Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for November 23.2020 - Bearish divergence and potential for downside rotation towards $17.330

Further Development



Analyzing the current trading chart of Gold, I found that BTC got rejected of the main resistance at $18,700 and that we might see the downside rotation towards the levels at $17,330 and $15,820.


Key Levels:

Resistance: $18,800

Support level: $17,330 and $15,820.



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

[IFX_Selena]

Technical Analysis of BTC/USD for 24 November 2020

Crypto Industry Outlook:
PayPal's CEO believes that cryptocurrencies are on the verge of widespread adoption as more and more businesses and consumers are using "digital payments and digital forms of currency". In an interview with CNBC, PayPal CEO Dan Schulman said the COVID-19 pandemic has accelerated the transition to digital payment methods. PayPal wants to be a leader in the ongoing digital transformation.

Schulman said "cash consumption has plummeted" during the pandemic, adding that "40 to 70 percent of consumers no longer want to deal with cash."

PayPal doesn't just make it easier for people to buy and store cryptocurrencies; the service will be integrated with existing merchant payment platforms, enabling businesses to accept digital payment methods.

PayPal consulted global regulators and central banks before launching its crypto service. Schulman said it was only a matter of time before these monetary authorities release their own central bank or CBDC digital currencies:

"It's not a question of whether, but when and how we'll start to see more and more central banks issuing digital currencies. I think you'll have more and more utility for cryptocurrency."

PayPal launched its US cryptocurrency trading services earlier this month, just weeks after the first announcement of the new initiative. The services will be rolled out worldwide early next year.

A global payment merchant with over 300 million active users is rapidly buying Bitcoin and other cryptocurrencies. PayPal has bought almost 70% of all new Bitcoins in circulation. The supply shortage has been cited as the main reason for Bitcoin's rapid growth in the past month.


Technical Market Outlook:
The BTC/USD pair has been seen trading inside of the ascending channel, but the bulls are struggling to rally higher above the $19,000. The yearly high has been made at the level of $18,895, so the target for bulls is seen at least at the level of $19,000 first, and then $20,000. The nearest technical support is seen at the level of $18,000 and $17,644. Please notice, the momentum is strong and positive as the market approaching the all time high.

Weekly Pivot Points:
WR3 - $23,175
WR2 - $21,060
WR1 - $20,074

Weekly Pivot - $17,904
WS1 - $16,917
WS2 - $14,683
WS3 - $13,761


Trading Recommendations:
Bitcoin is trading close to 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 $20,000, 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 $15,000 is broken.






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

[IFX_Selena]

Technical Analysis of 24 November 2020

Crypto Industry Outlook:
Ethereum 2.0 needed at least 16,384 validators who blocked a total of 524,288 ETH in order to run the blockchain in the proof of stake consensus. Yesterday morning, practically an hour before the deadline, this condition was met.

Not so long ago, there were fears that Ethereum 2.0 will not be able to achieve the goal, the fulfillment of which will enable the change of the network consensus from December 1. To take off, Ethereum 2.0 needed at least 16,384 validators who would block a total of 524,288 ETH on the deposit contract by November 24th.

Yesterday the deposit contract included "only" 50% of the required funds. Only in the last 24 hours, the last required amount of more than 150,000 ETH has been deposited.

The last 25% of the ETH needed to run the contract, on the other hand, was deposited within four hours. Yesterday at 23:45, there was 385 440 ETH on the contract.


Technical Market Outlook:
The up trend on ETH/USD continues and the new yearly high has been made at the level of $618.62 (at the time of writing the article), so the target for bulls is seen at the level of $700. The nearest technical support is seen at the level of $600, but the key technical support is located at the level of $548.50. Please notice, the momentum is strong and positive and the market is continuing the up trend, but the bulls has hit the 38% Fibonacci retracement located at the level of $587.87, so a pull-back is welcome.

Weekly Pivot Points:
WR3 - $774.30
WR2 - $671.20
WR1 - $638.87

Weekly Pivot - $538.52
WS1 - $503.53
WS2 - $403.18
WS3 - $366.96


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.






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

[IFX_Selena]

BTC analysis for November 24,.2020 - Bearish divergence on the 30 minute time-frame and potential for the downside rotation

Further Development



Analyzing the current trading chart of BTC, I found that the BTC got exhaustion today and bearish divergence on the Stochastic oscillator on the 30 minute time-frame, which is sign that sellers might join today.




