Cryptocurrency Analysis

[IFX_Selena]

Greetings!

This thread shall provide you with up-to-date market analyses on cryptocurrency. We hope that you could use them to guide you in your trading activities.

Thank you and have a productive trading experience!

[IFX_Selena]

Forecast for Bitcoin and US dollar on July 30. The United States is preparing to tax Bitcoin owners

Bitcoin – 4H.


As seen on the 4-hour chart, Bitcoin remains under the correction level of 38.2% ($9558) and left the limits of the "narrowing triangle" through its lower border. This moment allows traders to count on the continuation of the fall in the direction of the correction level of 127.2% ($8744). Given the nature of the latest news from the US that the government wants to tax all cryptocurrency owners and requires them to provide income reports, Bitcoin could indeed continue to fall. In recent years, the "bubble" is often inflated due to the actions of large investors on cryptocurrency exchanges, the growth of the "cue ball" is often artificial, unconfirmed by fundamental data or any changes in this area. But after periods of unjustified growth, Bitcoin quotes begin to fall, and often these drops are completely logical. In general, the behavior of Bitcoin is very much like certain segments of oil. Also, do not forget that Bitcoin is valued in dollars, and this currency shows a long and steady growth, and after summing up the results of the Fed meeting tomorrow, July 31, the dollar may strengthen even more, which will lead to the fall of the "cue ball". However, much will depend on the Fed, Jerome Powell and his psychological resilience to attacks and criticism of Donald Trump.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.


Forecast for Bitcoin and trading recommendations:
Bitcoin has complied with the rebound from the retracement level of 38.2% ($9558). Thus, I recommend selling the cryptocurrency with the target of $8744, with the stop-loss order above the level of 38.2%. I recommend buying Bitcoin with a target of $10478, and with a stop-loss order under the level of $9558, if the closing above the correction level of 38.2% is performed.



Performed by Samir Klishi
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Analysis of BITCOIN for July 30, 2019

Bitcoin consolidation has been expanding since the price reached the $9,400 support after impulsive bearish pressure. After breaking below $10,000 with a daily close, the price is expected to push towards $8,500 observing the momentum. In light of the recent price correction, a counter-move to push towards $10,000 is more probable.

After a sharp decline, the bitcoin price found support near $9,120. There has been a very little movement in Bitcoin prices over the past 24 hours. It has ranged between $9,600 and $9,430 in a very tight channel with little indication of a breakout in either direction. A trade volume is dropping off, currently down to $13 billion. BTC is holding on to support at the moment as the two-day consolidation rolls into a third one. From its peak of $13,800 last month, BTC has declined 31 percent to current prices. This would be a perfectly normal reaction from the parabolic price rise in recent weeks. In fact, BTC has experienced greater corrections of up to 40 percent, so further losses could be imminent.

The key thing to note on the larger time frame charts is the lower lows. The bull market remains established, provided that Bitcoin does not plunge below $6k which could mean a major trend reversal. A drop to $8k would still mean that BTC has surged 100 percent in four months this year. This volatile week has marked an extension of the downward pressure that Bitcoin first incurred in late-June when BTC sharply moved to $13,800. This move has significantly bolstered bears and has jeopardized the upwards momentum that Bitcoin has faced since earlier this year. Additionally, this choppy price action over the past several weeks has allowed BTC to establish a new price range roughly between $9,350 and $9,650 which is likely to persist in the near future.

To sum it up, Bitcoin still has chances to push higher as it remains above $8,500-9,000 with a daily close in the coming days. Currently trading above $9,400 indicates further upward pressure and consolidation explains the volatility and indecision in the Bitcoin market. Ahead of Fed's rate cut tomorrow, the crypto market is set to trade under higher volatility. Nevertheless, Bitcoin has a greater probability to surge higher in the short term.


TECHNICAL OVERVIEW:
The price is currently trading at the level slightly above $9,400 being held by dynamic levels as resistance. The price is trading inside the Kumo Cloud dynamic resistance which is needed to be broken above for further upward pressure to push the price to $10,000 or higher in the coming days. The price also formed Bullish Divergence along the way which also signals upward pressure. As the price remains above $8,500-9,000 with a daily close, BTC is likely to extend further upward pressure.





