Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 08 October 2020

Crypto Industry News:
The amount of computing power in the Ethereum network is currently at the level of the new ATH. According to Glassnode, on October 6 the hashrate on the Ethereum network reached a record level of over 250 TH / s. This means an increase of 80% from the beginning of the year. According to Glassnode, the boom in decentralized finance (DeFi) contributed mainly to the growth of hashrate.

Interestingly, data from the F2Pool mining pool shows that mining Ethereum (ETH) is currently up to three times more profitable than Bitcoin (BTC).

Hashrate is a key metric in determining blockchain security. It measures the computing power of the network. The last time Ethereum hashrate was close to ATH in August 2018, when the metric reached 246 TH / s.

The rapid growth of DeFi, coupled with the rapid growth of stablecoins, has pushed Ethereum's transaction fees to record levels. Data from Glassnode shows that Ethereum miners in September earned $ 166 million from transaction fees alone. BTC miners over the same period of time made only $ 26 million.


Technical Market Outlook:
After the ETH/USD pair made a Pin Bar candlestick at the end of the recent down wave, it bounced towards the level of $345.20, but did not make it and start to consolidate in a narrow range. If this local technical resistance is not clearly broken, then the down move should resume and head towards the next target seen at the level of $322.87 - $321.95. The momentum remains negative and might accelerate down if the sell-off starts.

Weekly Pivot Points:
WR3 - $403.75
WR2 - $387.38
WR1 - $368.10

Weekly Pivot - $351.05
WS1 - $333.15
WS2 - $315.51
WS3 - $296.13


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 09 October 2020

Crypto Industry News:
According to a landmark decision released on Tuesday by the UK's Financial Conduct Authority, companies in the country will no longer be able to offer retail clients cryptocurrency derivative products such as futures, options and stock quotes.

The decision came almost exactly a year after the regulator first proposed to ban these products. In a statement issued by the FCA, he stated that cryptocurrency derivatives are:

"(...) Inappropriate for retail consumers because of the damage they cause."

Several more specific reasons were given, including concerns that "they do not have a reliable basis for valuation", are subject to fraud and financial crime, and are extremely volatile. Other themes cited include "insufficient understanding of cryptocurrencies by retail consumers" and the claim that retail investors do not have a "legitimate investment need" for these products.

The ban will take effect on January 6, 2021, and the regulator has warned that "because the sale of derivatives and ETNs that refer to certain types of cryptocurrencies is currently banned, and any company offering these services to retail consumers is likely a scam."

"This ban reflects how seriously we take the potential harm to retail consumers associated with these products. Consumer protection is paramount here."

One of the companies most affected by the ban will be CoinShares, which last year ran a campaign to persuade the regulator to drop its plans. CoinShares offers ETN and other types of crypto products targeting traditional markets.


Technical Market Outlook:
The BTC/USD pair has suddenly spiked up towards the level of $10,890 and was stopped at the level of $10,909. This level is the target of 1:1 market geometry of the last wave up and the whole structure was made in three waves only, so the recent dynamic spike up looks very corrective in nature. Any violation of the level of $10,760 will confirm the correction is terminated and the market returns to the horizontal trend. The key short term technical resistance is seen at the level of $10,940.

Weekly Pivot Points:
WR3 - $11,471
WR2 - $11,178
WR1 - $10,858

Weekly Pivot - $10,602
WS1 - $10,300
WS2 - $10,024
WS3 - $9,715


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 09 October 2020

Crypto Industry News:
Customers of the world-renowned car manufacturer will soon be able to receive blockchain tokens as rewards under a new program called BMW Vantage. Media reported today that BMW Korea is the first BMW Group subsidiary to test the new program and intends to fully introduce it in the country by the end of 2020.

The points-based rewards program uses blockchain technology to securely allocate and track customer tokens. People who buy new BMW models for the first time can receive between 300,000 and 500,000 points. Buyers of existing vehicles such as the X1, X2, BMW 1 and 2 Series could receive up to 600,000, and buyers of new BMW 5 Series or BMW 6 cars up to 900,000. For BMW buy-backs, customers will receive bonus points based on vehicle prices.

