Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 05.04.2020 - Potential for the downside movement on the BTC towrads the level at $7.820

Corona virus summary:


JAPAN EXTENDS THE COUNTRY'S NATIONAL STATE OF EMERGENCY TO MAY 31

Japan's prime minister Shinzo Abe said on Monday he had decided to extend the country's national state of emergency to May 31, Reuters reports.

Abe will consider lifting the state of emergency without waiting for its 31 May expiration if experts decide that is possible based on detailed analysis of regional infection trends, he said at the start of a meeting of the government's coronavirus task force.


Technical analysis:
BTC has been trading sideways at the price of $8,740. I still see potential for the downside movement towards the level at the price of $7,800


Trading recommendation:
Watch for potential breakout of the pivot support at $8,385 to confirm further downside movement. In case of the downside breakout, watch for selling opportunities with the targets at $7,820 and $7,533.

Resistance levels are set at the price of $9,060 and $9,460

Support levels are set at $8,385, $7,820 and $7,533




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

[IFX_Selena]

Technical Analysis of ETH/USD for 04 May 2020

Crypto Industry News:
The Grayscale Investments digital asset management company has bought about 50% of all newly mined Ethereum coins this year. According to recent reports, Grayscale currently owns the equivalent of 1.1% of all ETH in circulation.

Grayscale supports 10 cryptocurrency investment products targeted at institutional investors. As of April 24, the company managed $ 2.7 billion of digital assets. Ethereum Trust has $ 234.7 million investment. Over USD 2.3 billion is in Bitcoin Trust. Other fund resources include BCH, Zcash, XRP, among others.

Since the beginning of this year, Grayscale has bought 756 539 ETH. That's 48.4% of all coins mined since the beginning of 2020. A total of 1 563 245 ETH was mined during this period.


Technical Market Outlook:
The ETH/USD pair did not manage to rally above the recent swing high located at $225.84 and has broken below the local low at $201.01 during the weekend. The bears have manage to push the price towards 38% Fibonacci retracement located at the level of $195.94. Moreover, the short-term trend line support has been violated as well and the price is testing the technical support at the level of $193.78.The weak and negative momentum supports the short term outlook towards the next support located at $188.86 or even towards 50% retracement at $186.72.

Weekly Pivot Points:
WR3 - $296.61
WR2 - $243.36
WR1 - $224.05

Weekly Pivot - $205.69
WS1 - $188.49
WS2 - $168.64
WS3 - $150.80


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 04 May 2020

Crypto Industry News:
A new study revealed a growing increase among cryptocurrency users in Europe and the Americas. Studies show a 43.24% increase among women in the first quarter of 2020. For comparison, in the fourth quarter of 2019 an increase of only 15.5% was observed.

The number of people aged 18-24 increased by 65%, and the continents of the Americas and Europe recorded a more than 50% increase. Studies show over 80% growth in some Latin American, European and Asian countries. Argentina excels throughout Latin America. Their increase was over 98.23%, followed by Columbia from 82.03% and Venezuela from 80.23%.

Greece has the fastest growth in Europe at 163.67%. Romania is second with 125.09%, Portugal with 89.95%, Ukraine with 86.68% and the Czech Republic with 85.6%. In Asia, only Indonesia recorded an increase of over 88.92%.

Europe seems to be at the forefront of women's growth, showing 58.55% in Q1 2020, followed by both American continents from 50.59%. In Africa, there is still low growth of only 17.99%.


Technical Market Outlook:
The BTC/USD pair has been continuing the corrective cycle all weekend and during the early Monday trading hours the price has been seen heading towards the recent low at $8,357. Any violation of this level will deepen the correction towards the level of $7,934 which is a key short-term technical support for the price. Weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - $11,425
WR2 - $10,480
WR1 - $9,720

Weekly Pivot - $8,578
WS1 - $7,824
WS2 - $6,750
WS3 - $5,970


Trading Recommendations:
The recent rally in Bitcoin was made in anticipation of Bitcoin halving and it is a classic pump and dump scheme. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 April 2020

Crypto Industry News:
The China Office of the Central Commission for Cyberspace Affairs (OCCAC) has announced blockchain projects that will receive the approval of national regulatory authorities. 224 projects in this technology have been added to the committee register, including large technology companies such as Alibaba, Baidu and China Mobile.

