Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for October 28,.2020 - Upside target at the price of $13.840 has been reached. Potential for the downside rotation towards $13.200 and $12.720

Further Development



Analyzing the current trading chart of BTC, I found that our upside target at the price of $13,840 has been reached and that there is bigger reaction from sellers.


Key Levels:

Resistance: $13,840

Support levels: $13,200 and $12,7203




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

[IFX_Selena]

Technical Analysis of BTC/USD for 29 October 2020

Crypto Industry Outlook:
Bitcoin cannot function as an inclusive currency for those without banking services due to its volatility, Mastercard CEO Ajay Banga said at the Fortune Global Forum. He also pointed to a lack of knowledge about who is behind the cryptocurrency.

"I do not believe in volatility or, for that matter, a lack of transparency about who is involved in this currency. That's why we believe in central bank digital currencies."

Banga also revealed that Mastercard has a significant CBDC patent library, which may help explain why the company is so positive about them.

When asked about Bitcoin as a potential solution for financial inclusion, Banga stated that the cryptocurrency did not meet the requirements for people without access to banking services. He believes that if fiat currencies went digital, they would "help cross-border flows," but added that "the financial inclusion of individuals is a different matter." He has expressed a strong view on the opacity of cryptocurrencies for years, calling all non-government cryptocurrencies rubbish and even likening them to "snakes", saying that they do not "deserve" to be considered a medium of exchange.

In 2019, the company appeared to be taking a more open stance on cryptocurrencies, being one of the founding members of the Libra project. But last October, the payment provider left the project along with Visa, Stripe and Paypal, citing lack of transparency among the main reasons for its departure.


Technical Market Outlook:
The BTC/USD pair has made a Doji candlestick pattern, reversed from a new yearly high at the level of $13,778 and since then is trading in a horizontal trend, consolidating the recent gains. Please notice that the market is trading inside a channel as well. The local lows are shallow, so the bulls are still in control of this market. If the level of $13,698 is clearly violated, then the next target is seen at the level of $14,000. The key short-term technical support is seen at the level of $12,625 and as long as is not broken the odds for another wave up are high. The intraday supports are seen at the levels of $13,296 and $13,116.

Weekly Pivot Points:
WR3 - $15,886
WR2 - $14,555
WR1 - $13,946

Weekly Pivot - $12,537
WS1 - $11,955
WS2 - $10,713
WS3 - $10,093


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 29 October 2020

Crypto Industry Outlook:
Colombia now has the highest number of Bitomats in Latin America. According to CoinATMRadar, Bogota, the country's capital, has 34, followed by Medellin with 11, and Bucaramanga and Cali with 4. Other cities with at least one are Barranquilla, Cartagena, Cucuta, La Hormiga and Pereira.

Until recently, countries like Venezuela and Argentina were more frequently discussed as crypto hotspots in terms of regional adoption due to factors such as political and economic turmoil. Colombia, however, took important steps towards regulating the country's crypto realm, and its government approved a pilot program to test crypto transactions in September. The pilot, which runs in the recently established regulatory sandbox, will run until December 31.

In September, Colombia's Ministry of Information Technology and Communications, or MinTIC, published a draft of a guide urging the public sector to adopt blockchain technology, including crypto payments.

Data released in August by Statista showed that cryptocurrency adoption hit double-digit values in Brazil, Colombia, Argentina, Mexico and Chile.


Technical Market Outlook:
The ETH/USD pair has reversed the rally after the short-term trend line resistance had been hit around the level of $407.03. The bears took control over the market and push the price back under $400. Moreover, a new loacal low was made at the level of $379.74, which is below the 61% Fibonacci retracement of the lat wave up. The next target is seen at the level of $375.52 and $369.37. Weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - $490.39
WR2 - $455.51
WR1 - $435.03

Weekly Pivot - $398.88
WS1 - $379.21
WS2 - $342.87
WS3 - $323.39


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.






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

[IFX_Selena]

BTC analysis for October 29,.2020 - BTC reached downside target at $13.200 and i heading towards next at $12.720

Further Development



Analyzing the current trading chart of BTC, I found that BTC tested the my downward target at $13,200 but that there is still space for more downside towards $12,720.

My expectation is the BTCcan trade lower and the selling opportunities on the rallies is preferable strategy for this condition.

Watch for selling opportunities...