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

[IFX_Selena]

Technical Analysis of BTC/USD for 25 November 2020

Crypto Industry Outlook:
Today we see Bitcoin's second highest daily price ever, and November is already the best month in terms of profits. Bitcoin currently has its second largest trading day in history as BTC / USD hits a new high of $ 19,330 in many years.

The market data gives cause for celebration after Bitcoin broke the $ 19,000 resistance. In the face of rapid gains and the temptation to break all-time highs of $ 20,000, the achievement did not go unnoticed in the BTC figures.

Ryan Selkis, founder of the Messari data resource, noted that on just one day of its existence, Bitcoin trading exceeded $ 19,000. By comparison, the largest cryptocurrency spent 283 days above $ 10,000 - including the longest period in history in 2020.

Meanwhile, Bitcoin has gained more in US dollars than in any other month in its history, the data show. In a tweet on November 24, PlanB analyst emphasized that the last three and a half weeks did not resemble any other period in Bitcoin's life.

The largest cryptocurrency continued to rise Tuesday after the $ 18,000 retested, adding over $ 1,300 to its USD price within 24 hours.

According to PlanB, the performance indicated that Bitcoin was not only breaking records, but would bring even greater profits in the near future. This was due to the Relative Strength Index (RSI) that began to enter the zone signaling a prolonged rise in Bitcoin prices.


Technical Market Outlook:
The BTC/USD pair has broken above 19,000 USD and made a swing high at the level of $19,345. However, the Doji candlestick pattern was made at the top of this rally, so the market might start a local pullback. The nearest technical support is seen at the level of $18,388 and $17,644. Please notice, the momentum is strong and positive as the market approaching the all time high.

Weekly Pivot Points:
WR3 - $23,175
WR2 - $21,060
WR1 - $20,074

Weekly Pivot - $17,904
WS1 - $16,917
WS2 - $14,683
WS3 - $13,761


Trading Recommendations:
Bitcoin is trading close to 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 $20,000, 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 $15,000 is broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 25 November 2020

Crypto Industry Outlook:
The world's first live streaming platform dedicated to cryptocurrencies will be launched in 2021. Ran Neuner, host of the CNBC Crypto Trader program, launched the first media channel devoted exclusively to cryptocurrencies. Named Crypto Banter, the station features a mix of news, opinion, interviews and live discussions with industry leaders.

Crypto Banter aims to be the world's first crypto-based streaming platform, available 24 hours a day, 365 days a year. The new service aims to provide viewers with an alternative source of "trustworthy live information" that can be accessed at any time without having to look into the Crypto Twitter rabbit hole.

Crypto Banter, which is available on YouTube, is featured as a mix of CNBC, Joe Rogan Experience, and talk radio. Neuner has been educating the public about cryptocurrencies and blockchain since 2017, when it first launched Crypto Trader on CNBC. He also led a debate between Peter Schiff and Anthony Pompliano. At that time, Bitcoin was trading for less than $ 10,000.


Technical Market Outlook:
After making a new yearly high at the level of $620.52, the ETH/USD started a pull-back that reached the levels below $600 already. The nearest technical support is seen at the level of $573.30, but the key technical support is located at the level of $548.50. Please notice, the momentum is strong and positive and the market is continuing the up trend, but the bulls has hit the 38% Fibonacci retracement located at the level of $587.87, so a pull-back is welcome. The next target for bulls is seen at the level of $700.

Weekly Pivot Points:
WR3 - $774.30
WR2 - $671.20
WR1 - $638.87

Weekly Pivot - $538.52
WS1 - $503.53
WS2 - $403.18
WS3 - $366.96


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.






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

[IFX_Selena]

Forex Analysis & Reviews: BTC analysis for November 25,.2020 - First downside target reached at $18.650 but potential for another re-test of that level due to upside exhaution

Further Development



Analyzing the current trading chart of Bitcoin, I found that BTC tested and rejected our first target from yesterday at $18,630.

I still see potential for the downside movement due to test and reject of resistance at $19,390.

Watch for selling opportunities on the rallies using the intraday chart...

The downside target at the price of $18,650

Stochastic oscillator is in overbought zone, which is another sign of weakness.


