Cryptocurrency Analysis

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Bitcoin rally will continue as long as the rate remains above the 200 MA

On Tuesday, MicroStrategy disclosed that it spent another $ 10 million to buy 229 bitcoins at an average price of $ 43,663. CEO Michael Saylor said the company now owns 92,079 BTC, for which it spent a total of $ 2.25 billion. The average price back then was $ 24,450.



Considering this, there is nothing to worry about on the crypto market, provided that Bitcoin remains above the 200 MA. Doing so will maintain the bullish trend in BTC. Accordingly, a drop below the level will immediately result in a collapse in the market, which is what happened with Bitcoin back in 2018. That time, BTC hit $ 20,000 and started a bear market. The downward movement lasted for two years.



Since BTC is still above the 200 MA, investors do not need to panic. However, it is understandable that some felt this way since Tesla CEO Elon Musk started expressing negativity against the cryptocurrency, not to mention China once again issued a number of prohibitive decisions against firms working in the crypto field. In view of this, the crypto fear and greed index has reached 21 points, which indicates the worries of investors, especially those who are suffering losses.



Nevertheless, the medium-term forecast for Bitcoin is full of hope. From the 200 MA, there is a chance of a quick recovery to $ 52,000, and then a sharp jump towards $ 64,000. But if Bitcoin drops below the 200 MA, its value will decline to $ 29,000, and then to $ 22,000.

Another good news worth mentioning is the announcement of London-based crypto custodian Copper. According to them, they were able to raise $ 50 million, thanks to the Series B round led by Dawn Capital and Target Global. Illuminate Financial Management, LocalGlobe and MMC Ventures also participated. This news is very beneficial because it proves that large organizations are interested in the cryptocurrency market. It certainly instills confidence in investors.





Jakub Novak
Analytical expert
InstaForex Group © 2007-2021

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Technical Analysis of ETH/USD for May 19, 2021

Crypto Industry News:
Graphics card giant Nvidia said the hash rate limiter present on RTX 3060 graphics cards will also be introduced on other RTX 30 series GPUs to deter cryptocurrency miners.

Nvidia announced that it will apply the reduced Ethereum hash rate to its newly manufactured GeForce RTX 3080, RTX 3070 and RTX 3060 Ti graphics cards. Models will be labeled "Lite Hash Rate" or LHR with the aim of delivering GPU cards to target customers, not cryptocurrency miners.

"The reduced hash rate only applies to newly produced LHR cards, not cards already purchased. We believe this extra step will bring more GeForce cards at better prices to the hands of gamers around the world."

Said Matt Wuebbling, Nvidia's global head of marketing for GeForce.

Nvidia reduced the hash rate of its earlier GPU models, announcing in February that the changes had reduced mining efficiency by 50%. However, in March, a driver update from the graphics card manufacturer inadvertently removed the limiter, allowing some cryptocurrency miners to hit 118.9 megahashes per second using Nvidia's RTX 3060 series.

Many users on the VideoCardz computer news site seemed to believe that the extended limits would reduce the incentive for card buyers to immediately resell them at a profit to cryptocurrency miners.

The company will begin selling the new RTX 3080, RTX 3070 and RTX 3060 Ti graphics cards in late May, with the LHR label in the product lists and on the box.


Technical Market Outlook:
The ETH/USD pair has made another wave down to the level of $2,847 which is a 161% Fibonacci extension of the last wave down. There is a lower channel line as well around this level, so the local bounce towards the technical resistance seen at the levels of $3,130, $3,184 and $2,955 is possible. The market is in full control of bears and only a strong breakout above the level of $3,623 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish (but still corrective in nature). The next target for bears is seen at the level of $2,757.

Weekly Pivot Points:
WR3 - $4,859
WR2 - $4,608
WR1 - $3,835

Weekly Pivot - $3,623
WS1 - $2,857
WS2 - $2,581
WS3 - $1,823


Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,000, so only a weekly candle close below this level will invalidate the bullish scenario.







Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

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China's financial regulators ban provision of services related to cryptocurrencies



A few months ago, there were rumors that the largest central banks in the world could prohibit owning bitcoin, mining it, and carrying out trading operations using cryptocurrencies. In fact, these rumors have been circulating for several years, since it is simply unprofitable for governments and central banks to have such a currency in their country that is beyond their control. In addition to the banal arguments that illegal transactions, terrorist financing, and money laundering are carried out with the help of bitcoin and other cryptocurrencies, there is another argument. The governments of the country always need to know who owns how much money and who where to spend this money. With the advent of cryptocurrencies, it has become very difficult to gain control over this data. Of course, there are technologies and ways to obtain such information. However, if all the necessary answers with the help of the existing banking system can be obtained quite easily and simply, then with the advent of cryptocurrencies, it has become much more difficult to track cash flows. Therefore, the question of a possible ban on certain operations with bitcoin and its counterparts, as they say, was in the air for a very long time. In the past year, many "crypto experts" have repeatedly stated that no central bank will be able to prohibit bitcoin or transactions with it, since it is already too deeply integrated into the current financial system. But, as practice shows, "never say never." It became known this morning that financial regulators in China have banned financial institutions in their country from providing services that are associated with "digital assets". These are the regulators that oversee financial transactions, the payments market and clearing. Thus, from now on, Chinese companies are prohibited from providing storage, transfer, and payment services related to cryptocurrencies. They are also prohibited from releasing new products that are somehow related to digital assets. The corresponding statement said that cryptocurrencies have no real and fair value, they are easy to manipulate (like Elon Musk does), and trading contracts are not protected by law. If anyone does not know, the vast majority of mining facilities are located in China. About a month ago, Bitcoin collapsed simply due to the fact that in one district of China (Xinjiang), power outages began, due to which the mining farms could not continue their work. And Xinjiang County is the largest mining farm in China. It accounts for about 30% of the capacity. What will happen now that financial institutions are banned from dealing with digital assets in all of China?



Technically, Bitcoin on the 4-hour timeframe is exhibiting an even more impressive fall. In principle, the target is now the level of $30,500, which we marked on the daily timeframe. Given the fundamental background, Bitcoin could indeed plummet well below current levels.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for May 19, 2021

Crypto Industry News:
The largest cryptocurrency in the world by market capitalization is currently changing hands for around $ 38,600. According to CoinGecko data, this is the lowest price level in 14 weeks.

The overall decline in the cryptocurrency market continued over the past week and continued after yesterday's reports that China was repeating the country's 2017 stance on the cryptocurrency ban.

The National Internet Finance Association of China (NIFA), China Banking Association (CBA) and Payment and Clearing Association of China (PCAC) jointly issued a note on Tuesday evening Chinese time in which they advised their member financial and payment institutions not to engage or provide services to companies related to cryptocurrencies.

All three bodies are self-regulated organizations under the supervision of several Chinese ministries, including the People's Bank of China (PBoC) and the China Securities Regulatory Commission.

Data from Bybt shows that more than $ 1 billion in futures markets has been liquidated in the past 24 hours. Half of them are long positions in bitcoin.


Technical Market Outlook:
The BTC/USD pair has made another wave down to the level of $38,600 and bounced off the lows. The immediate technical resistance is seen at the level of $40,922, $41,821 and $43,097. Please notice, the market still trades under the trend line resistance and under the zone located between the levels of $43,097 - $41,794. The market is in full control of bears and only a strong breakout above the level of $46,371 would temporary change the outlook to bullish (but still corrective in nature).

Weekly Pivot Points:
WR3 - $67,286
WR2 - $62,987
WR1 - $51,788

Weekly Pivot - $47,852
WS1 - $35,984
WS2 - $32,386
WS3 - $20,567


Trading Recommendations:
Event despite the recent correction 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 $70,000. 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 on the daily time frame chart (daily candle close below $30k).






Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin crashes again!



