Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for December 14,.2020 - BTC is aproaching our first upside target at $19.530. Chance for test of $19.880

Further Development



Analyzing the current trading chart of BTC, I found that BTC did have strong upside run as we expected lat week.

My analysis from last week is still active and the BTC is going to test first upward target at $19,530 and eventual second target at $19,880.

My advice i still to watch for the buying opportunities on the pullbacks using the intraday charts 15/30 minutes....


Key Levels:

Resistance: $19,530 and $19,880

Support level: $17,660




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

[IFX_Selena]

Technical Analysis of BTC/USD for 15 December 2020

Crypto Industry News:
The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to the former governor of the People's Bank of China (PBoC).

Zhou Xiaochuan, president of the Chinese Financial Association and former governor of the PBoC, said the Chinese digital yuan is not intended to replace global fiat currencies like the US dollar and the Euro, Chinese media reported.

Also known as electronic payment in digital currency or DCEP, Chinese digital yuan was designed with the sole purpose of transforming cross-border trade and investment, Zhou said. He contrasted the Chinese digital currency with the Facebook-backed cryptocurrency project previously known as Libra. Zhou added that China has learned from global regulatory opposition to the Libra project, and regulators fear it will disrupt financial systems and monetary sovereignty.

"Some countries are worried about the internationalization of the yuan [...] We cannot push them on sensitive issues and we cannot impose our will," he added.

Zhou noted that one of the main advantages of DCEP is that it allows both payments and real-time currency conversion. "If a currency exchange occurs at the time of a retail transaction, and there is supervision of the exchange [...], this opens up new interconnection possibilities," he said.

Zhou also stressed that most retail cross-border payments involving Chinese consumers are already cashless and settled via credit cards or payment services such as Alipay and WeChat Pay, however, digital yuan has additional benefits such as real-time processing and transparency.


Technical Market Outlook:
The BTC/USD pair has bounced from the level of $17,579 and went straight up. The local high was made at the level of $19,517 where was capped after the Bearish Engulfing candlestick pattern occurred. The nearest technical support is seen at the level of $19,000 and the next technical resistance is located at $19,625. The momentum is strong abd positive, so the higher time frame trend remains up, but breakout below the level of $19,000 will open the road towards the next technical support seen at $18,571.

Weekly Pivot Points:
WR3 - $21,188
WR2 - $20,624
WR1 - $20.024

Weekly Pivot - $18,707
WS1 - $18,177
WS2 - $16,940
WS3 - $16,341


Trading Recommendations:
Bitcoin made a new ATH 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 15 December 2020

Crypto Industry News:
Sygum, a leading cryptocurrency bank in Switzerland, has successfully tokenized its blockchain shares in preparation for the upcoming public sale. According to the official announcement on December 14, the bank tokenized its shares in the Ethereum Blockchain chain using the proprietary Desygnate tokenization platform.

Blockchain-based platform emits digital representations of stocks and related rights and bonds in a distributed ledger, providing an alternative to traditional capital-raising options such as Initial Public Offering or IPO. At the end of November 2020, the platform is to be fully compatible with the new Swiss law on distributed ledger technology, which enters into force from February 2021. Mathias Imbach, co-founder of Sygum and CEO at Desygnate, said that Sygum is the first bank in the world to tokenize its own shares:

"We are delighted to be the first bank in the world to tokenize our shares. This is an important step towards fulfilling our mission of creating more direct and efficient access to property and value. This includes new models of engagement with our clients and partners and ultimately ensures liquidity for our trusted shareholders "- he said.

By means of tokenization, Znakum wants to simplify a number of processes related to the company's shares, such as the need for buyers to inform Sygum about a manual update of the shareholder register. Tokenization also reduces the administrative burden of written form requirements when transferring shares between buyers and sellers.


Technical Market Outlook:
The ETH/USD pair has retraced 61% of the last wave down and hit the level of $595.49 before the Bearish Engulfing pattern had been made. Please notice, the level of $587.87 is the 38% Fibonacci retracement on the weekly time frame as well. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $600 again soon. The next technical resistance is seen at the level of $620.52 and the technical support is located at $558.85.

Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59

Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. 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 December 15,.2020 - BTC is aproaching our first upside target at $19.530. Chance for test of $19.880

Analyzing the current trading chart of BTC, I found that BTC did have strong upside run as we expected lat week.



My analysis from yesterday is still active and the BTC is going to test first upward target at $19,530 and eventual second target at $19,880.

My advice i still to watch for the buying opportunities on the pullbacks using the intraday charts 15/30 minutes....


Key Levels:

Resistance: $19,530 and $19,880

Support level: $17,660




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

[IFX_Selena]

Technical Analysis of ETH/USD for 16 December 2020

Crypto Industry News:
Binance, the world's largest cryptocurrency exchange, has started shipping its physical Binance Visa cards in the European Economic Area. Coupled with the debut of its physical cards in the EEA region, Binance has also added Ethereum support to its cryptographic debit card, allowing customers to now pay with altcoin.

"Just move Ethereum to your card wallet and move it over other coins to make it your preferred means of payment" - writes Binance.

The physical Binance Visa card has a daily spending limit of 8,700 euros, while daily ATM withdrawals are 290 euros. According to the announcement, the cards offer up to 8% cashback and zero fees until 2021. Binance officially announced its cryptographic debit card in the EEA region in July 2020, initially offering Binance Visa virtual cards.

Since the Binance Visa Card plans were announced in April 2020, Binance has been actively promoting the new product. Following the card's introduction in the EEA, Binance announced its intention to expand worldwide and launch a cryptocurrency debit card in countries like Russia.


Technical Market Outlook:
The ETH/USD pair has retraced 61% of the last wave down and hit the level of $595.49 before the Bearish Engulfing pattern had been made. The market is still trading around this level as the consolidation continues. Please notice, the level of $587.87 is the 38% Fibonacci retracement on the weekly time frame as well. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $600 again soon. The next technical resistance is seen at the level of $620.52 and the technical support is located at $558.85.

Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59

Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. 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]

Technical Analysis of BTC/USD for 16 December 2020

Crypto Industry News:
According to strategists from a large investment bank JPMorgan, MassMutual's purchase of Bitcoins for $ 100 million shows that the demand for the cryptocurrency will continue to grow.

In a December 11 investor note, JPMorgan strategists, including Nikolaos Panigirtzoglou, reportedly suggested that Bitcoin adoption is spreading from family offices and wealthy investors to larger investors such as insurance companies and pension funds. As reported by financial media, experts said insurance companies and pension funds are unlikely to invest large amounts in Bitcoin, but even a small shift towards cryptocurrencies can be significant.

Strategists have calculated that if retirement funds and insurance companies in the United States, the Eurozone, the United Kingdom, and Japan allocate 1% of their assets to Bitcoin, demand will increase by an additional $ 600 billion. That's almost double the market capitalization of Bitcoin.

JPMorgan's strategists wrote: "The purchase of MassMutual's Bitcoins is another milestone in the adoption of Bitcoin by institutional investors. [...] There is a potential demand that may arise in the coming years as other insurance companies and pension funds follow MassMutual's example. "

Massachusetts-based insurance company MassMutual announced on December 11 that it had purchased $ 100 million in Bitcoin into its general investment account. MassMutual said the investment is part of a broad strategy designed to achieve "measurable but meaningful exposure to the growing economic aspect of our increasingly digital world."


Technical Market Outlook:
The BTC/USD pair has made the local high at the level of $19,517 where was capped after the Bearish Engulfing candlestick pattern occurred. The market is now consolidating the recent gains in a narrow zone located between the levels of $19,000 - $19,625. The nearest technical support is seen at the level of $19,000 and the next technical resistance is located at $19,625. The momentum is strong and positive, so the higher time frame trend remains up, but breakout below the level of $19,000 will open the road towards the next technical support seen at $18,571.

