Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 04 November 2020

Crypto Industry Outlook:
Bitcoin has experienced its worst downward correction today in almost 10 years. Data from BTC.com's resource monitoring shows that Bitcoin's difficulty automatically improved by 16% on Tuesday. Estimates previously suggested the revision would be around 13%, the second highest in Bitcoin history. Earlier in 2011, there was a greater difference - 18%, which also happened at the end of October.

Difficulty adjustments occur automatically every 2016 blocks and allow Bitcoin to remain "hard" money regardless of any external factors affecting the miners. Such a reduction encourages more industry participants to compete for block subsidy rewards, with the result that the difficulty begins to increase again.

For users, this means that a downward revision will reduce fees and shorten blocking times as well as reduce the size of uncompleted transactions in the Bitcoin mempool. According to Earn.com's estimates, the optimal Bitcoin transaction fee remains high at 80,000 satoshi ($ 11).

Meanwhile, the hash rate of the Bitcoin network seemed to shift on Tuesday, and estimated weekly averages began to rise. The hash speed allows you to see how much computing power is being spent on validating Bitcoin transactions. A few weeks ago, the index was at its highest ever, but lost around 25% in the second half of October.


Technical Market Outlook:
The BTC/USD pair has finally hit the $14k level (the exact top was made at $14,005) during the US election night, but another Pin Bar candlestick pattern was made at the this level. The market conditions are extremely overbought on H4 and daily time frame, so a pull-back or correction might occur any time now. The nearest technical support is seen at the levels of $13,296 and $13,116. The key technical support is located at $12, 625.

Weekly Pivot Points:
WR3 - $15,648
WR2 - $14,723
WR1 - $14,351

Weekly Pivot - $13,475
WS1 - $13,116
WS2 - $12,252
WS3 - $11,845


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

BTC analysis for November 03,.2020 - Watch for the breakout of the balance to confirm further direction

Further Development


Analyzing the current trading chart of BTC, I found that the prior to the elections in US BTC is trading flat in past few days, which is indication of the balanced market regime.

The breakout of resistance at the price of $13,860 can lead gold for test of $14,900

The breakout of support at $12,875 can lead gold for test of $12,065


Key Levels:

Resistance: 13,860

Support levels: $12,875




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

[IFX_Selena]

Technical Analysis of ETH/USD for 03 November 2020

Crypto Industry Outlook:
Almost a quarter of the circulating supply of Ethereum (ETH) is stored on cryptocurrency exchanges, according to data from the ViewBase analytical platform.

This page shows that there are 26,768,260 ETH on the exchanges, corresponding to 23.6% on a value of $ 10.3 billion. Almost 26 million of these tokens are held on 10 centralized exchanges, and Coinbase alone holds 8,521,807 ETH, or 7.5% of the supply.

Ether is ahead of Bitcoin by many miles in terms of the percentage of tokens held on exchanges. BTC has 8.1% of its supply in circulation on exchanges.

According to Glassnode, the number of Bitcoins stored on exchanges dropped significantly over the year, going down from a record high of 2.97 million BTC in February to below 2.6 million yesterday. The platform also shows bullish signals for Bitcoin with daily new addresses for BTC around 480,000, which is six times more than for Ether, which has less than 80,000 new addresses created each day.

Glassnode does not reflect the same percentage of coins held in exchanges as ViewBase. There are less than 16.6 million ETH (14.7%) and almost 2.6 million BTC (14%) on the exchanges, according to Glassnode.


Technical Market Outlook:
The ETH/USD pair has moved lower and hit the technical support at the level of $369.37 as anticipated after the rally was capped by the trend line resistance around the level of $403.05. The momentum is now weak and negative, which indicates a possibility of another wave down towards the level of $362.60 and $355.60. If a daily candle closes below $360 level, then the bears will have full control of the market.

Weekly Pivot Points:
WR3 - $456.03
WR2 - $431.91
WR1 - $415.05

Weekly Pivot - $393.33
WS1 - $376.79
WS2 - $355.02
WS3 - $337.80


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 03 November 2020

Crypto Industry Outlook:
A large private Russian bank, Gazprombank, has received regulatory approval to launch cryptocurrency storage services through its Swiss company.