Yesterday, we said that bitcoin by some miracle was refrained from fixing below the level of $43,852. However, it did not hold on for long. Yesterday's trading still closed below the level of $43,852, which was a signal for the continuation of the correction. The quotes of the first cryptocurrency in the world fell by another 3.5 thousand dollars and at this time, "digital gold", which should grow to $100,000 this year, is trading around the level of $40,000 per coin. Thus, the fall continues and the cryptocurrency has fallen by $20,000 in just 10 days. Still, there are "crypto experts" who firmly believed that bitcoin would grow forever and continuously. It would probably be interesting to watch such a tool, but the stronger bitcoin grew in the last year, the more it resembled a banal financial pyramid or "bubble". And sooner or later, all "bubbles" burst, and all the financial pyramids collapse. Thus, bitcoin can now fall in price up to $30,000. Earlier, two global upward trends on bitcoin ended in the same way – a fall of 80-90% of the value. All the arguments of crypto experts that now this can no longer happen since too many large investors and institutions have entered the market, who can afford to hold bitcoin for a very long time and do not count on short-term profits, are now causing laughter. As practice has shown, large investors also do not like to receive losses, so there is no doubt that most of them are now selling bitcoin as well as small traders and investors. I wonder if Tesla is the first on this list of sellers? It should also be recalled that the last growth of bitcoin, by and large, was accidental, as it was clearly provoked by the pandemic crisis and the injection of huge sums by the US government into the economy. The extra money simply went into the riskiest investments, as people wanted to earn even more and save themselves from the inevitable inflation. Now, it would be interesting to hear new forecasts from "crypto experts". They would probably say that bitcoin will resume the upward trend in any case. This is possible, but it is unlikely to be anytime soon. Recall that many crypto experts who regularly give a forecast of the value of bitcoin are large investors or simply associated with the crypto industry. Thus, it is simply beneficial for them that more and more new investors and investments come to the market, since it is due to this influx that the growth of bitcoin is carried out. Accordingly, in order for the current investors to get richer, new investors are needed. But, as it turned out, at the levels of about $60,000 per coin, there were few willing to buy. And bitcoin can not stand for a long time in one place near its absolute highs. For a long time, the bulls tried to maintain the upward trend, but in the end they did not succeed. Meanwhile, MicroStrategy bought another $10 million worth of bitcoins.



Technically, bitcoin is fixed below the support level of $43,852, so we expect a continuation of the downward movement. Only while this article is being written, bitcoin managed to fall in price by $800. Thus, today can become absolutely "black" for bitcoin. The nearest target is the level of $38,467, which is almost reached. The next target is the $30,501 level.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin - Could We Have A Bulls Attack?

Bitcoin sell-off continues after taking out a major support zone. The price has dropped as much as 38,500.00 today registering a fresh lower low. The pressure is high, so the price could extend its sell-off anytime even if it trades higher at 39,633.77 at the time of writing.

Technically, the price of Bitcoin has reached dynamic support, it remains to see how it will react in the upcoming 2 or 3 days. Being rejected from this downside obstacle could signal a new leg higher.


BTC/USD CHALLENGING DYNAMIC SUPPORT!


BTC/USD ignored the 41,986.37 - 43,016.00 support area and now is pressuring the lower median line (lml) of the descending pitchfork. Is traded also below the S1 (40,305.69) signaling strong sellers.

Registering a false breakdown with great separation below the lower median line (lml) followed by a come back above the S1 could represent the first signal that Bitcoin's decline could end.


BITCOIN FORECAST!

Dropping and stabilizing below the lower median line (lml) and under the 38,500 low validates a broader drop towards 34,193.

Bitcoin could give birth to a new swing higher only if it stays above the lower median line (lml) and beyond the 40,000 psychological level.





Ralph Shedler
Analytical expert
InstaForex Group © 2007-2021

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New cryptocurrency F * CKELON gains popularity among crypto-traders



As we have already said, bitcoin fell after a series of regular tweets and statements by Elon Musk. However, if previously most messages from the CEO of Tesla led to an increase in the price of "digital gold", then in the last month, each message from Musk leads to its fall. Accordingly, all categories of investors and traders lose money, so they are very angry with Musk. Against this background, a group of crypto traders created a new token called F*CKELON. According to the developers, the total number of coins will be one billion, and the first owners of coins were almost 10,000 addresses, which shows well how the crypto community is enraged by Musk's tweets. At the moment, the new token costs about $0.0052 and has risen in price by 2000% in just 12 hours. Also on the Internet, a petition called "Musk must sell all bitcoin coins" was created, which is actively collecting signatures at this time. "If bitcoin or Dogecoin were regulated as securities, then this whole farce would be considered a fraud, and Musk would go to prison," the petition says.

