Cryptocurrency Analysis

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Technical Analysis of ETH/USD for September 14, 2021

Crypto Industry news:
Litecoin's price rose to over $ 237 yesterday after erroneous reports from news services that the US Walmart will introduce a crypto payment option on all its websites.

CNBC, Reuters, Decrypt and others announced that Walmart plans to introduce a "Pay with Litecoin" option for its retail websites from October 1. This was to happen in partnership with the Litecoin Foundation, an organization that finances and promotes the adoption of the LTC ecosystem.

The reports surfaced thanks to one press release via the GlobeNewsWire distribution site. It stated that Walmart chose to adopt LTC for payments based on its "cheaper and faster" features and a token that "has no central authority".

However, according to CNBC, a Walmart spokesman confirmed that the press release was "inauthentic" about an hour after the reports were published. Data from Cointelegraph Markets Pro shows that the price of LTC increased by more than 35% immediately after the fake report was released, from $ 175 to a monthly high of over $ 237. At the time of publication, Litecoin's price is $ 181.5.

With a market cap of more than $ 406 billion, Walmart previously suggested that it would be looking at cryptocurrencies. In August, the company published a job offer for an expert who could develop a digital currency strategy and product roadmap. However, it was not specifically mentioned that it intends to introduce a crypto payment path.

In addition, Walmart has used blockchain technology to manage its supply chain, customer markets, and smart devices.


Technical Market Outlook
The ETH/USD pair has been seen moving suddenly without any particular direction, so the Doji candlestick had been made after the Litecoin rumors hit the wires. The price has hit the trend line support and bounced towards the level of $3,337. This is the line in the sand for bulls, so any sustained breakout below the trend line is very bearish and might expose the technical support located at $2,906 for a test. The nearest technical supports are seen at $3,185, 43,122 and $3,052. The key short-term supply zone is located between the levels of $3,552 - $3,596.

Weekly Pivot Points:
WR3 - $4,704
WR2 - $4,312
WR1 - $3,783

Weekly Pivot - $3,411
WS1 - $2,806
WS2 - $2,445
WS3 - $1,829


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 $2,906. 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

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Microstrategy invests again on Bitcoin



Bitcoin continues to try its best to stay above the level of $ 43,852. Yesterday, its quotes tested two levels at once – $ 46,600 and $ 43,852 for several hours. A rebound followed from both, so the cryptocurrency remained between them in a kind of side channel. So, despite quite high volatility on Monday, Bitcoin's technical picture has not changed. It is still believed that a correction is the most likely scenario at the moment. We continue to draw traders' attention to the fact that there is currently no support for cryptocurrency. In this case, we are waiting for it to consolidate below the level of $ 43 852 and further decline.

Meanwhile, the most famous public company holding bitcoin has announced that it has invested another $ 240 million in cryptocurrency. We are talking about MicroStrategy, which was once famous for developing analytical software. However, the name "Microstrategy" is now associated with constant and large purchases of the main cryptocurrency. This time, the company purchased another 50 coins, bringing the total amount on its balance to 114,000.

Also yesterday, it also became known that the largest retailer in the United States, Walmart, did not conclude any agreement with Litecoin. This happened a few hours after the opposite message appeared, which turned out to be untrue. The Litecoin cryptocurrency surged by $ 63 in these few hours, and then down the same amount. It is worth noting that $ 63 is about a quarter of its cost for a couple of hours. However, this message also had a little impact on bitcoin.

On another note, there was a message from El Salvador, which recently completely legalized all transactions with bitcoin for local residents and recognized cryptocurrency as a legal means of payment. This time, it became known that foreign investors will be exempt from paying taxes on any transactions with bitcoin. Thus, the government of the poorest country continues to look for ways out of the economic abyss through cryptocurrencies and their introduction into its own financial system.