According to the official announcement, the bank has obtained approval from the national financial regulator, the Swiss Financial Market Authority, to offer cryptocurrency storage and trading services to its institutional and corporate clients. The offers will initially be limited to a select group of customers with Bitcoin as the only supported cryptocurrency. Gazprombank plans to gradually expand its offer with additional cryptocurrencies and other related products and services.

President of Gazprombank Roman Abdulin said:

"We expect digital assets to become increasingly important in the global economy, especially for our existing and potential customers."

As a regulated entity, Gazprombank will have to comply with Swiss anti-money laundering and AML laws and regulations, and implement its own due diligence and software procedures.

Gazprombank Switzerland is a bank registered in Switzerland, 100% owned by Gazprombank based in Russia. The bank is preparing to launch cryptographic services in Switzerland from 2018.


Technical Market Outlook:
The BTC/USD pair has moved back into the horizontal channel after a failure to rally higher above $14,000. The recent local low was made at the level of $13,147. The market conditions are extremely overbought on H4 and daily time frame, so a pull-back or correction might occur any time now. The nearest technical support is seen at the levels of $13,296 and $13,116. The key technical support is located at $12, 625.

Weekly Pivot Points:
WR3 - $15,648
WR2 - $14,723
WR1 - $14,351

Weekly Pivot - $13,475
WS1 - $13,116
WS2 - $12,252
WS3 - $11,845


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

BTC analysis for November 02,.2020 - Watch for potential downside breakout towards $12.140

Further Development



Analyzing the current trading chart of BTC, I found that BTC is ready for the potential downside movement and the breakout of the multi day balance based on the dailly time-frame.

Watch for selling opportunities if you see the breakout of the Friday's low at $13,100 with the downside target set at $12,850 and $12,140


Key Levels:

Resistance: $13,900

Support level: $12,140




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

[IFX_Selena]

Technical Analysis of ETH/USD for 02 November 2020

Crypto Industry Outlook:
Orbit, a new commercialized renewable energy company, has announced that it will use the Ethereum blockchain to enable ordinary people to engage in buying and selling solar energy. According to reports, special ORBT tokens will be distributed and used to make these transactions. Given the fact that they will take place using the Ethereum blockchain, they will also be completely anonymous.

In a statement on their website, we read:

"We have decided to use an ICO instead of an IPO to respect the anonymity of our investors and also allow access to a wider group of people. This way our investors can earn from our success and support us at the same time as we do not have to give up any shares in our company".

The Orbit network focuses on commercialize renewable energy, including generators and solar cells for commercial and residential use. The idea is that the value of the ORBT token will be supported by people buying and selling products and services offered by Orbit. This provides a "safety net" for investors in the Orbit marketplace, even if the value of tokens is set to decline in the future.

Currently, $ 1 million ETH has been invested in Orbit tokens. Pre-order tokens not sold will reportedly be burned to prevent blur when $ ORBT is listed on Uniswap, Coingecko, Kyber, etc.


Technical Market Outlook:
The ETH/USD pair has bounced from the level of $375.52 and made a high at the level of $403.72, which is just at the short-term trend line resistance. The bears are trying to reverse the up move, but so far the pull-back was shallow. The next target for bears is seen at the level of $394.85, which is a technical support for the price. The rest of the support is seen at the levels of $389.90 and $#79.93.

Weekly Pivot Points:
WR3 - $456.03
WR2 - $431.91
WR1 - $415.05

Weekly Pivot - $393.33
WS1 - $376.79
WS2 - $355.02
WS3 - $337.80


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 02 November 2020

Crypto Industry Outlook:
Bitcoin's transaction costs continue to rise, while the most popular cryptocurrency network suffers from its heaviest overload in almost three years. According to Glassnode's data source, the average transaction fee, or average transaction cost, has been 0.00086764 BTC since Wednesday, the highest since June 2018. In dollar terms, the average transaction fee was $ 11.66.

Average fees per BTC increased by 573% in the last 12 days as the price of cryptocurrency increased from $ 11,200 to $ 13,800. As you can see, even small increases can translate into a significant impact of activity in the BTC network.


Technical Market Outlook:
The BTC/USD pair has been trading in a narrow rage located between the levels of $13,552 - $13, 776 for all the weekend. The market is still consolidating the gains after the yearly top at the level of $13,994 was made. The market conditions are extremely overbought on H4 and daily time frame, so a pull-back or correction might occur any time now. The nearest technical support is seen at the levels of $13,296 and $13,116.

