Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for October 20,.2020 - BTC is heading towards my first target at $12.050. Potential for test of $12.400

Further Development



Analyzing the current trading chart of BTC, I found thatBTC is heading towards our first target at $12,050, which is good sign for further upside continuation.

My advice is still to watch for buying opportunities using the intraday charts with take profits at $12,050 and $12,400

The main cause of the most recent strength on the BTC was the breakout of the symmetrical triangle in the background.


Key Levels:

Resistance: $12,050 and $12,400

Support level: $11,200




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

[IFX_Selena]

Technical Analysis of ETH/USD for 21 October 2020

Crypto Industry News:
Speculation about Ethereum 2.0 continues, and there are newer and newer leaks from insiders. One recent speculation is where the developer of Ethereum 2.0 predicts that a smart protocol contract allowing their Ethers to be deposited on 2.0 networks will be released in a matter of days. The staking process itself would start later this year.

ConsenSys developer Ben Edgington posted an entry that predicts the genesis of the ETH 2.0 beacon chain will take place in the next six to eight weeks.

In a post announcing the launch of the zero version for client 1.0, Edgington revealed that the protocol's smart contract feature should be announced this week. A smart escrow contract that allows ETH sending between Network 1.0 and Network 2.0 and is one of the few remaining updates needed to facilitate Ethereum 2.0 rollout in Phase 0. To complete Phase 0 launch, 500,000 Ethers will need to be staked once the beacon chain has started. After that, the network will prepare for the official launch for several weeks.


Technical Market Outlook:
The ETH/USD pair has extended the retracement towards the level of 61% located at $381.85, then the market pulled back towards the intraday support at $375.52 and bounced to the $381.85 again. The target for bulls is still seen at the level of $400 and the bulls are consolidating the recent gains. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95. On the other hand, the target for bears is seen at the level of $360.60 and $355.60 and the nearest technical support is seen at the level of $369.37.

Weekly Pivot Points:
WR3 - $424.52
WR2 - $408.88
WR1 - $391.97

Weekly Pivot - $376.47
WS1 - $357.63
WS2 - $341.22
WS3 - $328.22


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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