Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 25 September 2019

Crypto Industry News:
According to the job offer at LinkedIn, NASA has a vacant position at the Jet Propulsion Laboratory in California, whose primary function is the construction and operation of unmanned planetary spacecraft and conducting orbiting missions.

Among a large number of qualifications required, NASA exchanged knowledge in at least one related field, including Big Data, machine learning, Internet of Things, analysis, statistics and cloud computing. The agency also sought experience in the field of cryptocurrencies and Blockchain technology, stating that such qualifications would be considered a plus.

These qualifications are to be implemented by a data scientist when designing and implementing a program to analyze complex, large data sets used for research, modeling, data mining and predictive analysis at NASA, the agency wrote.


Technical Market Overview:
The BTC/USD pair has invalidated the bullish impulsive scenario after the level of $9,232 has been violated. The current Elliott wave count has been invalidated as well and the alternative count is now in charge. In this count, the recent spike down is a part of the wave (C) development but it has not been completed yet, so there might be another low blow the level of $7,935. The nearest technical support is located at the level of $8,102 and $8,379. The nearest technical resistance is located at the level of $9,046.

Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333

Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757


Trading recommendations:
Due to the short-term impulsive scenario invalidation, the best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC. New momentum down on the MACD oscillator, selling opportunities preferable
24 September 2019

Bitcoin has been trading downwards in the past 24h as I expected yesterday. The BTC tested the level of $9.593 again and is trying to break it. Momentum is still on the downside and my advice is to watch for selling opportunities on the rallies.



Blue line – Support became resistance

Yellow rectangle – Support cluster and downward objective

Purple falling line – Expected path

MACD oscillator is showing new momentum down, which is sign that sellers are still present and strong. Bollinger band is expanding bands, which is another confirmation that volatility is increasing. Support levels are seen at the price of $9,250 and $9,050 and the resistance levels at $9,795.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 24 September 2019

Crypto Industry News:
Kyrgyzstan cut off the power to 45 cryptocurrency mining companies because they consumed more energy than a total of three local regions. Senior Energy Officer Aitmamat Nazarov warned that mining cryptocurrencies are not defined by Kyrgyz law, according to a local news agency.

According to Nazarov, 45 cryptocurrency miners consumed 136 megawatts of electricity, which is more than the amount consumed by three Kyrgyzstan regions: Issyk-Kul, Talas and Naryn. Kyrgyzstan has become a popular destination for global mining companies due to low energy prices.

In August, the country's Ministry of Economy submitted a bill to introduce taxation on cryptocurrency mining - a move to increase revenues. Cryptocurrencies were banned in Kyrgyzstan in July 2014 after a national bank warned that using Bitcoin and other cryptocurrencies as a payment method is illegal.

Iran, which also cuts off electricity to local mining companies, has proposed the annual registration of cryptographic miners to regulate the industry.


Technical Market Overview:
The ETH/USD pair has hit the level of $200.17 which is the 38% Fibonacci retracement of the last wave up. The whole corrective cycle looks completed as there are visible three waves ABC, but in the case of another wave down the next target for bears is seen at the level of $196.61. Please notice, that after the corrective cycle in wave 4 is completed, there is still wave 5 to the upside needed to complete the overall impulsive cycle up.

Weekly Pivot Points:
WR3 - $261.09
WR2 - $242.26
WR1 - $225.12

Weekly Pivot - $205.85
WS1 - $188.31
WS2 - $169.05
WS3 - $152.55


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 24 September 2019

Crypto Industry News:
Bitwise Asset Management has presented another presentation of the US Securities and Exchange Commission (SEC) in its offer regarding the regulatory approval of the proposed Bitcoin ETF.

In the issued memorandum, the SEC published a Bitwise presentation explaining why, in its view, the regulator's concerns were largely resolved. The presentation began with a summary of the evolution and improvement of the market situation over the last two years.

