Cryptocurrency Analysis

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Ethereum price respects channel boundaries

Ethereum despite the pull back has held its price inside the short-term bullish channel. Price has respected the channel boundaries at the recent pull back and continues higher. Price could very well make new highs soon, but the recent pull back has confirmed the importance of the channel boundary.



Green lines - bullish channel

Red lines - bearish divergence

The RSI bearish divergence is still here and traders need to remain cautious. Price is making higher highs but not the RSI. This implies that the up trend is weakening. As long as price is inside the bullish channel we remain bullish. Support is at recent low of $3,108. Breaking below this level is justified according to the warning from the RSI bearish divergence. Breaking below this level will be a bearish signal and we will expect price to make a deep pull back towards $2,800-$2,700.





Alexandros Yfantis
Analytical expert
InstaFintech Group © 2007-2021

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ADA token ranks third worldwide



The little-known digital token associated with the Cardano blockchain has just become the third largest virtual currency in the world.



And given that ADA reportedly surged by about 50% last week, there is growing optimism that new technological advances will allow Cardano smart contracts to be concluded by September. Such will enable the network to offer lucrative services such as DeFi.

Now, ADA token has a market value of over $ 69 billion, which is significantly higher than other cryptocurrencies except Bitcoin and Ether.



Nexo co-founder Anthoni Trenchev said Cardano fans have been waiting for smart contract news for quite a long time. Now, it is at battle with Ethereum in becoming the best blockchain to offer such services.

Also, the more than 1400% jump in ADA over the past year exceeds the returns on both Bitcoin and Ether.

It grew despite skepticism about its usefulness from some well-known cryptocurrency commentators. For example, Galaxy Digital CEO Mike Novogratz said he had asked many people but none have known nor supported the token.

Decentralized finance, or DeFi, brings financial functions to digital ledgers, allowing people to do things like lend or borrow funds, as well as earn interest in a savings account without the need for traditional intermediaries like banks. Its growing popularity is part of a broader trend of increasing blockchain use.

The rallies in Bitcoin, Ether, ADA and other tokens have helped the cryptocurrency market surpass $ 2 trillion over the weekend for the first time since May.





Andrey Shevchenko
Analytical expert
InstaFintech Group © 2007-2021

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Technical Analysis of BTC/USD for August 17, 2021

Crypto Industry News:
The difficulty of BTC mining has taken another, second jump after the fall in mid-July. The bitcoin mining ecosystem is witnessing a further increase in mining difficulties, which after China began operations that negatively affected the operational dimension of most miners running their businesses in the Middle Kingdom.

The shutdown of around 90% of China's bitcoin mines has pushed the hash rate down to historically low levels. Indications in the range of just over 101 TH / s have not been observed for over a year.

Another difficulty correction is expected on August 27th and will raise the mining difficulty to around 15.63TH. Prior to the crackdown on local miners in China, Bitcoin mining difficulty had peaked at 25T. The decline in the number of miners in China reduced competition to confirm blocks. This enabled those miners who, in the face of all the confusion, to continue their activities to obtain greater returns.


Technical Market Outlook:
The BTC/USD pair bounce from the level of $45,710 was strong and bulls tested the recent high seen at the level of $48,000. Nevertheless, the rally has ended with a Shooting Star candlestick formation, so it might be a time for another pull-back during the up trend. Please keep an eye on the level of $45,043 because any violation would be negative for bulls and could deepen the correction. The immediate technical support is seen at the level of $46,719.

Weekly Pivot Points:
WR3 - $54,673
WR2 - $51,130
WR1 - $49,247

Weekly Pivot - $46,037
WS1 - $43,891
WS2 - $45,515
WS3 - $38,510


Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $47,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).






Sebastian Seliga
Analytical expert
InstaFintech Group © 2007-2021

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Technical Analysis of ETH/USD for August 17, 2021

Crypto Industry News:
According to the announcement published several hours ago on LinkedIn, Walmart - one of the most recognizable retailer brands in the US - is looking for a cryptocurrency specialist.

The announcement said the company is "looking for a visionary leader" who will take - as it has been said - a leadership position in digital currencies and cryptocurrencies. This person would create a digital currency strategy for a large chain store.

"You will be responsible for developing the digital currency strategy and product roadmap," reads the announcement. "As an expert in digital currency / cryptocurrency and blockchain technologies, you will lead the vision of the roadmap in terms of development opportunities and the product itself."

