Cryptocurrency Analysis

[IFX_Selena]

Forecast and trading signals for Bitcoin on February 15

Bitcoin, H1 time frame:


Bitcoin began its downward correction in the H1 chart. And if Ethereum was corrected by $ 200, which is more than 10% of its value, then Bitcoin was corrected by $ 2000, which is less than 5% of its value. Thus, we have the right to expect a deep correction and even a downward trend in Ethereum, but on the "cue ball", a small pullback can only be seen after the next update of the absolute highs. The technical picture indicates that traders are currently preventing Bitcoin to move even below the critical Kijun-sen line, which is located in the nearest area of the price. Thus, a rebound from this line can provoke the continuation of the upward movement. It should also be noted that the price has fallen to the level of $ 46,300 several times recently, and the two previous attempts ended with rebounds and upward reversals. Therefore, it is very possible that the leading cryptocurrency will move up. During the previous review, it was recommended to buy it if it breaks through the level of $ 48233. However, the cryptocurrency did not grow for long after this signal was formed and so, it consolidated back below this level, which could bring small losses to traders. In turn, it was recommended to sell Bitcoin if it consolidates below the level of $ 45879, but it did not happen.


Bitcoin, M15 time frame:


Only the lower linear regression channel turned down in the M15 chart. Thus, Bitcoin's price is unlikely to further decline. In addition, this time frame shows that the price spent more than an hour below the Kijun-Sen line, so either it was a false breakdown, or the price will slightly move down.

There were discussions that large companies will also make new large purchases after Tesla bought out $ 1.5 billion of Bitcoin. And although there were no official announcements about new large transactions for the purchase of "cue ball", there are reports from time to time that this or that company or bank may start investing in cryptocurrencies soon. For example, it became known yesterday that one of the world's largest investment banks, Morgan Stanley, is considering investing in Bitcoin in the amount of about $ 150 billion. This was announced not by an independent expert in social networks, but by the Bloomberg news agency, citing its own sources. To make a transaction of this volume, the bank will need the permission of the relevant authorities, however, if such a transaction takes place, then the main digital coin may surge extremely. If the cryptocurrency rose by at least $ 5K on the news of Tesla buying 1.5 billion bitcoins, then what will happen to the price if Morgan Stanley invests 150 billion?

This kind of news is necessary to provoke the continuation of further growth of the cryptocurrency. If the demand for Bitcoin continues to grow, then its price will further rise despite all the statements of "cryptocurrency experts" like Nouriel Roubini, Elvira Nabiullina and other critics. What's more interesting is in which direction and with what force the quotes will move, and not how much Bitcoin will cost in a year or two. Most likely, it will collapse by 80% within a few months, as it has already been. But it is too early to discuss this. So far, there is an upward trend that needs to be worked out.

In any case, there are two trading ideas for February 15:

1) Buyers are still controlling the cryptocurrency market and are ready to push Bitcoin to new highs. Since the cue ball remains above the Kijun-sen line ($ 46756), it is recommended to buy Bitcoin, with the targets at the extremum levels of $ 482334 and $ 49600. In this case, the total profit-taking can be up to $ 2300 per lot. However, the quotes have consolidated below the critical line in the M15 chart, which makes it confusing. Thus, one should not rush to make new purchases.

2) Bears are still resting and are waiting for the bulls to leave the market. If the price consolidates below the Kijun-sen line ($ 46756), then it is possible to open short positions, with the target of the trend line. This can bring a profit of up to $ 3500 per lot. However, it is necessary to carefully monitor any news of the cryptocurrency market, since it can be recalled that one tweet from Musk led to a price growth of $ 5,000.


Explanations for illustrations:

Price levels of support and resistance (resistance/support) – levels that are targets when opening purchases or sales. It is possible to place Take Profit levels near these levels.

The Kijun-sen and Senkou Span B lines – Ichimoku indicator lines transferred to the H1 and H4 time frame.

Support and resistance areas – areas where the price has repeatedly rebounded.

Yellow lines – trend lines, trend channels and any other technical patterns.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Forecast and trading signals for Ethereum on February 15

Ethereum, H1 time frame:


Ethereum tried to update its absolute highs several times last week in the H1 chart. Some ended up lucky, but some didn't. The quotes of this cryptocurrency started to decline after a new high near the level of $ 1872 was formed. Traders finally started fixing profits on long positions, which led to its decline to the level of $ 200. It was previously mentioned that 10% per day for any cryptocurrency is a usual inactive Monday. Therefore, the main question now is, will Ethereum prices move below the Senkou Span B line and the upward trend line? So far, it is these limits that maintain the upward trend. If they do not resist, then a strong downward movement will most likely occur, which will be justified by technical factors.