Also, do not forget that about a month ago, the so-called "altcoin season" began. So experts called the process of pumping money from expensive bitcoin to less expensive alternative tokens, which have much greater growth potential. This also contributed to the fall in the bitcoin quotes, as the number of investors in "digital gold" decreased. At the same time, the Ethereum cryptocurrency is gaining popularity. Recently, the media has paid more attention to it than to bitcoin. The most common forecast that I have heard is $10,000 per coin, which is currently trading at $3,462 and has also collapsed over the past week, losing about a quarter of its value. The founder of the Galaxy Digital crypto bank, Mike Novogratz, believes that ethereum can grow to $5,000 in the near future. According to Novogratz, such a forecast is pure mathematics. Novogratz himself has about 85% of cryptocurrencies in his portfolio but advises everyone to invest very carefully in digital assets, as he considers them high-risk.



It should also be noted that the technical picture for ether is more favorable than for bitcoin. Cryptocurrency quotes have fallen to the critical Kijun-sen line on the 4-hour time frame, and there is a high probability of a rebound from this line. And if there is a rebound, it will mean that the cryptocurrency will resume growth. If overcome, then ether may also continue to fall to the level of $2,481. However, so far, most traders and investors believe in ether more than in bitcoin. The bitcoin will have to try very hard to resume the upward trend. On the other hand, the trend, when bitcoin pulls the entire crypto market, has not been canceled. And at the moment we are talking about the fall.




Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

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ETH took a break, XRP and LTC pull the market to growth: analysis and forecasts

After an extremely poor start to the week, the main altcoins are beginning to recover their positions. Some coins almost completely recouped Sunday's drop in quotes, and some are only approaching dangerous and important milestones. The crypto market is creaking, but it is coming out of the local crisis and even shows an increase of 1% over the past day.

The main factor in the success of the market was the personal growth of the XRP token. Over the past day, the asset rose by 6% and reached $1.65, which allowed the coin to break into the top 4 by capitalization. The cryptocurrency is growing in leaps and bounds and is accompanied by a surge in daily trading volumes, which in normal times are quite low in the region of $11 billion. In a narrower perspective, the coin also shows a good growth dynamics of +3.5%. The growth of the XRP/USD pair is mainly related to the defining event in the Ripple v. SEC case. The company managed to get hold of the documents of the regulator, and if the creator of XRP finds among them proof that the cryptocurrency is not a security, then the case will be won. This turn of events inspired positive investors, who, against the background of the problems of other assets, trusted XRP. Thanks to the growth of the token, the market managed to reach a plus at the end of the day, and soon, XRP will be the engine of the market.



Things are a little more complicated for ETH, which was overtaken by a market correction triggered by the collapse of bitcoin. As a result, the asset is held in the area of $3,490 and has fallen in price by 1% over the past day. At the same time, the daily trading volumes, which amount to only $65 billion, also sank. Despite this, there is no doubt that the asset will soon resume growth. The first prerequisites for this were the news that commissions on the ether network fell by 71% due to the market correction. This will cause a new surge in growth and activity in the ETH network, as the closest competitor - bitcoin - has a lot of other problems and distrust. In addition, it became known that the ether project attracted $27 million of investment over the past week and most of the bitcoin audience is gradually moving to the base of the main altcoin. Based on this, we can assume that the asset will resume its growth soon.



Likewise, things are also a little complicated for LTC, which is rising in price following the impulse of the Ripple token. The asset showed a steady growth of 6.5%, which indicates the coin's readiness to take advantage of the positive on the market and start growing. At the same time, the volume of daily trading in the litecoin network remains at a low level in the region of $9 billion. The cryptocurrency is quoted at $300 and continues to recover its positions after the bitcoin crash on Sunday. In the near future, the coin will continue to rise in price, and the first visible problem on the way to acceptable positions at $350 is the difficult $330 mark. In an altcoin situation, everything will depend on the news background and the general mood of the market and other cryptocurrencies.



