Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for September 02,.2021 - Watch for the downside rotation towards $48.800

Technical Analysis:



BTC has been trading sideways in last few hours at the price of $50,000. Watch for potential downside rotation.


Trading recommendation:
Watch for the breakout of the consolidation low at the price of $49,700 to confirm further downside rotation.

Downside targets are set at the price of $49,300 and $48,800

Stochastic oscillator is showing bearish divergence and potential for the downside rotation....





Petar Jacimovic
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

SEC issues warning to crypto platforms



Securities and Exchange Commission (SEC) Chairman Gary Gensler issued another warning to crypto platforms: "Ask permission before launching a product because there is no forgiveness if you get caught breaking the rules." He made this comment when he was speaking with European policymakers on Wednesday to point out the need for more coordinated structure in regulating the crypto industry.

Gensler said the US has clear regulations, but noted that there are still gaps needed to be addressed. Because of this, he wants tougher stance against brokerage firms such as ban on payments for order flow.

These comments are not new nor surprising since he recently called the industry the "Wild West" and called on Congress to allow the SEC to set more rules.

As such, the Congress put more emphasis on the sector, including new tax reporting requirements on the $ 1 trillion infrastructure bill recently passed by the Senate.

It is obvious that regulators are becoming increasingly concerned that the digital asset industry is spiraling out of their control. DeFi platforms, in particular, are in the spotlight. Gensler said these platforms are "heavily centralized," so they must be regulated by the SEC or other agencies.

Currently, digital tokens appear on all DeFi platforms, and anyone can launch a token on them. Uniswap, for example, reported that it has 1.5 million users and 60 million transactions processed. Sales over the past 24 hours were $ 455 million, based on total liquidity of $ 4.6 billion.

But even if the SEC sets more rules for DeFi platforms in the US, the crypto industry has already expanded so much globally. Most of the trading volume now takes place outside of US exchanges, such as Coinbase Global (ticker: COIN) and other platforms in Canada, France, Germany, Italy, Japan and the UK.

Major exchanges such as Binance and FTX, although not available to US crypto traders, account for most of the cryptocurrency liquidity, which is estimated to be five times that of regulated domestic exchanges.

Some exchanges are already paying heavy fines. For example, BitMex recently agreed to pay $ 100 million to settle a lawsuit filed by the Commodity Futures Trading Commission.

And if repression comes, it will most likely not happen overnight. Congress may have to authorize the SEC to regulate bitcoin and other decentralized tokens as securities (although the initial coin offering may now be required to register or receive an exemption). Other regulators will want to play their part too, including the CFTC (where Gensler was the former chairman).

Unclear regulatory prospects and a lengthy rule-making process may also be reasons why crypto investors are not particularly concerned.





Andrey Shevchenko
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for September 2, 2021

Crypto Industry News:
Twitter may soon allow users to donate to other followers with Bitcoin after the "Tip Jar" feature update, according to a MacRumors report.

Code in Twitter's latest beta suggests that BTC support will be rolled out to the platform's tip service, which was launched in May this year. The update indicates that users will receive a Bitcoin tutorial, including details on the Lightning Network and unprotected wallets. It also informs users that a Strike account is required to use this feature.

Integration between the cryptocurrency and the social media platform has long been an area of interest for the crypto community, given Bitcoin's endorsement from Twitter founder Jack Dorsey.

Twitter also recently posted jobs in the Payments department for a solicitor and chief compliance officer who are experienced in cryptocurrencies. The Chief Compliance Officer for Payments will liaise with legal counsel and review laws, standards, and regulations that may apply to Twitter products. So basically everything that has to do with crypto in these areas.


Technical Market Outlook
The BTC/USD pair has been seen moving towards the last swing high in impulsive fashion. The nearest technical resistance is seen at the level of $50,456 (last week high). The key short-term technical support is seen at $46,719 and $46,209 (last week lows). On the higher time frame chart than H4, the bulls are having problems with the level of $51,189, which is the 61% Fibonacci retracement of the whole move down.

