Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 28 October 2019

Crypto Industry News:
One of the popular answers to recent BItcoin increases is the official support of blockchain technology by the most influential man in the world. Chairman, Secretary-General of the Communist Party of China, Xi Jinping gave a prominent speech at 18 research on blockchain technology and its future.

During the Thursday meeting of the Politburo of the Central Committee of the Communist Party in Beijing, Xi said blockchain could contribute to the dynamic development of the Chinese Republic. Both in economic and social terms.

Xi laid out the use of blockchain in various sectors of the state, on supply chains, IoT, collective transport or poverty reduction.

"We must treat blockchain as an important breakthrough in the independent innovation of basic technologies, [...] We must clearly define the path we will follow, increase investment, focus on several key technologies and accelerate the development of blockchain technology and industrial innovation."

The president also spoke about the initiative, the "Blockchain +" platform, which is designed to actively promote the application of blockchain technology in personal life. From education, through employment, pensions, medical assistance, to safe food, social security, etc.

It should be remembered, however, that although the Secretary-General of the ruling party in China praises blockchain, cryptocurrencies have been banned there since 2017. However, the People's Bank of China, as we know, creates a digital yuan (renminbi), which we will probably see soon.

In addition, the middle state creates its own Central Bank Digital Currency (CBDC) which can be a competitor along with the digital yuan for Libra.


Technical Market Overview:
The BTC/USD pair has rallied 27% over the weekend and hit the level of $10, 278 again. The impressive rally might be the anticipated wave 1 of the new impulsive cycle to the upside. Currently, the market is in the local corrective cycle and is struggling to break through the technical resistance located at the level of $9,796. The next target for bears is seen at the level of $8,760 or even $8,474 before a new wave up will be made.

Weekly Pivot Points:
WR3 - $14,033
WR2 - $12,095
WR1 - $10,995

Weekly Pivot - $9,057
WS1 - $8,029
WS2 - $6,062
WS3 - $4,932


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 25 October 2019

Crypto Industry News:
According to financial media, none of the 21 founding members of the Libra Association, except Facebook, have yet spent any money to support stablecoin.

Since the Libra Association Council was announced on June 2019, no financing agreement for the founding partners has been concluded so far, inform the media, citing several anonymous sources. With the release of the White Paper, Libra in June, Facebook announced that each of its founding members must make at least a $ 10 million investment to take a stand and ensure council vote.

According to media sources, members did not discuss fees at the Libra Association's first general assembly last week. While the association declined to comment on the matter, the report claims that the project did not receive any financial support from a source other than Facebook itself.

The Libra Association, a non-profit consortium responsible for managing the stablecoin project, organized its inaugural meeting in Geneva on October 14. Originally supported by 28 founding members, Libra has recently lost seven partners, namely PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago, and Booking, who have decided to leave the consortium.

After these events, David Marcus, head of Calibra's Facebook cryptographic portfolio, said that the withdrawal of seven companies has no effect on the project.


Technical Market Overview:
The ETH/USD pair has made a Pin Bar candlestick pattern at the very end of the recent sell-off towards the level of $152.26. The bulls used this opportunity to bounce a little, but so far were capped below the technical resistance located at the level of $163.11. The momentum has increased slightly to the upside, but the market is still trading below the local technical resistance and below the short-term trendline resistance. In the case of a further slide, the next technical support is located at the level of $147.94.

Weekly Pivot Points:
WR3 - $203.55
WR2 - $195.01
WR1 - $184.09

Weekly Pivot - $175.68
WS1 - $163.10
WS2 - $154.16
WS3 - $142.73


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 25 October 2019

Crypto Industry News:
Kryptoin Investment Advisors based in Delaware has applied to the American Securities and Exchange Commission (SEC) for the launch of a Bitcoin ETF.

According to the filing document published by the SEC, Bitcoin ETF Trust is to be traded on the Arca New York Stock Exchange. This product has been designed to:

"[...] provide Bitcoin exposure at a price that reflects the actual Bitcoin market, where investors can buy and sell Bitcoins, fewer expenses related to Trust," we read.