First, the spot market has become more efficient, with the average Bitcoin price deviation on the ten largest exchanges decreasing. Although it was just below 1% in December 2017, it has now fallen further to below 0.1%.

In addition, many new institutional-grade Bitcoin trust services are emerging, receiving licenses from local jurisdictions to manage and store Bitcoins for clients. Meanwhile, record-breaking volumes of Bitcoin futures contracts on the Chicago Mercantile Exchange have been reported this year, suggesting that the regulated futures market is currently significant.


Technical Market Overview:
The BTC/USD pair has tested the technical support and the low for the wave (2) located at the level of $9,539 again. The recent local high was made at the level of $10,317 after previous bounce from the level of $9,539 but since then the bears are pushing the market lower again. In case of a breakout lower, the next target for bears is seen at the level of $9,288 - $9,263 zone. No important breakout occured so far and the larger time-frame trend remains up.

Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333

Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC. First objective has been met, more downside on break

BTC has been trading downwards as I expected. The first downward target from previous forecast has been met at the price of $9,610. If the price breaks the level of $9.610, next support will be set at the price of $9.265



Blue horizontal lines – Support levels based on the price action

Blue rectangle – Major resistance level

MACD oscillator is trying to establish new momentum low, which is sign that buying looks risky at this stage. Watch for potential breakout of the $9,610 to confirm further downside continuation and potential test of $9,265. Based on the 4H time-frame, I found series of the lower lows and lower highs, which is sign of the bearish trend.I don't see any reversal yet.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 23 September 2019

Crypto Industry News:
The US House of Representatives' Financial Services Committee has scheduled a hearing with the chairman of the Securities and Exchange Commission, Jay Clayton and four other SEC commissioners to discuss, among other things, cryptocurrencies.

In a memorandum of 19 September, the Financial Services Committee announced that a hearing would be held on 24 September. In addition to Clayton, Commissioner Hester Peirce (also known as Crypto Mom) and three other people will be present.

The Financial Services Commission has included cryptocurrencies on its list of discussion topics and points out that federal securities laws apply to securities - including shares, bonds and investment agreements - regardless of whether they are digital.

The hearing will apply to ETFs, regardless of whether digital assets are a security or are exempt from securities regulations, as well as the planned launch of Facebook Libra in 2020.

"Libra Investment Token may be security token because it is intended for sale to investors to finance initial costs and provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear whether investors would have" reasonable expectations about profits "- we read in the document.


Technical Market Overview:
The ETH/USD pair has completed the wave (3) of the overall impulsive cycle and is currently developing the wave (4) of the overall correction. So far the market has made only a wave A of this correction with a low located at the level of $205.15. The next target for bears is seen at the level of $202.70 where is the low of the previous wave four of the lesser degree located. Please notice, that after the corrective cycle in wave 4 is completed, there is still wave 5 to the upside needed to complete the overall impulsive cycle up.

Weekly Pivot Points:
WR3 - $261.09
WR2 - $242.26
WR1 - $225.12

Weekly Pivot - $205.85
WS1 - $188.31
WS2 - $169.05
WS3 - $152.55


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 23 September 2019

Crypto Industry News:
The cryptocurrency investment app, Abra, begins selling cryptocurrency for cash in all 7-Eleven stores in the Philippines thanks to a new cooperation with ECPay.

Abra has announced that the partnership will provide cryptocurrency access to 6,000 retail outlets in the Philippines, including all 7-Eleven stores. The company claims that the purpose of the partnership is to facilitate the acquisition of cryptocurrencies:

"Using new digital tools that open access to financial resources should not be difficult. And they should not be complicated. The conversion of cash into crypto and other digital resources should be simple and fast. That is why we are really happy to announce our new partnership "- we read.

As a result of cooperation with ECPay, consumers in the Philippines will be able to find Abra on the list in the "Bill Payments" option at any CLIQQ ECPay financial services kiosk or in a dedicated mobile application. Then they can deposit money into Abra's wallet. The minimum deposit is PHP 500 ($ 9.59) and the daily limit is PHP 100,000 ($ 1,917).