Weekly Pivot Points:
WR3 - $21,188
WR2 - $20,624
WR1 - $20.024

Weekly Pivot - $18,707
WS1 - $18,177
WS2 - $16,940
WS3 - $16,341


Trading Recommendations:
Bitcoin made a new ATH 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]

BTC analysis for December 16,.2020 - First target at $19.900 has been reached and potential for second target at $21.200

Further Development



Analyzing the current trading chart of BTC, I found our major upside target at the price of $19,885 has been reached.

I still see further upside movement due to strong upside momentum and potential test of next upside target at $21,200 (Fibonacci expansion 100%).

Watch for buying opportunities on the dips with the upside target at $21,200.


Key Levels:

Resistance: $19,885 and $21,200

Support level: $19,000




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

[IFX_Selena]

Technical Analysis of BTC/USD for 17 December 2020

Crypto Industry News:
In the end, what we've been waiting for a long time has happened. Bitcoin has managed to surpass its desired $ 20,000 and establish a new ATH. Aside from a very short period in 2017 on one particular stock exchange, the coin has never crossed this magical barrier.

The last few months have undoubtedly been exciting for the crypto community. The oldest cryptocurrency achieved huge price increases, which was also followed by the capitalization of the entire market. However, the situation has stagnated in the last few weeks, which has caused concern among investors.

Since breaking its previous ATH of 2017 in November, Bitcoin has made several unsuccessful attempts to break $ 20,000, but withdrew after each attempt. This led several analysts to consider the possibility that perhaps a full tank of the last rally was empty.

BTC, however, decided to try again and finally broke the important psychological barrier of 20,000. Dollars, hitting the peak at $ 22,200. This is how the new ATH was noted (at the time of writing the article).


Technical Market Outlook:
The BTC/USD pair has made the new ATH at the level of $22,200 (at the time of writing the article). The nearest technical support is seen at the level of $22,000 and the next technical resistance is located at $23,000. The momentum is strong and positive, so the higher time frame trend remains up, but breakout below the level of $22,000 will open the road towards the next technical support seen at $21,000.

Weekly Pivot Points:
WR3 - $21,188
WR2 - $20,624
WR1 - $20.024

Weekly Pivot - $18,707
WS1 - $18,177
WS2 - $16,940
WS3 - $16,341


Trading Recommendations:
Bitcoin made a new ATH 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 $30,000, 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.





Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for December 17,.2020 - BOth upside target reached at $21.200 and $23.500. Potential for the downside correction...

Further Development



Analyzing the current trading chart of BTC, I found that BTC reached both our upside targets from yesterday based on the Fibonacci expansion work at $22,000 and $23,500.


Key Levels:

Resistance:$23,700

Support levels: $22,300 and $20,500



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

[IFX_Selena]

Technical Analysis of ETH/USD for 18 December 2020

Crypto Industry News:
A country hailed as one of the most cryptocurrency-friendly in the European Union in 2020 has revoked the licenses of more than 1,000 crypto companies.

According to the Postimees news site, the Estonian Financial Intelligence Unit (FIU) has revoked the licenses of around 70% of the country's virtual currency companies this year. Veiko Tali, deputy secretary general of the Government Committee on the Prevention of Money Laundering and the Financing of Terrorism, said the remaining crypto firms also needed "close attention" given the potential risks:

Following these changes, the media said there are 400 cryptocurrency service providers in Estonia with the appropriate licenses. The financial supervision authority said that 900 such companies operated in the country last year.

Serious action took place in June when the FIU revoked the licenses of 500 crypto companies in response to the $ 220 billion money laundering scandal. Regulators withdrew the permits because crypto firms had failed to get started within six months of obtaining a license.


Technical Market Outlook:
The ETH/USD pair has been seen moving up along with Bitcoin and made a new swing high at the level of $673.52 (at the time of writing the article). The market has made a Pin Bar candle at the top of the rally at the H4 time frame chart, so now the local pull-back is in progress. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $700 again soon. The next technical resistance is seen at the level of $673.52 and the technical support is located at $635.46 and $620.52.

Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59

Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. This scenario is valid as long as the level of $360 is broken.





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