Last time, it was recommended to buy Ethereum if a rebound occurs from the Kijun-sen line, but it did not happen. It was also suggested to sell it if the price breaks the critical line and it has been generated. Thus, now, traders should be in short positions with the Senkou Span B line and trend line as targets. Moreover, the Senkou Span B line has already been worked out, so sell deals can be closed now and wait for the formation of new signals.


Ethereum, M15 time frame:


Both linear regression channels turned down on the M15 chart, which confirms the formation of a corrective mood on the hourly time frame. Thus, we are now monitoring how the price behaves near the Senkou Span B line. The first attempt to break through this line was unsuccessful, which is clearly evident in the illustration.

At the moment, traders are introduced to the opinions of various people who are very important for the economy and the cryptocurrency segment in order to form a long-term opinion and long-term forecast regarding cryptocurrencies. As an example, Elvira Nabiullina gave her comment on Bitcoin, Ethereum, Litecoin and other popular tokens just the other day. In her opinion, they are not currencies, as they are too volatile and are used for questionable transactions. And although she acknowledged that people have an interest in cryptocurrencies, there are still high risks.

On another note, the beginning of the correction for all major cryptocurrencies may be the beginning of a long decline. It was already mentioned during the previous week that the reason why the price of cryptocurrencies grew is almost exclusively due to one factor – "Elon Musk factor", who gave several comments regarding these coins, and also purchased Bitcoin for $ 1.5 billion. However, any exciting news fades and so, the usual harsh everyday life begins. Traders do not yet see how to form new long positions. There were no new reports that any major company decided to follow the example of Tesla. Accordingly, new data will be needed that will contribute to the further growth. The good news for cryptocurrencies is that such news is not a problem. As we can see, comments in social networks may well provoke a strong growth in the market.

In any case, there are two trading ideas for February 15:

1) Buyers still take the lead, as the price continues to be above the Senkou Span B line and the trend line. Thus, it is recommended to buy Ethereum again if the price rebounds from the Senkou Span B line ($ 1661) or a trend line with targets set at the levels of $ 1757 and $ 1871. In this case, profit-taking can take up to $ 160 per lot. It is also possible to buy it, with a target of $ 1900, if traders successfully consolidate above the Kijun-sen line ($ 1762).

2) Bears managed to correct Ethereum by $ 200. Now, their main task is to continue attacking the bulls in order to consolidate below the Senkou Span B line ($ 1661). If this happens, it is possible to sell this cryptocurrency with a trendline target. Once this trend line breaks down, it will serve as a signal to open short positions with targets of $ 1557 and $ 1487. In this case, Take Profit can be up to $ 196 per lot.


Explanations for illustrations:

Price levels of support and resistance (resistance/support) – levels that are targets when opening purchases or sales. It is possible to place Take Profit levels near these levels.

The Kijun-sen and Senkou Span B lines – Ichimoku indicator lines transferred to the H1 and H4 time frame.

Support and resistance areas – areas where the price has repeatedly rebounded.

Yellow lines – trend lines, trend channels and any other technical patterns.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Litecoin breaks triangle pattern and reaches our target

In our previous analysis we noted the triangle pattern forming in the LTC/USD and we said that a break above $191 would push price towards $215. On Friday price broke out of the triangle. On Saturday price has reached the target and then some more. Bulls need to be cautious.



Triangle patterns are usually found near the end of the trend. Price has broken the triangle boundaries and reached our target. Now we prefer to be neutral and take profits. Another reason why prefer this stance is because we observe some warning signals in the Daily chart.



The Daily RSI is still not making higher highs. The RSI is forming a bearish divergence.This is the 2nd higher high in price that is not followed by a higher high in the RSI. This is a warning that at least a short-term top could be close. This is not a reversal signal. Trend remains bullish. Support is at $191-$192 the break out area. What was once resistance is now support.




Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Forecast and trading signals for Bitcoin for February 14. Analysis of Saturday deals. Recommendations for the revival. Bitcoin took the $49 thousand per coin mark!!!



