Cryptocurrency Analysis

[IFX_Selena]

BTC 09.30.2019 - Possible rally before new down leg

BTC has been trading in consolidation mode at the price of $8,000. BTC is still trading inside of the downward channel but with the bullish divergence on the MACD. Anyway, as long as the pivot resistance at $8,225 is holding, there is chance for more downside.



Blue horizontal lines – Support levels based on the price action

Red rectangle – Major resistance level

MACD oscillator is showing bullish divergence but caution must be alerted due to break out of the larger consolidation. The middle Bollinger band line is acting like resistance at $8,140. Potential rally is possible due to bull divergence but I would still prefer downside opportunities on the rallies due to strong downside condition. Downward targets are set at the price of $7,470 and $6,620.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 September 2019

Crypto Industry News:
Mario Draghi, president of the European Central Bank (ECB), shared his views on stablecoins, the future of cryptographic assets and the possible digital form of the euro.

In a letter to European Parliament Member Eva Kaili, the President of the ECB noted that the European System of Central Banks (ESCB) closely monitors developments in the cryptocurrency industry.

"The ESCB is analyzing crypto-assets and stablecoins to understand their potential implications for monetary policy, payment security and efficiency and market infrastructure, and financial system stability," he added.

Despite a positive approach to new technologies, Draghi apparently believes that stablecoins and cryptocurrencies are generally of little value.

"So far, stablecoins and crypto assets have had limited applications in these areas and have not been designed in a way that makes them suitable money substitutes," he said.

Draghi added that due to continuous technological innovation and rapid evolution in the cryptocurrency industry, the ECB's rating may be different in the future.


Technical Market Overview:
The ETH/USD pair keeps trading below the level of $176.66 which is the key short-term technical resistance level. Moreover, despite the clear bullish divergence between the momentum and the price, the bulls were unable to rally higher. The market ended up closed in a narrow range between the levels of $163.98 - $176.66 and that was the weekend range. The low for the wave (C) is now very near and it was tested once before, so in the case of a bearish breakout, this support might fail. The nearest technical support below the $151.30 is seen at the level of

Weekly Pivot Points:
WR3 - $256.80
WR2 - $233.68
WR1 - $197.61

Weekly Pivot - $174.45
WS1 - $137.03
WS2 - $112.52
WS3 - $77.73


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 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]

Technical Analysis of BTC/USD for 30 September 2019

Crypto Industry News:
The Emsisoft software company has released a bug fix for Bitcoin malware - WannaCryFake.

Free software announced in the blog post will help you recover encrypted files without causing data loss. Unlike cryptocurrency mining exploits, ransomware is dependent on forcing you to get loot. According to a McAfee report, ransomware attacks increased by 118 percent in 2019, representing 504 new threats per minute.

WannaCryFake is a variant of the infamous WannaCry ransomware that attacks Microsoft computers in 2017. Locks victim files using AES-256 or the advanced encryption standard.

The BTC/USD pair is still trading close to the recent lows at the level of $7,676 after the weekend. The trading conditions on Saturday and Sunday were not in favor of bulls as the bounce from the last local low as shallow with a high at the level of $8,238. There is still a chance for the wave (C) termination soon, but is the bears will keep making pressure on bulls then the next target is seen at the level of $7,419.

Weekly Pivot Points:
WR3 - $11,446
WR2 - $10,627
WR1 - $9,093

Weekly Pivot - $8,403
WS1 - $6,727
WS2 - $6,011
WS3 - $4,444


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]

Technical Analysis of ETH/USD for 27 September 2019

Crypto Industry News:
The Telegram global messaging application has announced a coding competition for the construction of smart contracts for the Blockchain Telegram Open Network (TON).

The competition consists of three parts with a prize pool for all tasks in the range from $ 200,000 to $ 400,000, as announced on Telegram Contests. The competition will end on October 15.

The basic part of the competition is to build one or more smart contracts using the tools provided in the distribution of the TON Blockchain network, as described in the attached TON Contest document. Two other optional tasks include suggestions for improvements to the TON Virtual Machine and FunC and TON Blockchain in the error prize competition, the company said.

According to the details of the competition, Telegram expects the creators of smart contracts to implement at least one of five smart contracts, including a portfolio with multiple signatures, two types of simple TON DNS Resolver smart contracts, a synchronous two-party payment channel and an asynchronous two-party payment channel.


Technical Market Overview:
The ETH/USD pair has hit the low located at the level of $151.85 again, so the market might be forming a Double Bottom price pattern. Nevertheless, the current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

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:
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]

Technical Analysis of BTC/USD for 27 September 2019

Crypto Industry News:
British police are auctioning confiscated Bitcoins worth half a million pounds sterling ($ 621.400), according to financial media.

The funds were confiscated from criminals who offered their hacking services in exchange for Bitcoins - they illegally stole and sold personal data.

This is the first time confiscated cryptocurrency funds are being sold on behalf of the UK authorities, according to the publication. In addition to Bitcoins, the police also sell assets belonging to the criminal, including cars, diamond jewelry, and a luxury Rolex watch. The auction will be conducted by the Wilsons Auctions Irish auction house.

Wilsons Auctions sold over $ 400,000 captured Bitcoins and other cryptocurrencies in March on behalf of the Belgian Government. The United States was the first country to start organizing auctions for the sale of illegally acquired cryptocurrencies confiscated by the authorities in 2014, selling Bitcoins captured from the infamous Silk Road online market.