The person employed in this position will also be responsible for "identifying investment areas in the field of cryptocurrencies and forging strategic partnerships in this area".

It is not clear from the content of the advertisement which products a given person would introduce to the market. The job advertisement was published weeks after rumors surfaced that Walmart's rival Amazon was poised to enter the cryptocurrency market. Amazon also posted a job for a leader in digital currencies and blockchain.


Technical Market Outlook:
The bounce on the ETH/USD pair from the level of $3,122 was strong and bulls tested the recent high seen at the level of $3,330. Nevertheless, the bulls did not manage to close the daily candle above the level of $3,330, so it might be a time for another pull-back during the up trend. The immediate technical support is seen at the level of $3,185 and $3,122. Any breakout below this level would mean a deeper corrective cycle towards the next technical support seen at $2,978.

Weekly Pivot Points:
WR3 - $3,888
WR2 - $3,615
WR1 - $3,448

Weekly Pivot - $3,162
WS1 - $3,024
WS2 - $2,746
WS3 - $2,578


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,000. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.







Sebastian Seliga
Analytical expert
InstaFintech Group © 2007-2021

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Mark Cuban considers Dogecoin the most popular payment method and revealed how many Doge he has in his portfolio: Dogecoin will now be the official sponsor of the Watford football team



One of the most important crypto enthusiasts, the odious billionaire and bitcoin bull with experience, Mark Cuban, mentioned how many dogecoins he has in his portfolio. Cuban stated that he keeps about $15,000 worth of dogecoin in his wallet. According to general data, in total, Cuban is hoarding cryptocurrencies worth around $4.5 billion and is not going to sell it.

Cuban, like Elon Musk, has diamond hands and a real genuine passion for cryptocurrencies, especially bitcoin and dogecoin. The billionaire's eleven-year-old son, Jake, already owns dogecoin at his age; he has more than 3,000 digital coins in his wallet. Cuban's Dallas Mavericks team accepts dogecoin payments and encourages fans who have or will pay with dogecoin.

The billionaire has repeatedly noted that dogecoin is one of the best tools for investing, especially at an early age. Cuban considers digital gold to be the best means of saving and accumulative asset, and dogecoin is the best cryptocurrency that can be used as any fiat currency in everyday life.

Dogecoin is a real affordable payment method for ordinary people. More than 90% of the clients of his various companies have already chosen to pay for services and goods in dogecoin. Now doge is trading at a price of about $0.34 and has shown an increase of more than 13% over the past day. Musk also supported Cuban and said that dogecoin is the best cryptocurrency when it comes to payments. His son Lil X Musk also owns dogecoin. Fans have another reason to rejoice, as the meme asset can receive even more popularity and adaptation in the UK. Players of the Watford Football Club will have the dogecoin logo on their uniforms this football season as part of a sponsorship deal with a gambling company stake.com.

Previously, the football club has already played in a uniform with the bitcoin logo, and now the football team enters into a sponsorship agreement with one of the most HYPE altcoins on the crypto arena. Dogecoin is the most popular payment method and the crypto community is beginning to understand this and move towards a digital asset.

Over the past 14 days, the crypto asset has grown by more than 60% and there are all prerequisites that this year doge can return to its record highs. Now it is the seventh cryptocurrency by capitalization with a turnover of almost $45 billion.





Vitaly Kolesnikov
Analytical expert
InstaFintech Group © 2007-2021

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Trading Signal for Ripple (XRP/USD) for August 16 - 17, 2021: Sell below $1.2709



As seen in the 1-hour chart, XRP/USD is located between levels of strong resistance/ There is the line of +1/8 Murray and +2/8 Murray. This area represents an extreme purchase with a probability of an imminent correction in the next few hours.

The strong bullish rally of XRP on July 20 from the low of 0.5097 took it towards May 2021 levels obtaining a gain of 130%. Now it is trading at 1.2398 with a possibility of a downward correction.

In the 1-hour chart, we can see the formation of a symmetrical triangle technical pattern. A break below it will be a bearish signal, which could fall to the support zone of 1.1719 which is 8/8 of Murray. At this level, XRP is likely to make a technical rebound.

If the downward pressure prevails, consolidation below 1.1719 could push the price to the support of 0.9766. At this level, the market can demonstrate a very strong technical rebound and be the start of a new bullish wave.