#Bitcoin 1H

The Bitcoin cryptocurrency resumed its upward movement on the hourly timeframe on Sunday, February 14, having previously pushed off the critical Kijun-sen line. Thus, attempts to start a downward correction ended in failure, and Bitcoin is growing in price again, despite a huge number of skeptics. The price has successfully overcome the $48,233 level and now the next target for growth is the $50,834 resistance level. In principle, the technical picture is now extremely simple. The price cannot even settle below the Kijun-sen line, so there is no reason to expect a correction or the end of the upward trend. From a technical point of view. There is also an upward trend line, to which the price does not even approach, the trend is so strong now. Consequently, traders are encouraged to continue to trade bullish despite being near all-time highs. Who said that being near the highs is a reason for selling? In yesterday's bitcoin review, we advised you to buy the cryptocurrency when the price bounced off the Kijun-sen line, which then ran at $46,301. Such a rebound was created, so Bitcoin should have been bought. The first target was perfectly reached ($48,233) and the price did not even stay near it, so now you can stay with long positions opened yesterday according to our recommendations.



#Bitcoin 15M.

Both linear regression channels turned to the upside again on the 15-minute timeframe. Since the price failed to settle below the critical line, which is especially clearly seen on the current timeframe, the upward movement may continue, while the trend remains rising in the short term.

Meanwhile, the public continues to debate the act of Elon Musk and his Tesla company, which invested $1.5 billion in bitcoin last week. Musk was even more criticized for this act than supported, as it turned out that Tesla received environmental subsidies, and bitcoin is not an environmentally friendly product. Moreover, it was Musk's statements about bitcoin that provoked a new hype in the cryptocurrency market. Prominent economist Nouriel Roubini, who predicted the 2008 crisis and is one of the most prominent critics of Bitcoin, said central banks and other regulatory agencies should closely monitor Musk's actions and words. If there are no questions about the deals of his companies, then the fact that his posting on a social network causes Bitcoin to rise by $5,000 within a day is not normal. Thus, we are even talking about allegations of manipulation of the cryptocurrency market. Roubini also criticized the CEO of MicroStrategy Michael Sailor, who also invested a large share of the company's reserves in bitcoin, thus acting completely irresponsible, according to Roubini. Nouriel also believes that bitcoin may collapse in the near future if the cryptocurrency exchange Bitfinex and Tether lose the court on returning $800 million, which were frozen in the accounts of Crypto Capital. Tether is also under investigation by the Department of Justice and the New York Attorney General on charges of manipulating the cryptocurrency market. Roubini also believes that cryptocurrencies are a tool for scammers who steal billions of dollars every day. The future, according to Roubini, is in digital currencies, which will be issued by central banks, they will also be controlled and provided by them. This will lead to the optimization of monetary policy.

Possible scenarios on February 14:

1) Buyers continue to hold the cryptocurrency market in their hands and are ready to move Bitcoin to new highs in value. Since the "cue ball" has settled above the $48,233 level, we recommend staying with long positions while aiming for the resistance level of $50,834. The total Take Profit in this case can be up to $3,800 per 1 lot. Stop Loss can be placed just below $ 48,233.

2) Bears are still resting and waiting for the moment when buyers start taking profits on long positions. Thus, we do not recommend selling Bitcoin in the near future (at least today), as it is very dangerous in such a strong upward trend. Nevertheless, getting the price to settle below the critical line ($46,530) will allow us to expect a correction to the Senkou Span B line ($42,517), which can be used to open short positions.

On the chart:

Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

The Kijun-sen and Senkou Span B lines are the Ichimoku indicator lines transferred to the 1-hour timeframe from the 4-hour timeframe. Support and resistance areas are areas from which the price has repeatedly bounced off.

Yellow lines - trend lines, trend channels and any other technical patterns.





Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Trading Signal for BITCOIN for February 12 - 15, 2021: Key Level $46,080



These news show that Bitcoin is becoming the most requested digital asset as a means of payment and as a means of investment, this boom may take BTC / USD by the end of the year to the level of $ 100,000.

On the technical level, we note that BTC is trading above the 21 SMA and above the 4-hour uptrend channel, showing a strong bullish signal.

The objective in the short term to reach the $ 50,000 psychological level, for this the BTC / USD should remain above $ 46,000 dollars.

In the graph we notice a technical pattern of a bullish flag, the objective of this flag is the $ 50,000 area, this pattern also adds upward force and is very likely to happen in the coming days.

On the other hand, a break below the 21 SMA and a break of the uptrend channel, there could be a correction to the $ 42,250 area.

