Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for August 16,.2021 - Watch for the breakout

Technical Analysis:



BTC has been trading uat the critical pivot level $48,000. Watch carefully for the price action around this critical pivot.


Trading recommendation:
Upside breakout of the resistance at $48,000 can confirm test of $50,250

Downside breakout of the support at $45,600 can confirm test of $43,760

Stochastic is showing extreme condition and potential for the downside rotation....




Petar Jacimovic
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Etherum's current situation and prospects

Ethereum


The bulls have been actively and effectively recovering their positions for the last few weeks. They managed to break through important levels, but currently meeting with a couple of upward pivot points (3195.73 the final level of the weekly cross of Ichimoku + 3290 - 3466 a day target for the breakdown of the cloud) at once served as the basis for a decline in activity and inhibition. A consolidation may develop in the near future. The breakdown of the encountered pivot points will allow us to consider the possibilities for further restoration of bullish positions. Here, the main aim will be to update the high (4370.56).

However, in case of stopping the upward movement and forming a rebound from the resistance levels encountered, the interests of the bears will be directed to breaking through the support of the daily short-term trend (3110.59) and then to decline to a wide support zone. The upper limit of which is the weekly medium-term trend (2832.83).



At the moment, the bullish advantage is predominant in the smaller time frames. The intraday upward targets can now be noted on 3327 - 3397 - 3505 (resistances of classic pivot levels). Today, the key support levels are joining forces in the area of 3215-02 (central pivot level + weekly long-term trend). A consolidation below can change the current balance of power in the same time frame. As a result, the bears will receive advantages and opportunities to decline. Its pivot points will be the support levels 3150 - 3038 - 2972 (classic pivot levels).

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the situation.





Evangelos Poulakis
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Hackers return some of the money they stole in one of the biggest crypto heists in history



While many were focused on statements from SEC Chairman Gary Gensler and Treasury Secretary Janet Yellen, news came from the US over the recently-proposed bipartisan infrastructure bill

Basically, the crypto industry failed to get an amendment on the tax reporting rules, leaving the broad oversight language for virtual currencies intact in the legislation passed by the Senate earlier this week. These claims are expected to generate approximately $ 28 billion in revenue.

The change was supposed to remove new tax reporting requirements for crypto firms, as well as address concerns on the rule that requires organizations such as miners and software developers to report tax data to a tax office that they did not have access to.

But in the end, the efforts of crypto supporters were not enough, as Senator Richard Shelby filed an objection.

Interestingly, the hackers that stole more than $ 600 million on Tuesday in what is likely one of the largest cryptocurrency thefts in history returned nearly half of the money and promised that they will return the entire amount soon.

They niched the fund from the DeFi protocol known as PolyNetwork, which allows users to exchange tokens across multiple blockchains.

In a post, the unidentified hackers stated that they "just dumped all assets", adding "by hacking for good, I saved the project."





Andrey Shevchenko
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for August 16, 2021

Crypto Industry News:
Christopher Perkins will become the new President and Managing Partner of CoinFund.

The information is important because it shows how strongly the blockchain industry and the cryptocurrency market have developed. Until a few years ago, it was hard to imagine a situation where a high-ranking employee in the financial sector (Perkins was one of Citigroup's CEOs) would quit everything to work in the cryptocurrency industry. Hiring a new CoinFund president is expected to positively affect the company's reputation.

CoinFund CEO on hiring Christopher Perkins

According to CoinFund founder and CEO Jake Brukhman, this is not only a milestone for the company, but an announcement of a trend in which Wall Street will start to pay attention to the possibilities of blockchain technology:

"Chris joining CoinFund is not only a major milestone for our firm, but is also indicative of a broader trend as Wall Street turns its attention to the opportunities within the blockchain-technology space".


Technical Market Outlook:
The ETh/USD pair has been seen rallying during the weekend. The bounce from the level of $3,122 was strong and bulls tested the recent high seen at the level of $3,330. Nevertheless, the bulls were not strong enough 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 techncial support is seen at the level of $3,185 and $3,122.

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

[IFX_Selena]

Technical Analysis of BTC/USD for August 16, 2021

Crypto Industry News:
According to Internet reports, T-Mobile is investigating the alleged data breach of the users of the American telecom giant. The report says that the hacker could have accessed the data of over 100 million customers directly from T-Mobile's servers.

In return for some data, the striker is asking for 6 BTC, worth around $ 287,000 at current prices.