Weekly Pivot Points:
WR3 - $15,648
WR2 - $14,723
WR1 - $14,351

Weekly Pivot - $13,475
WS1 - $13,116
WS2 - $12,252
WS3 - $11,845


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 October 2020

Crypto Industry Outlook:
The US cryptocurrency exchange Gemini has partnered with tax compliance company TaxBit to help their clients manage their cryptocurrency taxes with the Tax Center Suite.

Tyler Winklevoss, CEO of the Gemini Exchange, said TaxBit software will help reduce the "cryptocurrency tax problem" by allowing users to track the real-time impact of the tax on their crypto transactions with Gemini. According to the announcement, the tool will also allow customers to potentially increase their tax return and lower their tax liability by providing commercial alerts when tax savings opportunities are available.

The TaxBit Tax Center Suite solution is the first crypto tax tool that Gemini has ever implemented, a Gemini spokesman said. The representative said the company expects to integrate the TaxBit solution in the first half of 2021 or earlier, as it waits for final tax office guidelines on how to report cryptocurrencies.

Once the software is fully deployed to Gemini, US stock market customers will be able to download the tax report in the format required by the IRS.

The Winklevoss brothers invested in TaxBit earlier this year. In January 2020, their family office, Winklevoss Capital, participated in the TaxBit 5 million seed funding round. Gemini also has a referral relationship with TaxBit as of the 2019 tax reporting period, a Gemini spokesman noted


Technical Market Outlook:
The bears took control over the ETH/USD market and push the price back under the technical support located at the level of $379.73. Moreover, a new local low was made at the level of $375.52, so the bearish pressure intensify. The next target is seen at the level of $369.37 and $362.60. Weak and negative momentum supports the short-term bearish outlook. The weekly time frame candle is down and is approaching the lows of the last week seen at the level of $364.36.

Weekly Pivot Points:
WR3 - $490.39
WR2 - $455.51
WR1 - $435.03

Weekly Pivot - $398.88
WS1 - $379.21
WS2 - $342.87
WS3 - $323.39


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 30 October 2020

Crypto Industry Outlook:
A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investors' appetite for Bitcoin.

The company surveyed 1,000 American consumers between the ages of 25 and 64 who had participated in personal investments of $ 10,000 or more in household assets. The survey was conducted between June-July 2020, 63% of respondents who had invested in Bitcoin in the last four months said the pandemic influenced their decision. In addition, 39% felt that Bitcoin was more attractive due to the pandemic. Only 13% said the COVID-19-related events made the resource less desirable:

"According to respondents, Bitcoin appears to share some features with safe-haven investments. Bitcoin's scarcity, verifiable nature, lack of correlation with global markets, and the fact that it is not controlled by government organizations are the attributes that make Bitcoin similar." to traditional safe harbor investments. "

This seems to confirm Bitcoin's safe-haven status, as many analysts say. According to the survey, interest in Bitcoin as an investment appears to increase with education levels. Thus, only 17% of the respondents without a degree had a share of the assets, while 29% of the holders had a master's degree.



Technical Market Outlook:
The BTC/USD pair has made a Doji candlestick pattern, reversed from a new yearly high at the level of $13,778 and since then is trading in a horizontal trend, consolidating the recent gains. Please notice that the market keeps trading inside a channel as well and must stay inside it to continue the move up. If the level of $13,698 is clearly violated, then the next target is seen at the level of $14,000. The key short-term technical support is seen at the level of $12,625 and as long as is not broken the odds for another wave up are high. The intraday supports are seen at the levels of $13,296 and $13,116.

Weekly Pivot Points:
WR3 - $15,886
WR2 - $14,555
WR1 - $13,946

Weekly Pivot - $12,537
WS1 - $11,955
WS2 - $10,713
WS3 - $10,093


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.






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

[IFX_Selena]

BTC analysis for October 29,.2020 - BTC reached downside target at $13.200 and i heading towards next at $12.720

Further Development



Analyzing the current trading chart of BTC, I found that BTC tested the my downward target at $13,200 but that there is still space for more downside towards $12,720.

My expectation is the BTCcan trade lower and the selling opportunities on the rallies is preferable strategy for this condition.

Watch for selling opportunities...

Downward target is set at the price of $12,790


Key Levels:

Resistance: $13,300 and $13,190

Support level: $12,190



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