It is difficult for the cryptocurrency market to start a protracted growth without significant news reasons, which have so far been extremely negative. Investors are very cool about the market due to the possible introduction of stricter legal regulation of coins. Investigations into the Binance crypto exchange are ongoing, and the central banks of South Korea and India are urging banks to abandon cryptocurrency transactions. All this creates a kind of tension around individual coins and serves as a reason to look for more reliable and understandable ways of investing. Ripple's victory over the SEC could be the decisive factor that could trigger a boom in the market and herald the beginning of a new growth cycle for the cryptocurrency market.





Artem Petrenko
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin: Statistics show panic sell-offs

Bitcoin has not yet changed its technical picture, all the price benchmarks and scenarios noted in yesterday's forecast remain in force.

Meanwhile, interesting information is coming in from the network data provider Glassnode. They show that the net positions of miners and long-term holders continue to grow. At the expense of whom, then, does bitcoin fall? As suggested in previous reviews - at the expense of speculators.

Thus, the number of non-zero bitcoin addresses has significantly decreased. Glassnode reports: "The total number of addresses with a non-zero BTC balance is down 2.8% from the recent all-time high of 38.7 million addresses. A total of 1.1 million addresses have used up all the coins they had during this correction, which again indicates that a panic sell-off is currently underway."

Let's look at the on-chain metrics. The SOPR or spent output profit ratio measures the net gain and loss on outstanding bitcoins. "Short-term SOPR holder" or STH-SOPR stands for coins younger than 155 days. STH-SOPR fell below the key threshold of 1 according to Glassnode data.

The drop in the SOPR below 1 indicates that short-term holders decided to panic sell, fixing investment losses. At the same time, long-term coin holders continued to accumulate them. As the Glassnode data shows, the number of accumulation addresses increased dramatically during the price collapse.

It is always interesting to understand what reputable analysts think about the situation and find that the opinion presented in their own forecast based on the plus/minus technical analysis coincides.

Experts note that the price of BTC has not yet reached its bottom, and they expect a further collapse. Rich Ross of Evercore ISI noted in an interview with Bloomberg that the price of bitcoin is likely to continue to decline, to support at the 200-day moving average, that is, near $40,000.

Tallbacken Capital Advisors, LLC CEO Michael Purves also noted that momentum has now shifted quite decisively towards the bears, and $42,000 is an important support for bitcoin. If it does not manage to stay higher, it is worth preparing for further losses.

Wall Street veteran and Galaxy Digital founder Mike Novogratz said BTC will continue to remain under pressure at around $45,000 over the next six weeks. "I think we are going to consolidate for a while, four to six weeks," he said.

Let me remind you that based on the technical analysis on the daily chart of BTC/USD, the support level of 41,980.24 is clearly visible, above which the price has so far managed to stay. If an upward correction follows from this level, then it can be stopped by the resistance of the downward channel (marked with blue dotted lines) in the area of 51,000-54,000. And if the price rebounds from the resistance of this trend, it may be a signal of a deeper correction.

If the level of 41,980.24 does not hold up as a support, then, as noted yesterday, bitcoin will fly to almost $34,000 per coin, if, of course, the psychological level of $40,000 is broken.






Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Crypto hamsters are fleeing the ship, is everything as bad as it might seem?

A few weeks have passed since our last article, and now everything has changed so much that it becomes truly scary.

The cryptocurrency market has been experiencing a difficult time in recent days, the bitcoin correction has reached a scale of 35%, the second cryptocurrency has sunk by more than 28%, for the rest of the altcoins it is even scary to talk, since the declines are comparable to panic: -40%, -50% and even -70% of the value.

The "red candles" show was sponsored by everyone's favorite showman, businessman, and just a good crypto-fraudster Elon Musk, who recently made a number of loud statements that instantly won back the markets in the form of price crashes.

What has been said?

In the beginning, Elon Musk expressed strong displeasure that bitcoin mining is harmful to the environment and Tesla will no longer accept payments in BTC.

After that, Elon Musk criticized bitcoin for centralization. As an example, he cited an incident in Chinese mines that provoked a temporary drop in hash rate.

In principle, the great and powerful Musk is right, but do not forget about the main thing, he is a businessman and does not have to think about the well-being of crypto hamsters.

All of his statements are nothing more than playing on a large financial field, or do you really think that he is so concerned about environmental issues in the bitcoin mining process?