Vice's editors say they've seen data samples that include social security numbers, phone numbers, names, physical addresses, unique IMEI numbers, and driver's license information.

Whoever put the data up for sale said they are currently selling most of the data, but will soon provide a subset of the data with 30 million social security numbers and driving licenses that can be purchased through BTC.

Referring to T-Mobile's alert and breach response, the hacker said, "I think they've already found out because we lost access to the servers."

According to internet reports, a spokesman for T-Mobile said the company is "aware of the offers appearing on the underground forum" and is "actively investigating them", adding: "We have nothing else to add at the moment."

This is not the first time that T-Mobile has been at the center of a cybersecurity scandal. In February this year, a mobile operator was sued by a victim who lost $ 450,000 in bitcoin in a SIM-swap attack.


Technical Market Outlook:
The BTC/USD pair has been seen rallying during the weekend. The 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. The immediate techncial 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

[IFX_Selena]

Argentina can legalize bitcoin and issue its own digital currency



Bitcoin resumed growth during the end of last week and again worked out the level of $47,500, which is currently a very important level. At the moment, bitcoin has not managed to overcome this mark, so there is a possibility of a downward reversal and a fall at least to the level of $43,852 and an ascending trend line, which continues to keep the mood of traders "bullish". We still expect a new fall in the bitcoin exchange rate, because we do not see any significant reasons for an increase of more than $18,000 in recent weeks. As we said earlier, bitcoin grew almost out of the blue and it seems that the main reason for this growth was the rush of American investors to buy as many coins as possible until the US tightened the legislation that regulates the circulation and taxation of cryptocurrencies. We don't see any other reasons. However, we also remind you that whatever the fundamental background is, bitcoin can grow without it, because, probably, the most significant factor for it is the faith or lack thereof among market participants. Simply put, bitcoin remains an investment tool, and most of the market participants do not buy it to use it as payment for pizza or Tesla electric cars. Thus, if the markets again believe that bitcoin can grow to $100,000 or more, then the bullish trend will continue.

Meanwhile, in Argentina, where there has been a problem of high inflation for many years, they said that they could legalize bitcoin. According to the president of the country, Alberto Fernandez, bitcoin can help the Argentine economy cope with the problem regarding inflation that has amounted to 80% over the past year and a half. Also, the president of Argentina did not rule out the possibility of creating his own digital currency, the digital peso. Fernandez said that he has no reason to hinder the development of the cryptocurrency sphere. "The advantage is that the inflationary effect is largely nullified," the president of Argentina said. At the same time, Fernandez noted that he personally does not yet know too much about cryptocurrencies and approaches this tool with caution. It should be noted that the opinion of the head of the Central Bank of Argentina, Miguel Pesce, is radically different from the opinion of the president. Recently, an official said that cryptocurrencies are not a financial asset, since they do not have their own value, and can also be very harmful to the state's economy.



Technically, bitcoin continues to move upward on the 4-hour timeframe, it reached the level of $47,500 for the second time. This level is important because it is the minimum of April 26, as well as 50% of the movement from the absolute maximum of the value to the minimum of 2021. At the moment, bitcoin cannot overcome this level, so again there are expectations of a new drop in quotes to the level of $29,700, which we are counting on. However, the ascending trend line remains relevant, so we remind you that whatever the fundamental background, if there is a clear technical trend for the instrument, then you need to trade according to it.





Paolo Greco
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Technical analysis for BCN/USD pair



The recent growth continued and developed during the previous week, so the bulls managed to fix a good result at the close of weekly trades. The monthly resistance (708.92) was tested on Friday. The breakdown of this level will allow us to consider new bullish pivot points, the nearest of which can now be noted at 806-763 (daily target for the breakdown of the cloud) and 886-863 (weekly and monthly resistance levels).

In turn, a slowdown and development of a downward correction can make adjustments to the current trend. And since an upward trend is already in effect on the daily time frame, the daily short-term trend located at 624.44 earlier will become the first pivot point for the decline. After that, the key zone of this section 558 - 453 will wait for the bears. It is worth noting that important levels of the daily and weekly timeframes are concentrated here, led by the Ichimoku clouds. It was these supports that managed to stop the previous decline of BCN/USD.