************************************************** *****************************************

Support And Resistance Levels For February 12 - 15, 2021

Resistance (1) $48,919
Resistance (2) $50,834
Resistance (3) $53,571

Support (1) $45,879
Support (2) $44,349
Support (3) $42,184




Dimitrios Zappas
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for February 11, 2021

Crypto Industry News:

Currently, there is just over 3 million ETH worth $ 5.4 billion on the ETH 2.0 blockchain. According to data from the analytical platform beaconcha.in, there are currently over 84,000 active validators.

Stacked ETH earn 9% per annum. As the price of cryptocurrency recently hit another all-time high, staking has so far been extremely profitable. The record level of ETH stakes is not the only milestone the network has achieved. Currently, Ethereum has swapped places with Bitcoin in terms of adjusted on-chain value transfer (according to CoinMetrics data).

CoinMetrics reports that on February 4, the adjusted ETH transfer value reached over $ 19 billion, the highest level ever. Other strong figures include the highest ever hash rate of around 350 TH / s hit this week and a record for miners' profits, which is not surprising given the astronomical gas prices.

Ethereum mining revenues peaked last week of $ 55 million in a single day. The miners were able to grab $ 3.74 million in one hour, setting another record. Of course, this comes at a cost for users. Gas is currently at its highest, averaging around $ 25 per transaction.


Technical Market Outlook:

The ETH/USD pair has made another swing high at the level of $1,836 but then made a Doji candlestick pattern on the H4 time frame chart and dipped to the level of $1,679. The next target for bulls is seen at the level of $1,904 (161% Fibonacci extension of the wave C). The intraday technical resistance is located at the level of $1,745. The momentum is strong and positive and market conditions are now bouncing from the oversold levels on the H4 time frame chart.

Weekly Pivot Points:
WR3 - $2,306
WR2 - $2,035
WR1 - $1,838

Weekly Pivot - $1,545
WS1 - $1,349
WS2 - $1,062
WS3 - $860


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.






Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for February 11, 2021

Crypto Industry News:
The number of pending transactions in Bitcoin memory briefly increased today to above 125,000. This corresponds to approximately 149 megabytes of data waiting to be added to the blockchain, enough to fill at least 107 incoming blocks.

While the increase was less than what caused a backlog of over 143,000 transactions on December 17, 2020, an increasingly crowded mempool encourages Bitcoin critics to verbally attack the network.

According to Bitcoin's stats trackers, it is currently recommended to charge at least 93 sat / byte to ensure that transactions are included in the upcoming block. At $ 46,280 per BTC and an average of 224 bytes per transaction, this gives a transaction fee of $ 9.63.

Still this morning - according to other data - the recommended fee for including transactions in the next block increased to 141.9 sat / byte. On February 8, a total of 84.72 BTC was collected from transaction fees, which corresponds to USD 2.05 million in miners' revenues. For most of November and December 2020, the transaction fees remained fairly reasonable. It was so even after the sharp bull market that caused the BTC price to exceed its previous historical highs.

Bitcoin's second tier scaling solution, the Lightning Network (LN), is also experiencing record increases in the number of participating nodes and the value of the total BTC capacity across all channels.


Technical Market Outlook:
The BTC/USD pair has retraced 38% of the last wave up and hit the level of $44,048 and bounced slightly. The next target for bulls is seen at the level of $50,000. The key short-term technical support is located at the level of $42,560. The next Fibonacci retracement levels are seen at $42,760 (50%) and $41,473 (61%). Please notice, that despite the strong and positive momentum, the market conditions are now extremely overbought, so some market reaction is expected once the level of $50,000 is hit.

Weekly Pivot Points:
WR3 - $51,306
WR2 - $46,193
WR1 - $42,645

Weekly Pivot - $37,209
WS1 - $34,108
WS2 - $28,930
WS3 - $25,324


Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $50,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken






Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Forecast and trading signals for Bitcoin on February 11

Bitcoin, H1 time frame:


Bitcoin has finally calmed down a bit in the H1 chart. Yesterday, the price was correcting and managed to consolidate below the level of $ 45879. Thus, it will now make an attempt to decline to the Kijun-sen line, above which the upward trend persists and does not cause any doubts. At the moment, the "cue ball" rate pulled back a little from its absolute highs and so, the growth may continue any time. However, Bitcoin cannot get expensive all the time. Its last growth was related exclusively with Elon Musk and his companies' statements and actions. However, there is no further reason for Bitcoin to continue to grow, not yet. During the previous review, it was recommended to buy Bitcoin if the price rebounds from the $ 45879 level or the Kijun-sen line. And so it happened, which resulted in a price growth by $ 1300. However, a new round of downward correction began, so traders close these deals at least to zero. In general, it is not recommended to sell cryptocurrency due to the continued strong trend.