Technical Market Overview:
The BTC/USD pair has made another lower low on its way down, this time at the level of $7,676. This low might be the bottom for the wave (C) of the wave (A) of a higher degree, but there are no trend reversal patterns on the chart yet. The nearest technical resistance is located at the level of $8,102, so after the consolidation period, the price might bounce towards this level. The good news for the bulls is growing positive divergence between the price and the momentum that supports the short-term bullish outlook possibility.

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. Strong down momentum in the background, watch for selling opportunities

Bitcoin has been trading in consolidation mode in past 24 hours but I do expect more downside yet to come.



Blue horizontal lines – Important support levels and next objective targets

Yellow rectangle – Broken support became resistance

Purple falling line – Expected path

My analysis from yesterday is still valid and it even adds more weakness due to no strong reaction from buyers.MACD oscillator is showing good new momentum down in the background and I do expect at least move lower. Support levels are seen at $7,900, $7,500 and $6,650. Resistance levels are seen at $8,800 and $9,500.Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Selling opportunities are still preferable.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 September 2019

Crypto Industry News:
The U.S. Prosecutor's Office for the Northern District of California accused two suspects - Elliot Gunton and Anthony Tyler Nashatka - of hacking EtherDelta, the non-isolation Ethereum ERC-20 token trading market, on December 2017.

According to documents originally submitted on August 13, Ganton and Nashatka changed the settings of the EtherDelta domain name system to mislead users and collect their cryptographic addresses, private keys and withdraw funds.

The suspects were able to access the settings using the telephone number of one of the EtherDelta employees and used it to hack his email address. Then Gunton and Nashatka reportedly changed the parameters of the domain system to redirect traffic from EtherDelta to a fake website reminiscent of a real EtherDelta platform.

Visitors to this fake site were able to reveal their private keys and potentially lose cryptocurrency resources. According to the prosecutor's office, one EtherDelt user lost at least $ 800,000. The total amount of funds stolen was not disclosed in the court document.


Technical Market Overview:
The ETH/USD pair has been trading in a narrow range after a shallow bounce from the level of $151.85. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

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:
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]

Technical Analysis of BTC/USD for 26 September 2019

Crypto Industry News:
By early 2020, Bitcoin payment support will be launched at more than 25,000 sales outlets for 30 French retailers, including the sports giant Decathlon and the Sephora cosmetics store. The French cryptocurrency news portal Cryptoglobe announced the progress announced during the Paris Retail Week.

The new cryptocurrency payment system is launched as part of a partnership between the Global POS point of sale technology provider, the EasyWallet application and the Easy2Play payment platform. While payments will be made in Bitcoin, the funds will be automatically converted into euros at the time of sale.

Conversion services are to be provided by two partners, Deskoin and Savitar, who are currently applying for the accreditation of a digital service provider under the French PACTE Act.

In addition to Decathlon and Sephora, well-known companies joining the initiative include Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde and Norauto.

"This is an important symbolic step in the evolution of payment methods in France. However, it is also more than a symbol, because what we provide for 25,000 sales points is the possibility of entering the world of Economy 3.0 safely," said Stephane Djiane, CEO and founder of Global POS.


Technical Market Overview:
The BTC/USD pair is still trading below the nearest technical resistance located at the level of $9,046. Despite the bounce from the low at the level of $7,935 the market is starting to turn down again. 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.

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. Both yesterday's targets are met and new momentum down on MACD
25 September 2019

Bitcoin did drop in the past 24h, exactly what I expected yesterday. Both our yesterday's targets at $9,250 and $9,050 are met and there is strong downside pressure for more downside. BTC traded all the way to $7,900 and most recently is trying to find some balance. I do expect potential small rally back to 20EMA and then another move lower. New down levels and targets are set at $7,500 and $6,645.



Blue horizontal lines – Important support levels and next objective targets

Yellow rectangle – Broken support became resistance

Purple falling line – Expected path

MACD oscillator is showing good new momentum down in the background and I do expect at least move lower. Support levels are seen at $7,900, $7,500 and $6,650. Resistance levels are seen at $8,800 and $9,500.Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Selling opportunities are still preferable.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 25 September 2019

Crypto Industry News:
An IT company in Armenia has been accused of illegal electricity consumption and using it to mine cryptocurrencies.

On September 21, in an announcement by the Armenian National Security Service, the organization accused an IT company of illegal mining of cryptocurrencies at a hydroelectric power plant. A state agency has reported that an IT company has installed cryptocurrency mining equipment at one of the hydroelectric power plants operating in Armenia, resulting in illegally consuming 1.5 kilowatt-hours of electricity - worth over $ 150,000 - in 1.5 years.

Earlier in September, information appeared that regulators in the Autonomous Province of Inner Mongolia issued a notice demanding the closure of companies mining cryptocurrencies in the province.

Several departments in Inner Mongolia have identified the need to rectify the mining industry in the province. The listed organizations were the Committee on Development and Reform, the Department of Public Security, the Office of the Ministry of Industry, the Financial Office and the Big Data Office.


Technical Market Overview:
The ETH/USD pair has invalidated the bullish impulsive scenario after the level of $162.78 has been broken. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

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:
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