The company plans to hold Bitcoin and value trust shares in accordance with the Chicago Mercantile Exchange Bitcoin reference rate. The cryptocurrency will be kept by an indefinite insured trustee, who is also regulated by the Investment Advisors Act of 1940.

The SEC documentation also states that Trust will store Bitcoins "to ensure that the Trust stock price reflects the actual Bitcoin market." However, the Trust will not buy or sell Bitcoins directly, but will instead purchase them through actions called "baskets".

Another noteworthy detail is that the head of the Crypto-listed product is Jason Toussaint, former managing director of the World Gold Council and former asset manager of SPDR Gold Shares, one of the largest gold ETFs in the world.

Meanwhile, the race to launch the first regulated Bitcoin ETF is becoming more and more competitive. Earlier this month, documents revealed that the Wilshire Phoenix Fund had updated its own Bitcoin ETF offer to the SEC. Also this month, Bitwise's asset manager with NYSE Arca confirmed his intention to re-apply for an ETF after the last rejection by the SEC.


Technical Market Overview:
The BTC/USD pair is testing the technical resistance located at the level of $7,464 after the sudden drop towards the level of $7,232. The bounce from that level is shallow and clearly corrective in nature, so the short-term downtrend might resume soon again. Nevertheless, in the case of a breakout higher, the next target for bulls is seen at the level of $7,672, which was the previous low of the wave (A).

Weekly Pivot Points:
WR3 - $9,074
WR2 - $8,707
WR1 - $8,444

Weekly Pivot - $8,103
WS1 - $7,849
WS2 - $7,474
WS3 - $7,245


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 10.24.2019 - Watch for selling opporutnities on the rally, nerw momneutm down on the MACD oscillator in the background

Bitcoin has been trading sideways at the price of 7.475 in the recent, 24 hours. I still expect more downside and potential of 6.610 in the next period but would wait for upward correction first.



Green rectangle – Resistance and good sell zone

Blue horizontal line – Support line and downward objective

MACD is showing us strong new downside momentum in the background and I expect more downside after the bullish correction. Resistance level is found 7.780 and support level at 6.610.

Bollinger band middle line(resistance line) is set at 7.853




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

[IFX_Selena]

Technical Analysis of ETH/USD for 24 October 2019

Crypto Industry News:
Changpeng Zhao, president of Binance's leading cryptocurrency exchange, called Russian President Vladimir Putin the most influential person in the Blockchain industry.

On October 22, Zhao, also known in the cryptographic community as CZ, pointed to Russian President Vladimir Putin as the most influential person in Blockchain space. Zhao also said he believes that the bill on regulating digital money can be adopted in the Russian Federation in the near future.

Zhao also revealed that Binance may in some cases pass on user information to Russian financial regulators and warned those involved in crime to stay away from the trading platform, noting:

"As a rule, we do not share information with any supervisory authorities en masse. But in individual cases - yes, [...] therefore, if you are involved in a crime, you do not register with Binance." - we read.

Zhao concluded his statements by telling how he sold his home in 2014 to buy Bitcoins before falling from $ 600 to $ 200, despite which he kept them to this day when the BTC price is currently $ 8,100. History was a way to explain his belief that the world's most popular cryptocurrency will see impressive growth by the end of this year.


Technical Market Overview:
As anticipated before, the level of $151.30 has been hit during the dynamic and sudden down move towards the lows. The bulls have managed to bounce a little, but the move up is very shallow and the market might resume the downtrend anytime. Moreover, the price is still trading below the long-term trendline resistance, so the odds for the down move are even stronger. In the case of a breakout lower, the next target is seen at the level of $127.04. The nearest technical resistance is seen at the level of $168.15.

Weekly Pivot Points:
WR3 - $203.55
WR2 - $195.01
WR1 - $184.09

Weekly Pivot - $175.68
WS1 - $163.10
WS2 - $154.16
WS3 - $142.73


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 24 October 2019

Crypto Industry News:
The Opera web browser now allows you to make payments usingac Bitcoin directly in your browser.

The company announced this information in a press release saying that 350 million Opera users can now send and receive Bitcoins directly from the browser, and also use cryptocurrency to buy goods and services on e-commerce sites.