Bitcoin, M15 time frame:


Both linear regression channels turned down in the M15 chart, which may lead to Bitcoin's continuation of the correction in the next few days. However, there is still a weak decline. It seems that buyers are not yet closing buy deals and are waiting for this cryptocurrency to rise again. But despite this behavior, the "cue ball" will still tend to correct in the coming days.

In the recent reviews, it was already mentioned that any common tweet or message on a social network can make any cryptocurrency strongly grow. However, it should be noted that what is referring here is not just any tweet, nor just any message. Traders and investors appreciate Elon Musk's words much more than any ordinary user. Not only that, the owner of Tesla and SpaceX supported Bitcoin not only with a word. On Tuesday, it was reported that Tesla purchased bitcoins in the amount of $ 1.5 billion, stating that it was going to expand the range of activities that brings the company profit. And now, completely new prospects are opening up for this cryptocurrency. If, after a tweet and a $ 1.5 billion purchase of bitcoins, the cryptocurrency rate itself increased by $ 10,000, then what will happen if other large tech companies also start investing in the cue ball? If, for example, Microsoft announces tomorrow that it bought Bitcoin in the amount of a couple of billion, will the rate soar to 55 thousand dollars? And what if other companies start buying up the cue ball? In general, we believe that the current growth of Bitcoin is absolutely not the limit.

It is also fair to note that out of 21 million coins received by miners, only 19 and about 15 million of them are in wallets without movement. This means that the total supply of "cue ball" on the market is now equal to not 19 million, but 4-5 at best. Therefore, the more "cue balls" deposited in the wallets of owners who expect further growth and do not spend or sell them, the higher the probability that the price of the cryptocurrency will continue to rise and pull other cryptocurrencies up. In general, the war between states, central banks on the one hand and companies, private investors on the other, is won by the latter.

In any case, there are two trading ideas for February 11:

1) Buyers still control the cryptocurrency market, but have taken a short break. Thus, it is recommended to buy Bitcoin again if the price consolidates above the level of $ 45,879, with a target set at the extreme level of $ 48,233. In this case, profit-taking can be up to $ 2,000 per lot. It is also possible to buy it if the price clearly and accurately rebounds from the Kijun-sen line ($ 42,756) with a target of $ 45,879.

2) Bears are resting again and are waiting for buyers to start fixing profits on long positions. Thus, it is not suggested to sell Bitcoin at least today or in the near future, since it is very risky on such a strong upward trend. It is necessary to wait until the upward trend is over and clear sell signals are observed. Selling can only be considered until the price consolidates below the Kijun-sen line ($ 42756).


Explanations for illustrations:

Price levels of support and resistance (resistance/support) - levels that are targets when opening purchases or sales. It is possible to place Take Profit levels near these levels.

The Kijun-sen and Senkou Span B lines are the Ichimoku indicator lines transferred to the H1 and H4 time frame.

Support and resistance areas - areas where the price has repeatedly rebounded.

Yellow lines - trend lines, trend channels and any other technical patterns.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Forecast and trading signals for Ethereum on February 11

Ethereum, H1 time frame:


Ethereum tried to continue moving up in the hourly chart yesterday, but it failed to overcome the resistance level of $ 1812.43. After rebounding from this level twice or thrice, the quotes decline to the extreme level of $ 1694.83. However, the price managed to consolidate below it. In this case, the cryptocurrency traded almost the whole day in a narrow sideways channel ($ 1694.83 - $ 1757.81), not far from its absolute high. And since the price did not even try to consolidate below the critical line, the upward trend remains unchanged. It should be recalled that there are two ascending trend lines at the exit. However, if there are no new surprising events for the cryptomarket in the next few days, Ethereum may adhere to continue the correction. In the preview review, it was recommended to open long positions if there is a rebound from the Kijun-sen line or the price breaks through the level of 1812.43. Unfortunately, none of it happened yesterday. It was also recommended to sell this cryptocurrency when it consolidated below the Kijun-sen line, but to no avail.