If you go a little deeper, you can see the essence of everything that is happening, this is just a large amount of money that Elon Musk plans to get in the near future.

Tesla has become one of the candidates for credit financing from the US government - the corporation can receive funds for the development of renewable energy sources.

One member of the US Congress suggests that the real reason for criticism towards BTC is precisely the possible cash injections, and Musk may well enter the eco-mining market.

Not only Musk managed to stand out in this big drop in the cryptocurrency market, the founder of the second-largest cryptocurrency Ethereum, Vitalik Buterin, sold a huge number of meme coins (Shiba Inu (SHIB), AKITA (AKITA), and Dogelon Mars (ELON), and transferred the proceeds for charity.

Vitalik's case is sacred, but he pumped the altcoin market, increasing panic in risky assets.

From the above information, the true motive for the decline in the crypto market becomes clear, but what awaits us next?

First, it is worth highlighting the information where Elon Musk spreads a lot of rumors that Tesla and Musk himself are already beginning to sell off bitcoin holding on the balance sheet.

"To clear up rumors, Tesla did not sell bitcoins," Musk wrote on Twitter

This news locally supported cryptocurrencies, but panic and fear among traders are already on the market, and it is quite difficult to get rid of them.

In this situation, it is worth paying close attention to the information flow, since it sets the pace for the market.


Will crypto winter come in summer?

It's a good question, since now we have only a correction, and the cryptocurrency is still shooting in the market.

What confuses me more than the negativity on the part of Elon Musk is a huge flow of fresh blood on the market, where they shout from every iron about how good it is in the crypto market and how you can make money quickly. Grandfathers, Grandmothers, Grandchildren, Granddaughters, Taxi drivers, Bartenders, Cleaners - all became crypto experts, but this is not a good signal. I advise you to think about fixing the previously received super-profits, since soon the music may end, and the chairs will not be enough for everyone.


If there is hope for further growth?

In principle, there is, but the mechanism for the absorption of crypto hamsters has already been launched, and at any moment the trap can be closed. In simple words, even if the current food comes to naught, we will see further overheating, where, as a result, large players can turn into new blood, which will also eventually lead to a cycle of decline in the crypto market.


What happens on trading charts?

The first cryptocurrency (Bitcoin) has approached the important price area of $40,000/$43,000, which at this time still serves as a support level and leaves hope for a bright future. In order to dispel the fears of the crypto winter, the quotes need to bounce towards the values of $52,000-$60,000. In this scenario, another round of upward interest may arise, which ultimately will lead to the renewal of the local maximum ($64,899) and the formation of a new cycle.

A breakdown of the $40,000/$43,000 area will lead to even greater aggravation and fear among market participants, where the weakening of bitcoin in the direction of $29,000/$31,000 is not excluded.



The second cryptocurrency (Ethereum) is still at the conditional peak of the trend, although it has a 28% correction. The downward cycle has come not so long ago, traders are more confident in saying that the upward move may return to the market, and the coordinates of $5,000 per ETH may come soon.

In simple words, if the negative is easily removed from the horizon, the ether can continue to grow without any extra effort.

Keeping the price above $4,000 can instill confidence in buyers.

A breakdown of the $3,000 mark can increase fear in the market.



General background of the crypto market

Analyzing the total market capitalization of the crypto industry, we see that in a little less than a week the market lost more than $400 billion in capitalization, this is quite a lot, but not critical.

The total market is currently $2.128 trillion.

Bitcoin retains its dominant position in the market at 39.8% of the Total Market, which is equivalent to $850,967,725,791 in numbers, but note how much altcoins are growing, since just recently the dominant share of BTC was more than 50%.



The index of emotions (aka fear and greed) of the crypto market has a very low indicator, which indicates a high excitement among traders. Just last week, the index moved steadily above the 60-point mark, and now it barely exceeds the 20-point mark.



Indicator analysis

Analyzing different sectors of time frames (TF), it can be seen that the indicators of technical instruments on the hourly, daily, and weekly periods signal the sale of BTC, just reflecting to us the stage of correction in the market.

The monthly period, as before, follows an upward trend, signaling a buy.






Gven Podolsky
Analytical expert
InstaForex Group © 2007-2021