Weekly Pivot Points:
WR3 - $54,910
WR2 - $52,718
WR1 - $50,895

Weekly Pivot - $48,630
WS1 - $46,765
WS2 - $43,987
WS3 - $42,007


Trading Outlook:
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. The next mid-term target is seen at the level of $51,189, which is the 61% Fibonacci retracement of the whole move down. 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 of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for September 2, 2021

Crypto Industry News:
The Center, the consortium responsible for the USDC issue, said it has hired six new employees to expand its reach and create partnerships overseas. The goal of this move is to create a global stablecoin network. David Puth, CEO of the Center, assembled this team in just nine months and looks forward to working with potential partners as well as setting new standards.

Puth stated:
"We put this team together to provide the right talent balance that will allow us to grow significantly while maintaining the highest standards of integrity, compliance and trust."

Newly hired directors include John Shipman, commercial director; Mark duBose, chief risk and compliance officer; Beth Zolkind, Chief Financial Officer; Chad Richman, Senior Adviser; Jessica Gardner, Business Operations Manager; and Kevin Mills, project manager. Each of them has extensive experience, and their previous employers were, among others PwC, Circle, Fenwick & West and SOM.

This team is considered to be the driving force behind the company's expansion. Puth revealed that the Center aims to develop the idea of a global network of stablecoins.

It then revealed that the Center is already in talks with several partners interested in launching two different stablecoins in the European region. USDC, the stablecoin issued by Center, saw strong growth this year, reaching a market capitalization of $ 27.4 billion, while one of its issuers, Circle, announced in July that it would go public in the last quarter of this year.

However, USDC is still overshadowed by USDT, the leading stablecoin on the market issued by Tether. It has a market capitalization of $ 66 billion and is present on several networks, including Ethereum and Tron.


Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $3,843 (at the time of writing the analysis). The next target for bulls is seen at $4,000 and $4,204, but the market conditions remains overbought. The nearest technical support is seen at $3,596. The short-term outlook remains bullish with a typical pull-back along the way up.

Weekly Pivot Points:
WR3 - $3,712
WR2 - $3,560
WR1 - $3,379

Weekly Pivot - $3,218
WS1 - $3,063
WS2 - $2,891
WS3 - $2,721


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550,. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.







Sebastian Seliga
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

We can safely say that the cryptocurrency market is already in bull's arms



Forecasts regarding bitcoin and the rest of the altcoin market are becoming as optimistic and bullish as possible. Facts and graphs are stubborn things, they can't lie when it comes to the cryptocurrency market, since this is the cornerstone of the entire crypto market. Now more than ever, you can see the introduction of new investors, a huge number of holders and a bullish wind of change. Now bitcoin continues its upward movement.

This month, it tested its summer high by reaching the level of $50,500. If it manages to overcome this milestone and consolidate, then bitcoin can go up with great speed, up to its record highs. Now bitcoin continues its sideways movement, holding a large 200-day moving average.

Also, do not forget about the impending golden cross for bitcoin. The altcoin market is also not asleep and is gaining momentum. Bitcoin's dominance is no longer an indisputable factor and continues to decline. Over the past couple of days, the decline in the dominance of bitcoin continued by another 2%, in total, the decline in the dominance of bitcoin was almost 8% in August.

Now the main altcoin ethereum has taken over the palm, it has recorded an increase of more than 10% and has already been growing for about 3 weeks. Now ethereum is trading at the level of $3,553, there are all the prerequisites to break through the milestone of $4,000 in the fall, in the fourth quarter of this year.

If ethereum is moving up, then, accordingly, other altcoins will also gain momentum, in particular, this is cardano - the main surprise and discovery of this year. Solano and polkadot are the cryptocurrencies that can be observed in a long bullish movement. Cardano has its own smart contracts, which will be launched this month, namely on the 12th.

Polkadot has also significantly increased in its value due to the parachain auctions, which are due to take place in the near future. Solano is also impressive and shows a significant increase over the past seven days, where it was possible to observe an almost 100 percent increase.

Now solano can really be considered as a worthy opponent of cardano, polkadot, and the king of altcoins ethereum itself because of its fast transaction speeds.





Vitaly Kolesnikov
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Ethereum aims at 3,800 psychological level

Ethereum registered a strong rally in the short term and now it stands higher at the 3,717.99 level. The crypto jumped above strong upside obstacles showing strong bullish pressure. Technically, we cannot exclude a temporary decline in the short term after the current rally.

ETH/USD is up by 9.71% in the last 24H and by 15.52% in the last 7 days. The cryptocurrency signaled that the upside scenario is still valid during its temporary consolidation. As you already know, the price of Bitcoin has increased as well, this is a leading indicator.