Ethereum, M15 time frame:


Both linear regression channels turned down on the M15 chart. The red circles seen in the chart indicate rebounds and false breakdowns of the level of $ 1812.43, wherein the price failed to settle above for more than 30 mins. Therefore, there was no consolidation above this level on the hourly chart, which means that it is not suggested to buy the cryptocurrency. Most likely, the quotes will stay in a side channel, tending to decline.

The more cryptocurrencies grow, the more people become interested in them. 10 years ago, Bitcoin was worth $ 5 per coin, but now, it is almost $ 50,000. The concept of cryptocurrencies is when the greater the demand, the more expensive the asset. During the previous days, all market participants and those simply interested have been discussing the prospects for Bitcoin and other most famous cryptocurrencies, such as Ethereum and Litecoin. It was already known that Ethereum has already entered the Chicago Mercantile Exchange, and one of the richest people on Earth, Elon Musk, believed in the "cue ball", which caused its strongest growth and the growth of other cryptocurrencies. At the same time, Litecoin creator, Charlie Lee, said in an interview that Elon Musk's belief in Bitcoin could revolutionize the entire cryptocurrency industry, as other large companies may follow Musk's example. Over time, wages can be paid in cryptocurrencies, they can participate in payments for goods and services, and the recipients of cryptocurrencies will not immediately seek to transfer them to fiat money.

At the moment, almost 90% of investors in any cryptocurrency are hoping to be rich. That is, the main functions of money – a means of saving, accumulating and calculating – are not performed by cryptocurrencies. However, it won't always be that way. Charlie Lee believes that cryptocurrencies will be able to participate in the real world one day on a par with ordinary money. In the meantime, the more people (especially the rich and famous) believe in cryptocurrencies, the more likely it is for them to continue to grow. However, one should not expect that all the prices of cryptocurrencies will rise. In 2017, both Ethereum and Bitcoin also surged in a few months to record values, but they declined after that by almost 90% from the initial growth. Ethereum started growing from $ 50, reached the value of $ 1414 at the very beginning of 2018, and then fell to $ 80. Thus, we should not be compliant that this will not happen again this year.

In any case, there are two trading ideas for February 11:

1) Buyers remain in control, but have taken a short break. Thus, it is recommended to buy Ethereum again if it successfully breaks through the resistance level of $ 1757.81, with targets located at the resistance level of $ 1812.43 and approximately $ 1900. In this case, Take Profit can be up to $ 1200 per lot. It is also possible to buy it with targets of $ 1,757.81 and $ 1,812.43 if the price rebounds from the Kijun-sen line ($ 1,661.00).

2) Bears have recently corrected the cryptocurrency, but the strength is still lacking. Today, there will be an attempt to resume the correction. But given the strength of the upward trend, it is suggested to trade below, with targets set at the level of $ 1557.33 and the Senkou Span B line ($ 1513.00), if the price consolidates below the Kijun-sen line ($ 1657.00). Anyhow, Take Profit can be up to 11000 points. Selling this cryptocurrency, in turn, is also possible once a rebound occurs from the level of $ 1812.43, with targets of $ 1757.81 and $ 1694.83.


Explanations for illustrations:

Price levels of support and resistance (resistance/support) - levels that are targets when opening purchases or sales. It is possible to place Take Profit levels near these levels.

The Kijun-sen and Senkou Span B lines are the Ichimoku indicator lines transferred to the H1 and H4 time frame.

Support and resistance areas - areas where the price has repeatedly rebounded.

Yellow lines - trend lines, trend channels and any other technical patterns.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Growth is canceled?

Cryptocurrencies fell amid a corrective decline in bitcoin. Ethereum quotes, despite attempts to gain a foothold above the local level of 1704.40, did not hold and fell to the next support of 1697.27.

The question of whether the local level of 1697.27 will stand is still open. The current attempts to break it still look uncertain, but it is too early to draw final conclusions. With the current technical picture from the horizontal of 1697.27, both an upward rebound of ETHUSD and a breakdown are possible. It is necessary to wait for more clarity on the chart.



Will the ETHUSD pair be able to return to growth and reach the level of 161.8 on Fibo Expansion? The price is in the middle of a wide range between the 100 and 161.8 levels of the Fibonacci extension. Theoretically, the quotes can move in any direction. In addition, the target of 161.8 for Fibo Expansion is indicative, it is completely unclear whether it will work out.

Another point is that bitcoin has moved out of the consolidation range downwards, and since the correlation between the first and second cryptocurrencies persists, Ethereum may also fall. But in my opinion, it is still worth waiting for a clear signal from the technical analysis.




Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021