announcing the news, the EIC noted that the award aims to promote the development of Blockchain in the areas of traceability, fair trade, financial inclusion and a decentralized circular economy.

The awarded startups are the WordProof Dutch content authentication company, the British PPP startup, the Finnish GMeRitS, the UnBlocked Cash Project OXBBU, the French electronic commerce platform CKH2020 and the Italian project PROSUME digital market. All winners presented their projects in open source, which was one of the requirements. This will allow more innovators to use advanced technological solutions developed by winners and other participants.

According to the announcement, since the opening in May 2018, a total of 176 participants have applied for the program. The applications came from 43 countries, of which 19 came from outside the European Union. The program closed on September 3, 2019, and initially aimed to allocate EUR 1 million to five projects in five different areas of social innovation. The EIC eventually decided to finance six projects, extending the scope of the prize to six different areas and dividing it equally, the organization explained.


Technical Market Outlook:
The ETH/USD pair has retraced 50% of the last wave down and made a new local high at the level of $232.20. Nevertheless, the is a another Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. Currently, the market is testing the short-term trend line support around the level of $227, but if the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $273.84
WR2 - $260.74
WR1 - $240.04

Weekly Pivot - $227.40
WS1 - $206.35
WS2 - $194.36
WS3 - $173.30


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