Downward target is set at the price of $12,790


Key Levels:

Resistance: $13,300 and $13,190

Support level: $12,190



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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 October 2020

Crypto Industry Outlook:
The US cryptocurrency exchange Gemini has partnered with tax compliance company TaxBit to help their clients manage their cryptocurrency taxes with the Tax Center Suite.

Tyler Winklevoss, CEO of the Gemini Exchange, said TaxBit software will help reduce the "cryptocurrency tax problem" by allowing users to track the real-time impact of the tax on their crypto transactions with Gemini. According to the announcement, the tool will also allow customers to potentially increase their tax return and lower their tax liability by providing commercial alerts when tax savings opportunities are available.

The TaxBit Tax Center Suite solution is the first crypto tax tool that Gemini has ever implemented, a Gemini spokesman said. The representative said the company expects to integrate the TaxBit solution in the first half of 2021 or earlier, as it waits for final tax office guidelines on how to report cryptocurrencies.

Once the software is fully deployed to Gemini, US stock market customers will be able to download the tax report in the format required by the IRS.

The Winklevoss brothers invested in TaxBit earlier this year. In January 2020, their family office, Winklevoss Capital, participated in the TaxBit 5 million seed funding round. Gemini also has a referral relationship with TaxBit as of the 2019 tax reporting period, a Gemini spokesman noted


Technical Market Outlook:
The bears took control over the ETH/USD market and push the price back under the technical support located at the level of $379.73. Moreover, a new local low was made at the level of $375.52, so the bearish pressure intensify. The next target is seen at the level of $369.37 and $362.60. Weak and negative momentum supports the short-term bearish outlook. The weekly time frame candle is down and is approaching the lows of the last week seen at the level of $364.36.

Weekly Pivot Points:
WR3 - $490.39
WR2 - $455.51
WR1 - $435.03

Weekly Pivot - $398.88
WS1 - $379.21
WS2 - $342.87
WS3 - $323.39


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 30 October 2020

Crypto Industry Outlook:
A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investors' appetite for Bitcoin.

The company surveyed 1,000 American consumers between the ages of 25 and 64 who had participated in personal investments of $ 10,000 or more in household assets. The survey was conducted between June-July 2020, 63% of respondents who had invested in Bitcoin in the last four months said the pandemic influenced their decision. In addition, 39% felt that Bitcoin was more attractive due to the pandemic. Only 13% said the COVID-19-related events made the resource less desirable:

"According to respondents, Bitcoin appears to share some features with safe-haven investments. Bitcoin's scarcity, verifiable nature, lack of correlation with global markets, and the fact that it is not controlled by government organizations are the attributes that make Bitcoin similar." to traditional safe harbor investments. "

This seems to confirm Bitcoin's safe-haven status, as many analysts say. According to the survey, interest in Bitcoin as an investment appears to increase with education levels. Thus, only 17% of the respondents without a degree had a share of the assets, while 29% of the holders had a master's degree.



Technical Market Outlook:
The BTC/USD pair has made a Doji candlestick pattern, reversed from a new yearly high at the level of $13,778 and since then is trading in a horizontal trend, consolidating the recent gains. Please notice that the market keeps trading inside a channel as well and must stay inside it to continue the move up. If the level of $13,698 is clearly violated, then the next target is seen at the level of $14,000. The key short-term technical support is seen at the level of $12,625 and as long as is not broken the odds for another wave up are high. The intraday supports are seen at the levels of $13,296 and $13,116.

Weekly Pivot Points:
WR3 - $15,886
WR2 - $14,555
WR1 - $13,946

Weekly Pivot - $12,537
WS1 - $11,955
WS2 - $10,713
WS3 - $10,093


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 02 November 2020

Crypto Industry Outlook:
Bitcoin's transaction costs continue to rise, while the most popular cryptocurrency network suffers from its heaviest overload in almost three years. According to Glassnode's data source, the average transaction fee, or average transaction cost, has been 0.00086764 BTC since Wednesday, the highest since June 2018. In dollar terms, the average transaction fee was $ 11.66.

Average fees per BTC increased by 573% in the last 12 days as the price of cryptocurrency increased from $ 11,200 to $ 13,800. As you can see, even small increases can translate into a significant impact of activity in the BTC network.