In addition, the browser now allows you to add a Bitcoin and TRON card to the built-in cryptocurrency wallet to track your cryptocurrency. Charles Hamel, head of Opera cryptography, commented on the introduction of a new feature:

'We believe that opening our browser to a larger number of Blockchain chains, including Bitcoin, is the logical next step to make our solution more suitable for anyone who has a Bitcoin cryptocurrency wallet and would like to operate their cryptocurrencies except just keeping them in their account" -he said.


Technical Market Overview:
The BTC/USD pair has broken below all key technical supports located at the levels of $7,892 and $7,707. The bears have total control over the market and more downside is very likely to come soon. The next target for bears is seen at the level of $7,231, which is the 61% of the Fibonacci retracement of the whole swing up. This might be a key level for bulls as well, because they will definitely defend this retracement. The nearest technical resistance is seen at the level of $7,538.

Weekly Pivot Points:
WR3 - $9,074
WR2 - $8,707
WR1 - $8,444

Weekly Pivot - $8,103
WS1 - $7,849
WS2 - $7,474
WS3 - $7,245


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 23 October 2019

Crypto Industry News:
You can now earn a master's degree in Blockchain and Distributed Ledger Technology (DLT) at the University of Malta. The financial media announced the creation of a new Master's degree on October 21, noting also that about 35 students were enrolled in the course.

Joshua Ellul, director of the master's program and chairman of the Malta Digital Innovation Authority, said at the DELTA Summit in Malta that 15 companies had already contacted the course students. He also explained the justification that led to the creation of the program:

"We noticed a huge problem between technicians and lawyers and professionals. There were communication problems between us. We thought: it would be an ideal place for master's studies, which would serve the multidisciplinary purposes of various specializations" - he said.

In the summer of 2018, the University of Malta cooperated with the Malta Information Technology Agency (MITA) to establish a scholarship fund of EUR 300,000 for Blockchain and DLT technology. The course description on a special page on the university website explains the scope of the course as follows:

"The Multidisciplinary Master in Blockchain and Distributed Ledger Technologies aims to attract students with a first-degree bachelor's degree in ICT, business or law. [...] The program provides both an interdisciplinary view on Blockchain and DLT as well as a specialization in information and communication technologies, law or business. "


Technical Market Overview:
The ETH/USD pair has made a false breakout above the local high at the level of $175.76 and above the short-term trendline as well, so price reversed suddenly after the Bearish Engulfing candlestick pattern was made. The bears have managed to push the prices toweards the key short-term technical support located at the level of $164.98 - $162.50 and the momentum has increased on the way down. Please keep an eye at the level of $163.98 because it is the key short term technical support for bulls and if clearly violated, then the next support is seen at the level of $151.30.

Weekly Pivot Points:
WR3 - $203.55
WR2 - $195.01
WR1 - $184.09

Weekly Pivot - $175.68
WS1 - $163.10
WS2 - $154.16
WS3 - $142.73


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 23 October 2019

Crypto Industry News:
The Taiwanese electronic giant HTC has launched its new smartphone Exodus 1s, enabling users to run a full Bitcoin node on mobile devices. HTC released Exodus 1s at the Lightning Conference in Berlin and began selling the first devices during the event using the Lightning payment network, the company said.

The new Exodus 1s is a cheaper version of the pioneering HTC Exodus 1 with Blockchain technology, which has recently added Bitcoin Cash support. The company claims that the new device at a price of 219 euros can be bought with Bitcoin, Ethereum, Litecoin, Binance Coin and Bitcoin Cash.

In addition to offering buy, sell, send, receive, trade and borrow options, HTC claims that Exodus 1s is the first smartphone capable of supporting a full Bitcoin node.

The product will initially be available to users in Europe, Taiwan, Saudi Arabia and the United Arab Emirates, while other regions will have access to it at a later date, the company noted.

Phil Chen, Director of HTC Decentralization, said full nodes are "the most important component of Bitcoin network resilience," noting that by introducing Exodus 1s, the company lowered the entry barrier for each person to launch the node and participate in a global network.