The list of approved projects includes the ventures of several large corporations, including Walmart China, whose food safety tracking initiative has been marked green, and companies involved in the development of state-supported blockchain networks, such as China Mobile, China Merchants Bank and Alibaba. Some entities have been allowed to implement many DLT projects, and five blockchain projects from China Merchants Bank have already received approval.

On April 25, China announced the commercial launch of the long-awaited Blockchain Service Network (BSN). The Chinese government announced over 2,000 BSN-based programs in the six months prior to the beta release in October 2019, including applications to support social assistance distribution, goods tracking and digital invoicing. On April 20, the city of Ya'an in Sichuan issued a statement supporting the directing of local hydropower to cryptocurrency mining operations, announcing plans to build the so-called Demonstration zones for hydropower consumption.


Technical Market Outlook:
The ETH/USD has been rallying for the last 36h straight as all the technical resistance levels has been violated. The next target for bulls is seen at the level of $235.42, but please notice, that the market conditions are extremely overbought. The nearest technical support is located at the level of $214.67, $212.48 and $209.89. The bulls are in full control of the market.

Weekly Pivot Points:
WR3 - $243.80
WR2 - $220.39
WR1 - $211.16

Weekly Pivot - $187.55
WS1 - $172.98
WS2 - $155.34
WS3 - $144.09


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 30 April 2020

Crypto Industry News:
Hackers infected Parkview Medical Center infrastructure - the largest health center in Pueblo County, Colorado - with ransomware. One of the hospital employees reported that the patient information storage system at the Parkview Medical Center was infected with ransomware and stopped working. The hospital confirmed the incident in a statement.

It is worth mentioning that despite the crisis due to COVID-19, attacks using ransomware are still ongoing, but their number has decreased during this period. A recently attacked facility also stated that it had switched to a paper patient registration system.

Malware ransomware is evolving rapidly and is perceived by many as serious, if not the greatest cyber security threat. While almost all ransomware discovered so far require payment or "ransom" in cryptocurrencies, Check Point recently revealed a new ransomware attack in which attackers require credit card payments.


Technical Market Outlook:
The BTC/USD pair has been rallying all night long and is currently heading towards the level of $10,000, which is the next big level for BTC bulls. Currently, the bulls has hit the technical resistance zone located between the levels of $8,919 - $9,249 in extremely overbought market conditions. The nearest technical support is seen at the level of $7,934.

Weekly Pivot Points:
WR3 - $9,046
WR2 - $8,348
WR1 - $8,040

Weekly Pivot - $7,352
WS1 - $7,064
WS2 - $6,356
WS3 - $6,047


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

BTC analysis for 04.29.2020 - Strong resistance on the test at the price of $8.400



Despite its nascency, central bank digital currencies and their offshoots have rapidly evolved into a serious alternative to typical bank accounts.

BTC has been trading upwards. The price reached the strong resistance zone at the level of $8,100. My advice is to be careful buying into the resistance.

Resistance levels is set at the price of $8,400

Support levels are set at the price of $7,520




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

[IFX_Selena]

Technical Analysis of BTC/USD for 29 April 2020

Crypto Industry News:
Speaking at Virtual Blockchain Week, the famous venture capital investor Tim Draper confirmed that he is sticking to his six-digit Bitcoin price forecast.

In 2018, Tim Draper publicly announced that the Bitcoin price will reach $ 250,000 by the end of 2022 or early 2023. He cites a few main reasons that can lead to this type of price action. Draper believes the US government's massive stimulus package will lower the dollar and "send people to cryptography." He also expects Bitcoin to be adopted around the world at this time.

Draper says that a company called OpenNode (in which he invested $ 1.25 million) can help achieve this goal. OpenNode is building a Bitcoin payment gateway in the Lightning Network, known for extremely fast BTC transaction settlements. He believes that over time such services will prove their competitive advantage over conventional players - credit cards - and steal market share from them in the same way that MasterCard and Visa took market share from the then dominant American Express.


Technical Market Outlook:
The BTC/USD pair has broken above the technical resistance located at the level of $7,706 and made a new local high at $7,817. The next target is seen at the level of $7,897, but there is a clear bearish divergence between the price and momentum oscillator at current levels. If bears will push the prices lower, they can hit the next technical support located at the level of $7,385 and below.