Performed by Rocky Yaman
Analytical expert
InstaForex Group © 2007-2019

[Randyhoabs]

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[IFX_Selena]

BTC. Bearish flag in creation
30 July 2019

Industry news:
Announced by Pundi X in a blog post on Monday, the firms have entered a symbiotic relationship regarding their wallet tech, with Pundi X integrating with Samsung's Blockchain Wallet and making its XWallet available to the Galaxy S10 phone's blockchain app options.

"This presents a unique opportunity to push blockchain technology and blockchain-based digital assets into the mainstream, reaching the millions of Samsung smartphone users around the world," firm says in the post.


Technical view:

BTC is trading sideways at the price of $9.550 and it seems like it is building a bear flag for more downside. Pat attention on important resistance levels at $9.600 and $9.700.

Technical picture:

Red rising line – Bear flag pattern in creation

Gray rectangle – Resistance 1 ($9.600)

Blue rectangle – Resistance 2 ($9.700)

Orange horizontal line – Main swing low ($9.101)

Stochastic oscillator is showing bearish divergence, which is sign for potential buyers exhaustion near the level of $9.600. My advice is to watch for selling opportunities with the downward target at $9.101.



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

[IFX_Selena]

Technical Analysis of ETH/USD for 31 July 2019

Crypto Industry News:
The US Department of Defense (DoD) aims to implement Blockchain's cybersecurity solution as part of its digital modernization strategy.

DoD has published plans for Blockchain technology in its four-year plan entitled "Digital DoD modernization strategy: Strategic plan for information management FY19-23."

According to the report, the Department's research branch, the Advanced Defense Research Projects Agency (DARPA), is currently involved in at least two cybercrime exploration projects using Blockchain.

First, DARPA is experimenting with Blockchain to build a new - or improved - communication and transaction platform. The stated intentions for this platform include communication between the units and the headquarters, as well as between intelligence officers and the Pentagon.

Second, DARPA tries to create an "unclassified code" using Blockchain technology, citing the ability of Blockchain to collect information about villains who are trying to break into databases.

Earlier, in February, DARPA announced plans to organize a two-day Blockchain workshop. DARPA was particularly interested in the study of consensus protocols not requiring consent. The organization also noted that there are potentially valuable use cases for Blockchain in storing data, saying: "The technologies of distributed consensus protocols have been revolutionized thanks to their significant role in cryptocurrency technologies and Blockchain. These technologies have dramatic implications for security and resilience when storing sensitive data and calculations, including for the Department of Defense".


Technical Market Overview:
Not much has changed at this market since the beginning of the week as the ETH/USD pair still keeps trading inside of a narrow price range between two levels of $189.91 - $223.38. The level of the local support at $199.68 has been tested, but the price did not break below but bounced back to the range. The bulls did not make any decision regarding the possible move higher, so the bullish momentum is decreasing as the price goes nowhere fast. In order to continue the move upwards, the bulls must break through the Fibonacci retracement levels located at $223.38, $233.77 and $244.16. Oterwise, the market will stay inside of the trading range or will be pushed lower by bears to test the technical support at the level of $189.91 again.

Weekly Pivot Points:
WR3 - $247.21
WR2 - $236.28
WR1 - $220.47

Weekly Pivot - $209.37
WS1 - $191.97
WS2 - $182.25
WS3 - $161.51


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 being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume sooner or later.





Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Forecast for Bitcoin and US dollar on July 31. Bitcoin, the most ambiguous tool, can move into growth again

Bitcoin – 4H.