As long as Ripple remains above 0.97, there is a possibility of a further rise in the short term. On the contrary, upon a break and consolidation below the psychological level of 1.00, a prolonged downward movement to levels of 0.50 could occur in the medium term.

The reading of the Eagle indicator is showing a bearish signal. It is likely that in the next few hours a break of the symmetrical triangle may cause a fall to the support level of 0.9766.


Support and Resistance Levels for August 16 - 17, 2021
Resistance (3) 1.5097
Resistance (2) 1.4257
Resistance (1) 1.3608

Support (1) 1.1385
Support (2) 1.0736
Support (3) 0.9287




Dimitrios Zappas
Analytical expert
InstaFintech Group © 2007-2021

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Institutional investors are buying bitcoin up to $50,000

Bitcoin's victory last week was in the 44,807.24 - 48,178.13 range between the two red dotted lines. Today the price once again confirms its upper border with a rebound, again showing the significance of this level for market participants.

Technically, this range may be significant in the coming days: both of its borders are confirmed, and before the breakdown of the resistance of 48,178.13, the market may move to consolidation.

Technically, the price dropped from the level of 48,178.13 to the middle of the range. There is still a reserve for support here, and BTC/USD may turn up after it has been reached. In this case, a small pullback after almost ten days of growth looks very natural: the bulls are probably taking overclocking for a new growth.

An exit from the sideways of 44,807.24 - 48,178.13 upwards with the confirmation of this level as support will open the way for Bitcoin to the psychological level of $50,000 per coin. But technically, if you look closely, the stronger target would be $52,000, and even more precisely, the 52,000 - 52,929.25 zone.

Now that the nearest technical milestones and possible scenarios are clear, let's see what is happening against the fundamental background. The local market is not worried about the infrastructure bill and is doing the right thing. The network data, which showed the fastest growth in the number of Bitcoin users in history, confirms the forecast for future growth.

Meanwhile, institutions with limited options to invest in spot bitcoin are investing in the mainstream cryptocurrency in affordable (and less risky) ways.

Thus, four institutional investment firms gain access to the main cryptocurrency by buying 250,204 shares of the investment fund Grayscale.

The Grayscale Bitcoin Trust offers institutional investors access to Bitcoin through its stocks, which track the performance of the leading cryptocurrencies. According to the fund, each share is 0.00093848 BTC.

Recent documents sent to the SEC show that four asset management companies either bought the initial tranche of GBTC shares or increased their stakes in the fund.

Ancora, an Ohio-based family wealth consulting firm, has acquired 13,945 shares in the fund as of June. The company was founded in 2003 and currently manages $9.40 billion in assets.

Also during the same period, Clear Perspective acquired 7,790 Grayscale securities. It is an investment consulting company with over $591 million under management.

From the papers filed with the SEC, it became known that Boston Private Wealth bought Grayscale shares this year in two tranches. As of March 31 of this year, the company owned 88,189 securities, and as of June 30th increased its share to 103,469 GBTC. The investment consulting company manages assets worth $17.2 billion.

Financial services firm Parkwood has also increased its stake in Grayscale. On March 31, Parkwood had 93,000 GBTC shares, and a month later the share increased to 125,000 shares. The company's portfolio is now worth $863.63 million.







Ekaterina Kiseleva
Analytical expert
InstaFintech Group © 2007-2021

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Bitcoin and Ethereum: Hype is growing every day



The cryptocurrency market feels great, almost everything is growing. At this moment, there is an influx of fresh blood to the market, but it is just beginning.

History has proven many times that hamsters* (newcomers to the market*) begin to move only when the price is already above reasonable limits. Now the BTC and ETH quotes are not yet at their highs, but with potential, everything can play out quickly.

The information background continues to feed the market with positive emotions. According to the SEC report, institutional investors continue to increase investments in the Grayscale Bitcoin Investment Trust cryptocurrency fund, through the purchase of its shares.

• Asset manager Ancora Advisors announced the purchase of 13,945 shares of Grayscale's Bitcoin Investment Trust. Ancora is a $9.4 billion company under management.

• Boston Private Wealth, a wealth management company, acquired 88,189 shares of the fund on March 31, but following the latest statistics, their volume increased to 103,469 shares of Grayscale Investments.

• Parkwood increased its shareholding in the fund from 93,000 to 125,000.

• Financial company Clear Perspective Advisors disclosed direct ownership of 7,790 shares of the fund.

The big players DIDN'T DOUBT for a second that digital assets are still trending.