The main advantage in the smaller time frames currently belongs to the bulls. But after meeting with the monthly resistance, the bearish traders began to develop a downward correction at the H1 chart. The downward pivot points of the current movement allow realizing a sufficiently deep decline without losing the main advantage since the key levels of the same time frame form support in the areas of 659 (central pivot level) and 625 (weekly long-term trend).


Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames and classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of this instrument.





Evangelos Poulakis
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Major weekly breakout in XRPUSD.

XRPUSD is trading above $1.20 after a very strong weekly breakout candlestick. Price has fulfilled even our second target of $1.10 continues higher. Price has broken the major resistance area of $0.65-$0.75 and with the bullish flag pattern has targeted higher levels.



Green rectangle- resistance area

A similar strong weekly candle we see back in April. Then price made a top around $1.97 and the started the pull back that lead to a higher low around the 78.6% Fibonacci retracement of the entire upward move. In many previous posts we talked about the possibility we see now the start of the next major upward movement that will eventually push price to new all time highs. Price structure justifies a pull back towards $1 but not below $0.50, if this is the next upward leg.






Alexandros Yfantis
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

Warning signals for major cryptocurrencies.

Both Ethereum and Bitcoin remain in a bullish short-term trend as price continues making higher highs and higher lows. However the RSI in both cryptocurrencies in the 4 hour charts has provided us with a bearish divergence warning signal. Both cryptocurrencies are vulnerable to at least a short-term reversal.


Bitcoin


Red line - support

Green lines - short-term bullish channel

Black lines - bearish RSI divergence

Bitcoin is still trading above $45,000 and remains in a bullish short-term trend as long as price is above $43,685. Price is vulnerable to a pull back towards the red upward sloping support trend line. The RSI is warning of an imminent reversal specially after price exited the short-term bullish channel. Price however continues making higher highs and higher lows.


Ethereum


Green lines - bullish channel

Red lines - bearish divergence

The same stands for Ethereum. Price remains inside the bullish channel. Support by channel support is at $3,084 and if broken we should expect a bigger pull back. The RSI is providing a bearish divergence signal. In both cryptocurrencies these signals are just warnings and not reversal signals. The up trend is weakening. Exiting the bullish green channel would be the first important sign of a possible reversal in Ethereum price.





Alexandros Yfantis
Analytical expert
InstaFintech Group © 2007-2021

[IFX_Selena]

The world is becoming more supportive of bitcoin, as it begins to understand its advantage over fiat money.



Bitcoin continues to grow, and, as we have already said, this is most likely due to the rush of many investors and traders to have time to buy as many coins as possible before the new legislation concerning the taxation of cryptocurrencies is adopted in the United States. Also, we should not forget that the Fed, like many other central banks in the world, continues to stimulate the economy with hundreds of billions of dollars printed. Thus, there is more money, and they need to settle somewhere. For example, for this reason, US stock indices continue to grow and update their records almost every day. However, it should also be understood that the governments and central banks of many countries will continue to "tighten the screws" to the cryptocurrency segment. Thus, we still do not expect the quotes of "bitcoin" to return to the year's highs. We believe that the current growth of cryptocurrency is somewhat random due to a combination of circumstances. However, almost all the recent trends of "bitcoin" were in some way random. The main thing is something else. At this time, there is a very clear trend line on the 4-hour timeframe, which supports the growth of the digital asset. Therefore, whatever the fundamental background, the upward trend persists as long as the price is located above this trend line.

Meanwhile, the world is slowly beginning to understand the advantage of bitcoin over almost any fiat money. On the one hand, this fact lies on the surface: bitcoin, like any other cryptocurrency, is not subject to any central bank. Its issue is limited to 21 million coins, which means that it will not be subject to inflation, manipulation, or intervention by any Central Bank. On the other hand, this fact is not yet obvious to everyone. In addition, central banks still have the opportunity to influence bitcoin and its circulation through governments, which can tighten it or completely ban it. Thus, the whole world is still at a crossroads. On the one hand, bitcoin, in some moments, already looks much more attractive than ordinary money. On the other hand, it is still highly volatile, unstable, and the authorities of many countries may well ban it.



In technical terms, bitcoin grows on the 4-hour timeframe and has worked out the resistance level of $ 47,500. There is also an ascending trend line that supports the upward movement. Thus, until the price is fixed below this line, we do not recommend selling bitcoin. Although, from our point of view, there are still high chances of a new drop in the quotes of the main cryptocurrency up to the level of $ 29,700.





Paolo Greco
Analytical expert
InstaFintech Group © 2007-2021