Buying BMW cars is not the only way to earn points. BMW Korea has released an application with games and social functions, thanks to which users can also earn contributions. Basically, the point system will aim to provide loyal users with discounts on car servicing and other BMW services. People with more points in the program are promised invitations to cultural events organized by BMW

In recent years, BMW has used blockchain solutions for both customer service and business-to-business operations. As a co-founder of the Mobility Open Blockchain Initiative, the manufacturer has collaborated with established blockchain developers and technology companies such as Hyperledger, IBM and IOTA.

In March, BMW announced plans to roll out its PartChain supply chain solution to 10 suppliers later this year.

Already in 2018, the car manufacturer experimented with a tokenized reward system to encourage drivers to track the mileage of leased vehicles.


Technical Market Outlook:
After the ETH/USD pair made a Pin Bar candlestick at the end of the recent down wave, it continued to move higher towards the technical resistance located at the level of $355.60. If this local technical resistance is not clearly broken, then the down move should resume and head towards the next target seen at the level of $322.87 - $321.95. The momentum remains negative and might accelerate down if the sell-off starts. Please keep an eye on the intraday technical support seen at the level of $342.30.

Weekly Pivot Points:
WR3 - $403.75
WR2 - $387.38
WR1 - $368.10

Weekly Pivot - $351.05
WS1 - $333.15
WS2 - $315.51
WS3 - $296.13


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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

[Brandonrutle]

Citizenship by Investment programs (CIP) proposal
instant passports against donation or genuine estate
investment. Donation is fifty percent cheaper than
genuine estate but cannot be recovered. Genuine estate
cannot be sold for five years.
citizenship by investment

[IFX_Selena]

Technical Analysis of BTC/USD for 12 October 2020

Crypto Industry News:
According to of the latest Bloomberg newsletter, the election of Joe Biden as President of the United States would contribute to more widespread adoption of Bitcoin (BTC), including the eventual approval of ETFs. In addition, he referred to the policies of President Donald Trump's administration.

"A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration - to the detriment of the broader crypto market - and nudge the firstborn benchmark toward the mainstream, improving chances for an ETF".

Given that yesterday the Justice Department released a 70-page document, "Cryptocurrency: An Enforcement Framework," the newsletter was likely written before.

The author claims that choosing Biden would also inhibit the development of DeFi. Both conclusions are based on the assumption that a "democratic system" would potentially increase regulatory transparency in the cryptocurrency market. The DeFi space has exploded this year in a completely unregulated environment. It is no coincidence that the culprits of the KuCoin hack are laundering their illicit profits via the largest decentralized exchange, Uniswap.

Bloomberg says Bitcoin's price will continue to rise regardless of the election result. It also states that if BTC continues to grow during the next presidential term - at a rate that is up to half the 2016-2020 rate - it will reach $ 80,000 by 2024:

"Seemingly unstoppable trends in U.S. debt-to-GDP, quantitative easing (QE) and the increasing Bitcoin hash rate indicate a crypto price more likely to keep advancing during the next presidential administration, in our view. About half the 1,400% gain since the 2016 vote would get the Bitcoin price toward $ 80,000 in 2024".


Technical Market Outlook:
The BTC/USD pair has been rallying from the level of $10,568 when the Bullish Engulfing pattern had been made. The pair move up all the weekend and the last high was made at the level of $11,144. The Supply Zone located between the levels of $11,062 - $11,233 had been violated, so now it can be used as a Demand Zone by bull. The market is reacting to this zone already, so the level of $11,233 is now the intraday support as the market is now consolidating in a Triangle pattern. The next target is seen at the level of $11,646 (after the Triangle breakout).

Weekly Pivot Points:
WR3 - $12,712
WR2 - $12,078
WR1 - $11,737

Weekly Pivot - $11,125
WS1 - $10,786
WS2 - $10,156
WS3 - $9,820


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 12 October 2020

Crypto Industry News:
The Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report on central bank digital currencies on October 9, focusing on the founding principles and fundamental features of CBDC.