Technical Market Outlook:
The BTC/USD pair has been trading in a narrow rage located between the levels of $13,552 - $13, 776 for all the weekend. The market is still consolidating the gains after the yearly top at the level of $13,994 was made. The market conditions are extremely overbought on H4 and daily time frame, so a pull-back or correction might occur any time now. The nearest technical support is seen at the levels of $13,296 and $13,116.

Weekly Pivot Points:
WR3 - $15,648
WR2 - $14,723
WR1 - $14,351

Weekly Pivot - $13,475
WS1 - $13,116
WS2 - $12,252
WS3 - $11,845


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 02 November 2020

Crypto Industry Outlook:
Orbit, a new commercialized renewable energy company, has announced that it will use the Ethereum blockchain to enable ordinary people to engage in buying and selling solar energy. According to reports, special ORBT tokens will be distributed and used to make these transactions. Given the fact that they will take place using the Ethereum blockchain, they will also be completely anonymous.

In a statement on their website, we read:

"We have decided to use an ICO instead of an IPO to respect the anonymity of our investors and also allow access to a wider group of people. This way our investors can earn from our success and support us at the same time as we do not have to give up any shares in our company".

The Orbit network focuses on commercialize renewable energy, including generators and solar cells for commercial and residential use. The idea is that the value of the ORBT token will be supported by people buying and selling products and services offered by Orbit. This provides a "safety net" for investors in the Orbit marketplace, even if the value of tokens is set to decline in the future.

Currently, $ 1 million ETH has been invested in Orbit tokens. Pre-order tokens not sold will reportedly be burned to prevent blur when $ ORBT is listed on Uniswap, Coingecko, Kyber, etc.


Technical Market Outlook:
The ETH/USD pair has bounced from the level of $375.52 and made a high at the level of $403.72, which is just at the short-term trend line resistance. The bears are trying to reverse the up move, but so far the pull-back was shallow. The next target for bears is seen at the level of $394.85, which is a technical support for the price. The rest of the support is seen at the levels of $389.90 and $#79.93.

Weekly Pivot Points:
WR3 - $456.03
WR2 - $431.91
WR1 - $415.05

Weekly Pivot - $393.33
WS1 - $376.79
WS2 - $355.02
WS3 - $337.80


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.






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

[IFX_Selena]

BTC analysis for November 02,.2020 - Watch for potential downside breakout towards $12.140

Further Development



Analyzing the current trading chart of BTC, I found that BTC is ready for the potential downside movement and the breakout of the multi day balance based on the dailly time-frame.

Watch for selling opportunities if you see the breakout of the Friday's low at $13,100 with the downside target set at $12,850 and $12,140


Key Levels:

Resistance: $13,900

Support level: $12,140




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

[IFX_Selena]

Technical Analysis of ETH/USD for 03 November 2020

Crypto Industry Outlook:
Almost a quarter of the circulating supply of Ethereum (ETH) is stored on cryptocurrency exchanges, according to data from the ViewBase analytical platform.

This page shows that there are 26,768,260 ETH on the exchanges, corresponding to 23.6% on a value of $ 10.3 billion. Almost 26 million of these tokens are held on 10 centralized exchanges, and Coinbase alone holds 8,521,807 ETH, or 7.5% of the supply.

Ether is ahead of Bitcoin by many miles in terms of the percentage of tokens held on exchanges. BTC has 8.1% of its supply in circulation on exchanges.

According to Glassnode, the number of Bitcoins stored on exchanges dropped significantly over the year, going down from a record high of 2.97 million BTC in February to below 2.6 million yesterday. The platform also shows bullish signals for Bitcoin with daily new addresses for BTC around 480,000, which is six times more than for Ether, which has less than 80,000 new addresses created each day.

Glassnode does not reflect the same percentage of coins held in exchanges as ViewBase. There are less than 16.6 million ETH (14.7%) and almost 2.6 million BTC (14%) on the exchanges, according to Glassnode.


Technical Market Outlook:
The ETH/USD pair has moved lower and hit the technical support at the level of $369.37 as anticipated after the rally was capped by the trend line resistance around the level of $403.05. The momentum is now weak and negative, which indicates a possibility of another wave down towards the level of $362.60 and $355.60. If a daily candle closes below $360 level, then the bears will have full control of the market.

Weekly Pivot Points:
WR3 - $456.03
WR2 - $431.91
WR1 - $415.05

Weekly Pivot - $393.33
WS1 - $376.79
WS2 - $355.02
WS3 - $337.80


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.






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