In turn, JPMorgan in a recent report noted clear signs of demand for cryptocurrencies from institutional investors, as well as increased activity of exchange advisors, which accelerated the growth of the crypto market to current levels.

Let me remind you that back in 2017, the head of JPMorgan called Bitcoin a bubble and promised to fire any employee who would trade cryptocurrencies. In 2021, JPMorgan became the first major bank in the United States to offer clients massive access to crypto funds.

The cherry on the cake was the news that the world's largest retail chain Walmart is actively looking for a cryptocurrency specialist. The manager will have to manage the digital currency strategy for Walmart and look for strategic partnerships related to cryptocurrencies.

Let me remind you that just recently Amazon came out with a similar initiative, which, however, announced that it would not accept cryptocurrencies for now.

Adaptation, change of mindset, and vision are encouraging the crypto industry to strengthen its position in the world of finance.

What is happening on Bitcoin and Ethereum trading charts?

Bitcoin quotes not only managed to consolidate above the resistance level of $42,000-$43,000, but it also continued to grow, eventually touching the price level of $48,000. The desire of buyers to restore the rate of the first cryptocurrency relative to the decline in May can be seen with the naked eye.

Now, the psychological level of $50,000 is standing in the way of buyers, its breakdown is possible in the near future. It is unlikely that this level will put pressure on buyers.

Ethereum is strengthening its position following bitcoin. The level of $3,500 is already on the doorstep and, possibly, within a few days, it will be broken by market participants. All this suggests that HYPE is growing very quickly, but this is not the limit of what is possible. Thus, we are preparing for the renewal of historical highs, possibly by fall.






Gven Podolsky
Analytical expert
InstaFintech Group © 2007-2021

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Cryptocurrency market value again surpassed $2 trillion

Bitcoin continues to gain momentum, and this time it seems to be very serious. For the first time since May of this year, the total market value of cryptocurrencies has again surpassed $2 trillion. The rise in the value of bitcoin has triggered a rise in altcoins such as Cardano, XRP, Dogecoin, and Chainlink. According to CoinGecko, which tracks over 8,800 coins, the market value of cryptocurrencies has surged to $2.06 trillion. It is worth noting that the upward movement stalled last week, but then went up again even after the cryptocurrency industry failed to achieve a change in the tax reporting rules for cryptocurrency in the US infrastructure bill. And although agreements were reached in the Senate on making changes, it was not possible to have time to vote and get the approval of all senators on the proposed changes.

As a result, everything was postponed to September of this year, although there will not be much time to consider this proposal, since the Democrats are busy solving the issue of increasing the US national debt limit. But all this does not prevent bitcoin and other cryptocurrencies from feeling quite active above the 200-day moving average. An important point will be the reverse test of this level, but we will talk about this a little later. Many experts assess the growth of bitcoin extremely optimistically since the recognition of the crypto industry by legislators was ultimately a grand event for the world of cryptocurrencies. The fact that the US Senate is already talking about this topic once again proves to investors the whole reality of the new industry, which not only exists, but is also actively developing.

According to the latest data from JPMorgan, foreign investors are again entering cryptocurrency. In a recent report, the financial giant noted clear evidence that demand for cryptocurrencies from institutional investors continues to grow exponentially. The number of contracts excluding price changes for Bitcoin and Ethereum futures on the Chicago Mercantile Exchange set new highs, which is direct evidence of the growth of interest. The bank's representatives highlighted the activity of consultants for trading in exchange commodities, which accelerated the growth of the crypto market to current levels.



Another proof that the crypto industry is gaining popularity is the rise in the "fear and greed index", which reached 72 points. According to the latest data last weekend, after testing the bitcoin price of $48,000, the index reached 76 points, which is comparable to the indicators of April this year, when bitcoin was firmly moving towards its $60,000 mark.

As for the technical picture of bitcoin, buyers need to break above the resistance of $46,700 and consolidate there. Only this will allow us to get the upper hand over the 200-day moving average and continue the growth of bitcoin in the area of the highs of $52,000 and $58,000. A test of the 200-day moving average from top to bottom and its retention by buyers will also be a very powerful bullish signal, which will attract new institutional players to the market. If the bulls fail to take the above level, a second instant sale to the levels of $41,100, $36,700, and $33,300 is not excluded. But do not underestimate the cunning of the market. There were similar attempts to return the bull market in January-February 2018, after the largest sale of bitcoin, and all these "bull markets" were engaged only in delaying new "onlookers " who wanted to earn money quickly, after which the largest drains occurred. It is likely that history will also repeat itself this time since everything points to this.







