Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for July 28,.2020 - Strong upside condition and potential for test of $12.000

Technical analysis:



Trading recommendation:
The main cause of the strong upside momentum was the breakout of the contraction and multi-day consolidation in the background.




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

[IFX_Selena]

Technical Analysis of BTC/USD for 29 July 2020

Crypto Industry News:
The Swiss stock exchange SIX, one of the largest in the world, is displaying a new cryptocurrency product, ETP. Named "Bitcoin Capital Active ETP", the new trading product represents the actively managed ETP cryptocurrency, trading Bitcoin with the top 14 altcoins such as Ethereum. Recognized as the world's first actively managed ETP cryptocurrency, it is now listed on the SIX exchange, under the BTCA index.

BTCA is registered with the Swiss crypto investment management company FiCAS and issued by Bitcoin Capital AG. The new ETP product costs CHF 100, the company said.

Mattia Rattaggi, president of the board of FiCAS, explained that the BTCA issue price was driven by the desire to adjust and facilitate market liquidity, concerns about retail trade and portfolio management balancing requirements.

Rattaggi noted that investors now have a new option to invest money in the ETP cryptocurrency that frees up their direct involvement by comparing BTCA to traditional discretionary portfolio management. Rattaggi added that the new product should fit well with the emerging cryptocurrency market.

The list of admitted cryptocurrencies is defined and maintained by the SIX Exchange. The cryptocurrencies that have their own blockchain, high market capitalization and large liquidity pool were selected. The ETP does not cover privacy coins.

In traditional financial markets, the ETP is a type of security that is priced on derivatives and traded on the basis of investment tools such as commodity, currency, share price or interest rate. Unlike crypto exchange funds or cryptocurrency ETFs, ETP cryptos are always 100% secured by assets that have a tracking feature.

The Swiss Exchange SIX has exchanged a lot of ETPs since listing the world's first crypto ETP at the end of 2018. At the time, the exchange was listing Amun's Crypto Basket ETP (HODL), which tracked five major cryptocurrencies such as Bitcoin, Ether, XRP, Bitcoin Cash, and Litecoin. Since January 2020, SIX Exchange is also actively exhibiting numerous ETP platforms supported by 21Shares.


Technical Market Outlook:
The BTC/USD pair has made a local pull-back towards the level of $10,430, but the local low was made at the level of $10,531. The bulls are still in control of the market and are trying to break through the local trend line resistance in order to continue the up trend. The next target is seen at the level of $11,855 and $11,500. The nearest technical support is located at the level of $10,855 and $10,430. There is only 3 days until the month's end and the current monthly candle looks bullish.

Weekly Pivot Points:
WR3 - $11,362
WR2 - $10,720
WR1 - $10,360

Weekly Pivot - $9,731
WS1 - $9,314
WS2 - $8,690
WS3 - $8,269


Trading Recommendations:
The volatility on Bitcoin has significantly increased, but still 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. The key long-term technical support is located at the level of $7,897.






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