ETH/USD AMAZING BULLISH FLY


Ethereum has advanced to as much as 3,791.28 today. It has passed above the R3 (3,731.38) and beyond the 150% Fibonacci line of the ascending pitchfork. Unfortunately, it has failed to stay around today's high.

The 78.6% retracement level and the 3,800 psychological level are seen as upside obstacles as well. Right now it is too risky to go long on ETH/USD. Maybe it is better to wait for a temporary decline before looking for fresh long opportunities.


OUTLOOK
Making a valid breakout above 3,800 and through the 78.6% level indicates further growth without a temporary retreat.

Coming back to retest the ascending pitchfork's upper median line (UML) could bring great buying opportunities in Ethereum. Personally, I believe that the bias remains bullish as long as it stays above the UML.





Ralph Shedler
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Forecast is working, everything is going according to plan. Keep track of the levels

Bitcoin is still working out the forecast, consolidating in the range between the lows of August 26 and the highs of August 23 ($46,000-$50,000 per coin). But everything is going slowly, although the arguments and assumptions about the further dynamics are still relevant.

But, despite the fact that there is no active movement, there is news. They are not enough to cause volatility, but all these are coins in a piggy bank, which confirm the ever deeper integration of cryptocurrencies into life.

So, today it became known that Twitter is planning the final integration with cryptocurrency in order to simplify payments in bitcoins. According to The Block, Twitter appears to be testing the inclusion of bitcoin on the Lightning Network for tip payments.

Mobile developer Alessandro Paluzzi, who recently posted an image of the current beta version of Twitter, has reinstated the inclusion of major cryptocurrency coins on Twitter's tip service. The upcoming BTC distribution service in Twitter is currently in testing mode.

Market assumptions about the tip function based on reports mentioned using the Lightning Network to make small payments in bitcoins. In addition, this integration, in turn, employs both custodial and non-custodial wallets.

To facilitate the creation of the invoice, the "Bitcoin Lightning App Strike" will be used. If Twitter users want to use the BTC giveaway service, they will also need to create a Strike account.

Jack Dorsey, a bitcoin fanatic, talked about his plans to integrate the key cryptocurrency on Twitter back in July. Then the head of the company said that BTC will be included in the future strategies of the platform for innovative technologies. During Twitter's second quarter earnings conference call, CEO Jack Dorsey stated that bitcoin will be "a big part" of the company's future.

Additionally, Twitter can incorporate bitcoin into other services such as Super Follows, Commerce, and Subscriptions.

Here's what Dorsey said in July:

"If the Internet has its own global currency, we will be able to move much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, thanks to which we will be able to reach every person on the planet. I think this is a big part of our future. There are many innovations beyond currency, especially when we think about more decentralization of social media and more economic incentive. Therefore, I think it is extremely important for Twitter and for Twitter shareholders that we continue to explore the space and actively invest in it. "







Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

230K Onecoin bitcoins discovered in Seychelles. Ether breaks through $3,600

In the world of cryptocurrencies, things are quite good: bitcoin is confidently standing above the 200-day moving average, which adds confidence to investors, and ether has completely got close to another large mark of $3,600 and, apparently, is not going to give up momentum.

From the news, I would like to draw attention to a new financial investigation that was initiated by the Financial Crime Investigation Unit (FCIU) of the Seychelles Police in relation to a number of transactions related to the transfer of 230,000 bitcoins. According to reports, it is quite possible that these transfers are connected with the Onecoin pyramid, whose creators are accused of fraud. In addition to the investigation into the Onecoin Loot in Dubai and the transfer of crypto assets, it is expected that transactions with money and property worth $10 billion will be studied. The request from the FCIU to conduct an investigation followed the recent discovery of $500 million worth of funds in Onecoin's bank accounts in Dubai.



According to Tania Potter, head of the FCIU legal department, the division received quite a lot of documents as part of the complaints. Some of which must go through a verification process to determine any transaction connections in the Seychelles. Upon completion of this procedure, a number of next steps will be taken, which will be announced later. "We see that the deceived people have invested in the platform, as well as in an international commercial company. We have a registered agent in the Seychelles, but it is difficult to prove transactions, as well as the fact that a crime was committed," she said in an interview.