Jakub Novak
Analytical expert
InstaFintech Group © 2007-2021

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On-chain activity is growing, charts are encouraging: when will Bitcoin break through $50,000?

Bitcoin started a new trading week quite cheerfully. The cryptocurrency managed to bounce off the local support zone at the end of last week and start another growth stage. As of 10:00 UTC, the asset crossed the $47,000 mark, but faced a local resistance zone. Bitcoin will soon continue to consolidate and approach the sales area in the $48,000-$50,000 region. With this in mind, it is worth considering the likely scenarios for the movement of the cryptocurrency and its current opportunities to break through the round value of $50,000.

First of all, it should be noted that over the past day, the asset has risen in price by 2% due to the successful breakdown of $47,000. As of 10:00 UTC, the coin is facing strong pressure and is trying to consolidate above $47,100. A pullback will likely take place within the current trading day and the $47,000 mark should become a support zone so that the price drop does not worsen. Over the weekend, bitcoin was quoted within a narrow range of $45,000-$46,700, but at the end of the weekend, the market accumulated the necessary volumes and crossed the $47,000 mark. The breakthrough of the difficult mark became possible thanks to the recent correction, which became an opportunity for new players to buy and enter the asset. This had a great effect on the cryptocurrency's on-chain performance, which showed impulse growth.

The on-chain indicator Daily Active Addresses in the bitcoin network showed a powerful leap from 809,000 to 1.2 million. At the same time, Active Addresses (24h) also shows an upward trend, which indicates an increase in interest. Also, the wave of growth from July 20 is characterized by low on-chain indicators due to the concentration of most of the bitcoins in the hands of a narrow circle of large holders. This is also evidenced by the statistics of transactions carried out in the BTC network. According to the latest analytical data, the number of large transactions in excess of $10 million is 50% of the current coin turnover. This gives the retail audience less room for price manipulation, thereby reducing their presence in the asset. However, overcoming difficult areas is also slow, and even a sharp surge in on-chain activity did not allow the coin to continue its upward movement to the main resistance zone.



The final pressure zone before the $50,000 breakout is concentrated in the area of $48,200-$49,900. A large number of sell options and stops are concentrated in this corridor since it was here that the downward movement of bitcoin began two months ago. Close to this area, the cryptocurrency began to give signals of weakness last week. This is due to the increased pressure on buyers, which sellers took advantage of and managed to push the price up to $45,000, where the rebound took place. It is likely that a similar scenario will occur this week, but also within an upward trend. However, the positive dynamics of on-chain indicators do not coincide with the signals of bitcoin technical indicators. On the four-hour chart of the cryptocurrency, there are prerequisites for a breakdown of $47,000 and a subsequent retest. This is indicated by the weakness of the stochastic and the dynamics towards the sideways trend on the MACD. In this case, the main prospect for bitcoin today will be the completion of the trading day above the $47,100 zone.



At the same time, the unambiguous upward dynamics disappeared on the daily chart. The Stochastic Oscillator began to show signals for a downward movement, but the RSI did not go below the overbought zone. In the long term, this can negatively affect the retail audience and complicate the passage of the $48,000-$50,000 zone. However, it is obvious that BTC has launched another wave of growth and $48,000 will be the next strong resistance level. Subsequently, the cryptocurrency will be locally adjusted and, if it does not go beyond the local support zones, by the end of this week, bitcoin has every chance to enter the first assault on $50,000.



It is highly unlikely that bitcoin will stumble on its way to $50,000, but that possibility is worth considering. With an unfortunate coincidence of circumstances, negative news background, the correction of the coin may intensify and go beyond local support areas. In this case, the nearest buy shelf will be $47,000 and $46,500. The breakdown of which opens the way to the middle of the current growth range, to the level of $45,500-$45,000. An upward reversal is highly probable here since there is a zone of longs further ahead, where a rebound for $45,000 is very likely. However, this scenario may take place within the framework of an upward trend. It is worth talking about a change in the vector of movement only in the event of a breakdown of the $37,000 zone, however, the current market sentiment very accurately indicates the continuation of the upward movement of bitcoin and the entire market.








Artem Petrenko
Analytical expert
InstaFintech Group © 2007-2021