Key Levels:

Resistance: $19,390

Support level: $18,650



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

[IFX_Selena]

Technical Analysis of BTC/USD for 26 November 2020

Crypto Industry Outlook:
On November 24, Bitcoin surpassed $ 19,000 for the first time since December 2017. At the same time, it also set a record in its market capitalization. At the time of writing this article, the Bitcoin market cap is $ 352 billion. This means that it has increased by $ 7 million in the last 48 hours.

The new capitalization record was set even though BTC itself did not hit a record price. There is a simple explanation for this - the growing supply of Bitcoin. While around 16.746 million Bitcoins existed on December 16, 2017, more than 1.8 million new coins have been mined since then (supply increased by 10.75%). This means that Bitcoin may have higher capitalization despite the current price.

According to Macro Trends, on November 23, JPMorgan's capitalization closed the market at $ 349 billion. Earlier this year, the JPMorgan market cap fell to $ 258 billion.

Despite JPMorgan's CEO skepticism about BTC, in October 2020, the bank told investors that "BTC's potential long-term growth could be substantial," suggesting that in the long term, the price of BTC could even double or triple.


Technical Market Outlook:
The BTC/USD pair has started the corrective cycle and dropped towards the level of $17,000 with a low made at the level of $17,218. The level of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a technical resistance. The momentum is now entering the sub fifty zone, so it is no longer positive and starts to weakening. Please notice, that the Bitcoin is now out of the main acceleration channel as well, so the further losses might be more dynamic that the recent ones.

Weekly Pivot Points:
WR3 - $23,175
WR2 - $21,060
WR1 - $20,074

Weekly Pivot - $17,904
WS1 - $16,917
WS2 - $14,683
WS3 - $13,761


Trading Recommendations:
Bitcoin is trading close to 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 $20,000, 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 $15,000 is broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 November 2020

Crypto Industry Outlook:
After failing to obtain SEC approval in 2019, the investment management firm finally gets Bitcoin ETP to market. VanEck spent most of 2019 unsuccessfully lobbying for the approval of its ETF, approved by the US Securities and Exchange Commission, the VanEck investment management fund finally launched a Bitcoin-based exchange product.

However, according to a November 25 tweet from the company's digital asset strategist Gabor Gurbacs, the product is a stock exchange, not an ETF, and is not listed on the US stock exchange, but on Germany's Deutsche Borse Xetra. Rather than being a mutual fund, the ETN is essentially a debt instrument that tracks the sometimes hard-to-reach market, which in this case is Bitcoin.

VanEck Vector Bitcoin ETN is 100% physical Bitcoin backed and offers investors direct exposure to the Bitcoin market in the trusted format of other regulated, listed products. Product manager Dominik Poiger explained:

"Our ETN Bitcoin is fully secured. This means that the money invested in the ETN is actually used to buy Bitcoin. Thus, each ETN represents a certain amount of Bitcoin."

The bitcoin will be deposited and stored in the freezer by the Liechtenstein-based cryptocurrency of the Frick bank.

VanEck went to great lengths to convince the SEC to approve its Bitcoin ETF through the first part of 2019, but to no avail. The Chicago Board Options Exchange withdrew the proposal in September, one month before its final decision. The company recently released research showing Bitcoin is less volatile than many stocks traded on the S&P 500.


Technical Market Outlook:
The ETH/USD pair has started the widely expected correction. After the yearly high was made at the level of $620.52, the market broken out of the acceleration channel and entered the main ascending channel. Nevertheless, it looks like this channel will be broken as well as the Ethereum already probe into the lows of the level of $502.96. The next target for bears is seen at the level of $500. Below this level is the wall of support and the levels of support are: $487.79, $476.29, $472.42, $459.44 and $438.00. Please notice the weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - $774.30
WR2 - $671.20
WR1 - $638.87

Weekly Pivot - $538.52
WS1 - $503.53
WS2 - $403.18
WS3 - $366.96


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.






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

[IFX_Selena]

Forex Analysis & Reviews: BTC analysis for November 26,.2020 - Both downside targets reached at $17.528 and potential for further drop towards $15.825

Further Development



Analyzing the current trading chart of BTC, I found that BTC reached both my yesterday's targets at $18,647 and $17,260.

Anyway, the momentum is very strong to the downside and my advice is still to watch for selling opportunities with the new downside targets at $15,825 and $15,150.

The main cause of the stronger downside movement was the lack of buyers and overbought/extended condition prior to the drop.


Key Levels:

Resistance: $17,570 and $18,00

Support levels: $ 15,825 and $15,150




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