The Bank of Japan, as one of the group members, has published a document presenting its own specific approach to CBDC from a Japanese-focused perspective.

According to the BoJ report, in 2021 the first of several phases of testing its own CBDC will begin. The tests will include development of a test environment for the currency. The BoJ report notes that a fundamental characteristic of a digital currency must be resilience in the face of infrastructure disrupted by "force majeure", stating:

"Offline use in times of system and network failures and power outages is also important for Japan, given the high frequency of natural disasters."

Due to its geographic location, Japan is exposed to many natural disasters, including earthquakes, tsunamis, floods, typhoons, cyclones, and volcanic eruptions.

The report does not provide details on how to protect against such events, although there are solutions that fix potential electrical or network failures for Bitcoin and other blockchain-based cryptocurrencies. These include the development of mesh networks based on longwave radio transmitters, and the Blockstream satellite network that transmits Bitcoin transactions in space.

The BIS research group on digital currencies was announced in January 2020 and included central banks from Japan, Canada, UK, Sweden, Switzerland and the European Central Bank. Since then, United Stated Federal Reserve has also joined the group.


Technical Market Outlook:
The ETH/USD pair has been consolidating in a Triangle price pattern around the level of $375 after an impressive rally from the level of $342.30. The nearest technical support is seen at the level of $369.37 and $362.60. The momentum is still strong and positive, so the bulls might want to break out of the Triangle and continue the rally towards the level of $389.90 and then $400.

Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440

Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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

[IFX_Selena]

BTC analysis for October 12,.2020 - Strong breakout of symmetrical triangle in the background and potential for test of $12.000

Further Development



Analyzing the current trading chart of BTC, I found that my previous analaysis is progressing good since the breakout of the symmetrical triangle last week.

Key pivot support is set at 1,1785


Key Levels:

Resistance: $12,068, $12,465

Support level: $11,100





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

[IFX_Selena]

Bitcoin & Altcoins: buzz in crypto market reveals robust speculative activity

Greetings to all crypto hamsters and savvy crypto fans!

Two weeks have passed since the review of the crypto market. I'm eager to share good news with you! The crypto market is reviving from a sleeping mode. This buzz is not about optimistic trading expectations but it reveals a strong chance of hitting a new local high.

A slump in the crypto market which took place in early September spooked a crowd of traders. Lots of them went into a panic. We cannot blame them at all. The bitter experience of the recent years highlighted that sometimes the crypto market can enter a protracted losing streak. So, crypto investors have to survive a so-called severe crypto winter. I mean that the crypto asset used to tumble 30%, 50% and even 80% of its value.

You may wonder why the crypto market is going to develop in a different way nowadays.

The year of 2020 is challenging for the global economy. Investors want to play safe. So, they try to diversify their risks as much as possible. This trend is confirmed by regular news on humongous investment in Bitcoin and Altcoins by large investment funds.

*The Tudor Investment hedge fund announced a Bitcoin purchase to the amount of $50 million in June.

*The Grayscale Investments crypto fund sent $1 billion to buy Bitcoin in July.

*In August, MicroStrategy bought 21,454 BTC for $250 million. In September, another deal followed with 16,796 BTC worth $175 million.

*The Square payment firm, established by Twitter CEO, invested $50 million in Bitcoin in October.

The above-said deals have been leaked in the media. There are much more deals which remain a mystery to the public because they are anonymous over-the-counter deals.

In the meantime, decentralized financial apps like DeFi (Decentralized Finance) have launched a mechanism which has been pumping up huge cash into the crypto market. This hype is still going on.

Such buoyant demand for crypto currencies is almost the same like in 2017 when crypto assets were developing a stunning bullish run. Now there is a growing likelihood that we will see soaring prices both of Bitcoin and Altcoins.

Interestingly, the market environment based on the hype looks quite similar in 2017 and 2020. There is something more in common from the point of technical patterns. The recent downward correction of Bitcoin is like the one of 2017 in terms of its structure and dynamic. Besides, everyone knows that the price hits new highs following the correction.