Technical Market Overview:
The BC/USD pair has turned to the south again as the bears make more pressure on the higher prices and the top of the wave (b) at the level of $10,407 has not been violated yet. The recent local high was made at the level of $10,317 after a bounce from the level of $9,539, but since then the beard are pushing the market lower again. The nearest technical support is located at $9,795 and $9,704. No important breakout occurs so far and the larger time-frame trend remains up.

Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333

Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC. First downward target reached and new momentum down on the MACD oscilaltor, more downward yet to come
19 September 2019

BTC did exactly what I expected yesterday. The price did hit our first objective target at the price of $9.865 and almost met second target at $9,512.Further selling opportunities are still preferable.



Yellow rectangle – Broken support

Green arrow – Next expected direction

Horizontal purple line – Second target (Fibo 100%)

MACD oscillator is showing good new momentum down in the background and I do expect at least another move downward. Key support is at $9,600 and resistance at $9,900 and $10.050. Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. As long as the BTC is trading below that $10,050 there is a chance for potential more downside and re-test of the $9,600-$9,512.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 19 September 2019

Crypto Industry News:
German finance minister Olaf Scholz said lawmakers cannot accept parallel currencies like the stablecoin Libra proposed by Facebook.

According to financial media reports, the German deputy chancellor and finance minister said during a panel discussion in Berlin that Facebook's planned cryptocurrency, Libra, would be clearly rejected.

"We cannot accept the parallel currency. [...] We must clearly reject it" - he said.

According to a document made available to the media, German regulators are working closely with their European and international allies to ensure that stablecoins do not become an alternative to traditional currencies.

The German government has already spoken out against the Libra project. On September 13, German MP Thomas Heilmann said the government would block projects like Libra, claiming that the authorities were not planning to allow any significant private Stablecoins on the market, following in the footsteps of France.


Technical Market Overview:
The ETH/USD pair has hit the level of 215.74 which is now a top for the wave (3) and then reversed in order to start the wave (4). The momentum is still increasing as well, so the rally might continue even higher after the wave (4) is completed, just as Elliott Wave theory scenario proposed last week The nearest technical support is seen at the level of $202.70 (hit already) and then at $186.70.

Weekly Pivot Points:
WR3 - $212.96
WR2 - $200.24
WR1 - $196.12

Weekly Pivot - $184.92
WS1 - $179.10
WS2 - $168.22
WS3 - $163.07


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 19 September 2019

Crypto Industry News:
Craig Wright, the self-styled inventor of Bitcoin, asked for another extension of the deadline for settling the case with his late partner Dave Kleiman.

Wright's lawyers have filed a new request for a 30-day extension of the deadline, citing the need to facilitate ongoing discussions with Dave Kleiman's assets as the parties began "extensive settlement negotiations."

According to the document, Wright's lawyers and Kleiman's property reached a non-binding agreement to settle the case and continue to negotiate and finalize all relevant conditions.

Referring to a number of upcoming deadlines, such as Wright's opposition to Judge Reinhart's sanction to be held on September 24, the defendant claimed that the final binding settlement is the best interests of both parties, and this requires a prolongation.


Technical Market Overview:
The BTC/USD pair broke below the technical support at the level of $9,795 and made a new local low at the level of $9539 at the time of the writing the analysis. This move down might be the last subwave of the corrective cycle in the wave (2, so the (a) (b) (c) corrective pattern might have been terminated already. In a case of a trend resumption, the next target for bulls is seen at the level of $10,407 and it needs to be violated in impulsive fashion in order to continue the up move, otherwise, the whole Elliott Wave scenario will be changed and updated.

Weekly Pivot Points:
WR3 - $11,232
WR2 - $10,847
WR1 - $10,552

Weekly Pivot - $10,174
WS1 - $9,851
WS2 - $9,477
WS3 - $9,160


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019