One of the good news is FTX's announcement that it is acquiring exchange Ledgerx – a company working with cryptocurrency derivatives. Ledgerx is a popular and regulated cryptocurrency derivatives platform in the United States, which has held more than 10 million crypto options and swap contracts since 2017. In addition, Ledgerx claims that the derivatives platform was a pioneer in the development of bitcoin mini-contracts that allow less affluent market participants to trade. The financial terms of the transaction were not disclosed, and at the moment the acquisition transaction is under consideration by the regulator and is expected to be completed after the usual closing conditions are met.

"This acquisition marks an important milestone for our fast-growing U.S. business and is a key part of our strategy," said Brett Harrison, president of FTX US. The statement also says that now that the two companies are merged, the FTX cryptocurrency exchange can meet the needs of "both retail and institutional traders." Moreover, FTX is committed to building a strong relationship with US regulators, emphasizing that it will work closely with the CFTC.

As for the technical picture of bitcoin, it has not changed much over the past day. Its return to the $45,900 area will play a key role in the further short-term direction of the trading instrument. There is a 200-day moving average that has a big impact on institutional investors. A breakout of this range will push BTC to a minimum of $42,500, and there it is a stone's throw to $37,300. It will be possible to talk about a new upward wave of bitcoin after a real breakout of the resistance of $50,400 with the subsequent renewal of $54,400 and $58,000.



Meanwhile, ETH has come close to the $3,600 mark and is preparing to storm it. Only such a scenario will send ETH to the highs of $3,890 and $4,120. It will be possible to talk about the formation of pressure on the ether only after overcoming the intermediate support of $3,330. Its breakdown will bring down the trading instrument to the lows of $3,040 and $2,700.





Jakub Novak
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading Signal for Bitcoin, BTC, for September 01 - 02, 2021: Key level 48,203 (SMA 21)



According to a daily chart, Bitcoin BTC / USD is trading right at the level of the SMA of 21. We can see that it has broken the technical pattern of symmetrical triangles. Now it is located below this technical figure. The outlook may be bearish if it trades below 48,203.

However, the main cryptocurrency is under strong buying pressure at near the 46,000 level. Since August 18, the price of Bitcoin has been consolidating below the psychological level of 50,000 and bouncing above 46,250, as buyers pause before resuming the next rally.

Despite the overall optimistic outlook, investors remain cautious as this consolidation may also be a negative sign for BTC. If it remains below the 21 SMA, it could fall to the level of 43,750 where the 6/8 of murray is located.

BTC bulls remain hopeful as long as the key support of the 200 EMA located at 40,620 is defended. There is an opportunity for BTC to continue its bullish rally, so in the medium term it could reach the 56,250 level +2/8 of murray.

The downside pressure will intensify following a sustained break below the 200 EMA. This move will open the doors for a sell-off towards the 2/8 murray support located at 31,250.

The eagle indicator that measures the strength and volume of the market in daily charts has reached the level of 95, which could be a sign that in the short term there could be a bearish movement of BTC. The bulls can see this retracement as a good chance to buy around the 40,000 psychological level.


Support and Resistance Levels for September 01 - 02, 2021
Resistance (3) 49,218
Resistance (2) 48,046
Resistance (1) 47,656

Support (1) 46,875
Support (2) 46,484
Support (3) 43,750


Trading tip for BTC for September 01- 02, 2021
Sell below 48,203 SMA 21 with take profit at 43,750 and 40,625 (EMA 200), stop loss above 49,000.




Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

XRPUSD bulls try to break resistance

XRPUSD is trading around $1.20. Price is challenging important short-term resistance levels. Over the next 24hours if price does not break above the $1.20-$1.25 area, we should expect one more decline towards $1 or even lower.



Red rectangle - support

Black line- trend line support

Green line- resistance

Blue lines - Fibonacci retracements

XRPUSD is still in a consolidation phase and a sideways movement after the rise from $0.50 to $1,34. Support remains key at $1.05-$1. Breaking below this level will open the way for a move towards $0.81. For now the chances of this happening are few. The primary scenario is bullish as long as price is above $1.09. Recapturing $1.20-$1.25 will be key for the trend for the coming weeks. If this resistance is broken, we should expect price to break above $1.35 and most probably reach the 2021 highs of $1.97.





Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021