The Bitcoin's advance in the latest days could set the tone for market developments and dispel fears. So, Bitcoin is on track to hit the strongest level of the current year - $12,486 per token.

Besides, the bullish trend of Bitcoin will entail a rally of other Altcoins that suggests lucrative investment opportunities.



Trading prospects

Since October 7, Bitcoin skyrocketed by over $9,000. Isn't it amazing? Persisting this pace of growth, there is a good chance that Bitcoin will be able to rebound to $11,900/$12,300 where the most popular cryptocurrency will enter a crucial stage. In case the price fixes above the level of $12,486 and breaks it, Bitcoin could test the local 2019 high of $13.868.

The crypto market develops in such a way that the market is very sensitive. If there is sharp surge or a tailspin, the market will develop either like a powerful flood tide or ebb tide. This ensures a clear-cut trend.



Overall market environment

Analyzing the overall market capitalization of the crypto industry, we can see that the total market cap gained $42 billion to nearly $365 billion at present.

The steady recovery is evident even in terms of trade volumes. Let me turn your attention to the corridor of $320/$355 billion that has been passed lately. This is a good signal for reviving trading interest.

Market Cap: $365,365,274,357

BTC Dominance: 58.2%

The emotional index (or the fear and euphoria index) for the crypto market added another 10 points to 52. It does not indicate that overwhelming fear flying over the market in early September.



Market Cap: $ 365 365 274 357

BTC Dominance: 58,2%

Indicator analysis

Various timeframes show that technical indicators signal buying opportunity. This is true about a 4-hour, daily, and weekly timeframes. This sentiment is confirmed by the BTC uptrend.






Performed by Gven Podolsky
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 13 October 2020

Crypto Industry News:
Asic Jungle has launched a beta version of what it calls "the first ever mining market." Company president Artem Bespaloff said he has created a trusted platform for used mining equipment that works without intermediaries:

"[This is] the first and only online marketplace where buyers can interact directly with sellers through the platform, and they don't need to use Telegram brokerage services or channels as so many different things are happening there. We set out to create this ecosystem where buyers and sellers trade with each other.

" The company's solution to these problems is a two-way marketplace that connects ASIC buyers and sellers in a safe and transparent environment. According to Bespaloff, ASIC brokers currently charge high premiums that take advantage of the lack of price sensing mechanisms on the market. He believes that these brokers create an information asymmetry by concealing relevant information.

Bespaloff said Asic Jungle maintains a number of security features to ensure that transactions take place in a trusted environment, including an emphasis on AML compliance. As the Canadian-based company will serve global customers, it intends to comply with both local laws and regulations and the compliance regulations of the United States.

Although mining equipment becomes progressively less efficient over time, Bespaloff ensured that there is a great demand for equipment used in locations with very cheap or free energy sources, such as some areas of Canada and Venezuela - although residents of the latter may be excluded from participating in an effort to comply with US sanctions.

Both Bitcoin and Ethereum have experienced a large increase in hashrate recently, indicating there will be plenty of interest in mining hardware in the near future.


Technical Market Outlook:
The ETH/USD pair has broken out of the Triangle pattern and made a new local high at the level of $394.75. The momentum is still strong and positive, so there is still a chance that after the pull back is terminated, the level of $400 will be hit again. So far the market had made the Pin Bar candlestick pattern at the top of the breakout and is slowly coming off the highs. The nearest technical support is seen at the level of $369.37 and $375.52.

Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440

Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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

[IFX_Selena]

BTC analysis for October 13,.2020 - Strong progress on our long position from few days ago and potential for test of $12.000

Further Development

Attachment 3591

Analyzing the current trading chart of BTC. I found that our analysis from yesterday is doing good progress and that the upside breakout from symmetrical triangle was the main reason for the current rise.

I would advice you to still watch for buying opportunities on the dips with targets at $12,000 and $12,400.

The strong momentum kicked in and and the condition is very bullish....


Key Levels:

Resistance levels: $12,070 and $12,450

Support level: $11,400




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