Weekly Pivot Points:
WR3 - $9,046
WR2 - $8,348
WR1 - $8,040

Weekly Pivot - $7,352
WS1 - $7,064
WS2 - $6,356
WS3 - $6,047


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 29 April 2020

Crypto Industry News:
The World Economic Forum has published a report analyzing how the implementation of Blockchain-based solutions can solve the problem of inefficiency and failure of the supply chain, which was revealed by the COVID-19 pandemic. Along with the report, the Forum released a set of tools for implementing Blockchain to help the government and enterprises adapt their supply chains to the current economic situation and "accelerate economic recovery after COVID-19".

The report, published on April 28, confirms that the resilience of private and public supply chains has been tested in the outbreak of coronavirus - citing the chains of pharmaceutical products, medical products and food among the sectors most affected. The report argues that the efficiency of supply chains depends on transparency, advocating the adoption of DLT technology to create "common truth" among supply chain stakeholders.

The World Economic Forum is a Swiss non-governmental organization that was founded in 1971 to engage business, academic and political leaders in key economic issues related to the development of the global economy.


Technical Market Outlook:
The ETH/USD has bounced fromt he technical support located at the level of $188.86 and is currently heading back towards the recent swing high located at the level of $198.72. Nevertheless, there is a clear bearish divergence between the price and momentum indicator that supports the short-term bearish outlook, so the level of $188.86 might not be the target level and the ETH/USD rate can drop even further towards the next target at $178.25. The key short-term technical resistance is still located at the level of $198.72 and only a clear breakout above this level will open the road towards the $209.09 target.

Weekly Pivot Points:
WR3 - $243.80
WR2 - $220.39
WR1 - $211.16

Weekly Pivot - $187.55
WS1 - $172.98
WS2 - $155.34
WS3 - $144.09


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

BTC analysis for 04.28.2020 - Potential for the BTC to rotate to the downside due to lack of upside momentum

BTC News:


A Chinese municipality has formally requested Beijing's permission to allow it to offer surplus electricity to the region's "blockchain industry" – believed to be code for bitcoin (BTC)miners. The move could have potential knock-on effects for the wider crypto community, and could see potentially reduce BTC mining costs in the lead-up to the next bitcoin halving event.


Technical analysis:
Trading recommendation: My advice is to watch for selling opportunities due to test of the resistance and bearish divergence on the Stochastic oscillator in the background, which is sign that buyers are losing the power.

Resistance level is set at the price of $7,800 and $8,000




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

[IFX_Selena]

Technical Analysis of ETH/USD for 28 April 2020

Crypto Industry News:
EthereumPrice.org has released a new tool to calculate how much ETH can be earned by stacking coins under the new network consensus model. The Ethereum 2.0 calculator has many configurable settings that simulate different conditions and stacking variables. Users can customize many network (variable) settings that have a big impact on how the reward is calculated.

For example, a change in the size of ETHs stacked in the network from 1% to 10% means a difference in earnings between 5% or 15% (each year). Another factor that will affect the award on an annual basis is, for example, the lifetime of the node (validator) itself.

The tool calculates potential profits from 10 years of ETH stacking as well as each year. It will also calculate ROI (return on investment) in a given time. To view the value of their bid, users can choose from many fiat functional currencies, ETH in USD, EUR, GBP, JPY and others.

The calculator is currently in public beta. The current interface should be treated more as an educational device than a means for practical calculations. However, this gives an idea of how important staking will become part of the 'new Ethereum' ecosystem.


Technical Market Outlook:
The ETH/USD bears has pushed the price out of the Falling Wedge pattern and Ethereum made a new local low at the level of $188.86. There is a clear bearish divergence between the price and momentum indicator that supports the short-term bearish outlook, so the level of $188.86 might not be the target level and the ETH/USD rate can drop even further towards the next target at $178.25. The key short-term technical resistance is still located at the level of $198.72 and only a clear breakout above this level will open the road towards the $209.09 target.

Weekly Pivot Points:
WR3 - $243.80
WR2 - $220.39
WR1 - $211.16

Weekly Pivot - $187.55
WS1 - $172.98
WS2 - $155.34
WS3 - $144.09


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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