The predecessor of Exodus 1s, Exodus 1 and "the first native Blockchain phone" was announced for pre-sale on October 23, 2018, and was available in 34 regions, including the US, UK and Hong Kong.


Technical Market Overview:
After the bullish rally at the BTC/USD pair had been capped at the level of $8,292 due to the Pin Bar candlestick pattern made, the price broke below two local technical support levels: $8,048 and $7,934. There is still a chance for the rally to continue, but Bitcoin is again dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement and bears are regaining the control over the market. The immediate support is seen at the level of $8,048 and the next technical resistance is seen at the level of $8,474.

Weekly Pivot Points:
WR3 - $9,074
WR2 - $8,707
WR1 - $8,444

Weekly Pivot - $8,103
WS1 - $7,849
WS2 - $7,474
WS3 - $7,245


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 22 October 2019

Crypto Industry News:
In a recent press release, Bitmain management confirmed that Bitcoin's latest mining farm was launched in Rochdale, Texas. The 33,000-acre site will initially house a 50-megawatt farm, but its total capacity may increase to six-fold to 300 megawatts in the future, says Bitmain. If it reaches these levels, the Texas facility would become the largest mining farm in the world.

"We are excited to launch this facility, which is essential for Bitmain's global expansion plans. Stable and efficient energy resources in Texas are fundamental to the inevitable growth of the cryptocurrency mining industry," said Clinton Brow.

Work began in 2018 on a 25-megawatt project. The operations will be a joint Bitmain and DMG program that will provide hosting and management services on a daily basis.

The announcement occurs at a crucial moment for Bitmain, which is still implementing its IPO in the United States. In 2019, the overall share of Bitmain in the Bitcoin hash rate also decreased. As noted by Christopher Walken, co-founder of the HASHR8 mining startup, Bitmain pools currently account for about 27% of the total. In January this figure was close to 42%.


Technical Market Overview:
After the recent bullish breakout above the short-term trendline resistance, the ETH/USD pair has made a local high at the level of $177.10. Nevertheless, the bears have increased the activity immediately and now are trying to test the breakout from above. Will that be enough to continue a rally higher or is it just another false breakout? The next few hours might give the answer to market participants. Please keep an eye at the level of $163.98 because it is the key short term technical support for bulls.

Weekly Pivot Points:
WR3 - $203.55
WR2 - $195.01
WR1 - $184.09

Weekly Pivot - $175.68
WS1 - $163.10
WS2 - $154.16
WS3 - $142.73


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 22 October 2019

Crypto Industry News:
Binance, one of the world's largest crypto exchanges, will soon add fiat trading support, starting with the Russian ruble. The news was publicly announced by Binance president Changpeng Zhao during an event organized by the Russian government in Moscow, the Open Innovations Forum. By adding Russian cryptocurrency to its platform, Binance will allow users from Russia to buy cryptocurrencies directly using rubles, Zhao explained:

"In about two weeks we should get support for direct trading of Russian rubles. So you can buy cryptocurrencies on Binance.com using rubles," says Zhao in a recording posted on Twitter.

The news comes at a time when the crypto industry in Russia is still not officially regulated, because the government has again delayed the adoption of the main cryptographic bill 'On digital financial assets', as reported in mid-October.

In January 2019, Binance announced for the first time expansion plans to eight new countries, including Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda. Binance has already launched four international cryptocurrency exchanges, including Binance Uganda, the Binance Jersey European trading platform, Binance Singapore and Binance US.


Technical Market Overview:
The BTC/USD pair has made a new local high at the level of $8,295 and then the bullish rally had been capped at this level due to the Pin Bar candlestick pattern made. There is still a chance for the rally to continue, but Bitcoin has been dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement, but now the bulls are regaining the control over the market. The immediate support is seen at the level of $8,048 and the next technical resistance is seen at the level of $8,474.

Weekly Pivot Points:
WR3 - $9,074
WR2 - $8,707
WR1 - $8,444

Weekly Pivot - $8,103
WS1 - $7,849
WS2 - $7,474
WS3 - $7,245


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