As seen on the 4-hour chart, Bitcoin made a return to the correction level of 100.0% ($9679). However, the bearish divergence of the CCI indicator allows traders to count on some Bitcoin fall in the direction of the Fibo level of 127.2% ($8744). However, the passage of the peak of that divergence will cancel it, and the growth of BTC will continue in the direction of the correction level of 76.4% ($10478). According to many experts, Bitcoin in the long term will only continue to rise in price. In 2020, there will be a reduction in the remuneration of miners for the mined block. Now, it is 12.5 BTC, and will be – 6.25 BTC. The last time a similar event happened, in 2016, Bitcoin prices soared 10 times. However, the question: Is it possible that an unconfirmed cryptocurrency, which is often used for illegal purposes, will rise in price simply on the basis of a decrease in supply? It seems so. Of course, halving will take place only next year, and the "cue" and other cryptocurrencies still cannot exist on their own. That is, if the governments of the largest countries of the world prohibit the turnover of cryptocurrencies, it will already entail the collapse of their value. Thus, we can say that Bitcoin is growing, because it is still allowed to do so. India, however, has already banned cryptocurrencies. Perhaps in the future, other countries will follow its example.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.

Forecast for Bitcoin and trading recommendations:
Bitcoin made a return to the correction level of 100.0% ($9679). Thus, I recommend selling the cryptocurrency with the target of $8744, with the stop-loss order above the level of 38.2%, if there is a new rebound from the level of 100.0%. I recommend buying Bitcoin with a view to $10478, and with a stop-loss order under the level of $9558, if the closing above the correction level of 38.2% is performed.



Performed by Samir Klishi
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC analysis for May 17,.2021 - Third target reached at $43.000 but potential for further downside towards $30.000

Technical analysis:



BTC has been trading downwards as I expected. The price reached my third downside target at the price of $43.000.


Trading recommendation:
Anyway, my advice is still to watch for selling opportunities on the rallies with the downside target at $30.100.

Stochastic oscillator is in the oversold zone but there is no fresh bull cross, which is still bearish tone.

Resistance is set at $47.000





Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

XRP shows more signs of strength.

Despite the negative sentiment among most cryptocurrencies at the start of the week, XPR is showing signs of strength as price respects support and moves higher towards recent highs. XRP/USD has been differentiated from Bitcoin that is showing major topping signs.



Red lines - resistance trend lines

Blue lines- support trend lines

Green rectangle- major horizontal support area

XRP/USD made a high yesterday just above $1.60 while today price pulled back towards $1.30. The key support at $1.20 remains intact. Price has now moved above the short-term resistance trend line once again and has potential of reaching the upper resistance trend line at $1.65. As we explained in our last post, a break above $1.61 would be a bullish sign. XRP/USD shows that it is not so much affected by the negativity in other cryptocurrencies and might start a big upward move soon, if resistance is broken. We remind that bulls do not want to see price break below $1.20 as this will lead to a deeper decline towards $1 and lower.





Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

BITCOIN: Technical analysis of the current situation

BITCOIN


The bearish traders, who outlined the preconditions for the decline in April, are busy with the implementation of the downward movement in May. Last week was productive for the bears. They managed to cope with the attraction of the daytime cloud and, having gone beyond it, worked out the breakout target (45275 - 43109). Now bitcoin is in a fairly wide support zone formed by benchmarks from different time intervals (46238 - 45275 - 43109 - 41432 - 40514). The attraction and influence of such strong levels, combining their efforts in the support zones encountered, can again delay the development of the situation for a long time. For the appearance of further plans, the bulls need to implement a rebound from the encountered support and attraction zone. The main reference point in this case will be the area of 55000, overcoming this milestone will allow making new plans. Intermediate resistances on this path can currently be noted at 48858 – 50895 – 53515. In turn, the breakdown of the support zones (46238-40514) will lead to testing of important monthly boundaries (Ichimoku golden cross 37297 – 34354), and also raise the question of eliminating the weekly Ichimoku golden cross, its final boundary is now located at 34790.



The advantage of the lower halves belongs to the bears. Support for classic Pivot levels can be noted at 42137 – 40124 – 36288. There is a downward trend, but at the moment bitcoin is in the correction zone. The main benchmarks for the development of the correction are located today at 45973 (the central Pivot level of the day) and 49289 (the weekly long-term trend). Fixing above can change the current balance of power in the lower halves and confirm the formation of rebound from the supports encountered in the higher halves.


The technical analysis of the situation uses:

higher time frames - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)





Evangelos Poulakis
Analytical expert
InstaForex Group © 2007-2021