Bitcoin broke its record for the amount of electricity spent on mining yesterday. The value exceeded 67 terawatts/hour, and it may reach 91 terawatts/hour by the end of 2021. Experts have already reported that the whole countries consume about the same. Therefore, Bitcoin and other cryptocurrencies continue to negatively affect the ecology of planet Earth, and humanity continues to face the problem of combating climate change. Over the past few days, several large bitcoin traders have purchased 50,000 coins. This gives grounds to conclude that large investors do not sell their coins, which means they do not believe that the current bullish trend is over. However, everything will depend not only on them but also on retail investors and miners.

In general, the fundamental background now remains quite neutral. There is no news that could definitely be written down as positive or negative. It can be recalled that new legislation continues to be prepared in the States, which will greatly complicate the life of investors and traders since most cryptocurrency transactions will go through the US Tax Administration.



On the four-hour time frame, there is a clear downward trend. Bitcoin's quotes went below the Ichimoku cloud, the critical line, the ascending channel, and the level of $ 46,600. The collapse of quotes on September 7 may be the beginning of a new prolonged decline. Therefore, we expect the rate to consolidate below the level of $ 43,852 and decline to $ 40,746 in the next few days. But if buyers manage to hold Bitcoin above the level of $ 46,600, the upward trend may continue.





Paolo Greco
Analytical expert of InstaForex
© 2007-2021

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Bitcoin: Bearish flag scare after last week's crash

Bitcoin did not recover and instead fell slightly over the weekend. The price is consolidating after it crashed last week, and this is starting to scare.

If you look closely at the daily chart, you can clearly see the bearish flag. During the consolidation, the main cryptocurrency formed a canvas of a figure, and the price reached a strong support level of 44,807.24 (red dotted line).

And this is where the complexity begins. On the one hand, the level 44,807.24 is strong - the price has never broken through it after it crossed into the range between the strong mirror support at 41,980.24 and the historical maximum.

On the other hand, the formation of a bear flag is a signal of continued movement. And the price, according to the logic of technical analysis, can fall even lower by a distance approximately equal to the height of the figure handle. And if this scenario works out, BTC/USD can fall below the level of 41,980.24, to the area of $38,000 per coin.

But we can assume that the strong mirror support level of 41,980. 24 will still not let the price go down. And the flag will not work out. And the main cryptocurrency will still somehow recover.

For example, on-chain analyst Willy Woo noted that after bitcoin collapsed as legal tender in El Salvador, whales with over 1,000 BTC increased their supply. And the supply of bitcoin holders with less than 1,000 BTC but more than 10 BTC has been largely stable.

However, Woo noted that the supply of public bitcoins had dropped. He explained that exchanges and ETFs are losing supply while corporations are seeing growth.

On September 12, cryptanalyst Ali Martinez noticed that about 50,000 BTC had been bought for expensive addresses in four days, draining exchange wallets. By that time, the supply of bitcoins on exchanges had dropped from 2.49 million to 2.42 million. Martinez also confirmed that these factors have reduced the pressure from sellers.

Financial expert Peter Schiff takes a more controversial point of view. He claims that the whales were actually waiting to cash out Bitcoin and receive dollars. He dismissed the notion that whales want to buy from smaller bitcoin holders.

Summing up this alarming uncertainty, traders need to remember the sobering rule: you trade what you see, not what you think. Therefore, in my opinion, now it is worth focusing on the strength of the support level 44,807.24 (red dotted line). Anchoring the price of bitcoin above the upper border of the flag canvas (which is about $48,000 per coin) may give little hope that the bearish signal will not work. If this does not happen, we will monitor the development of the situation around the levels 44,807.24 (red dotted line) and 41,980.24 (strong mirror support).






Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021

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Trading Signal for BITCOIN for September 13 - 14, 2021: Symmetrical Triangle



The price of Bitcoin is at 44,788, bouncing above the 6/8 murray level. In a 4-hour chart, it is forming a symmetrical triangle pattern. The break above or below the triangle would define the next target for BTC.

The fall of BTC from the high of 53,000 is affecting the other cryptocurrencies, which have accumulated falls of 20% to 30%. Given that BTC is under downward pressure, there is some fear among investors of a possible slump as low as the psychological level of 40,000.

The scenario continues to be bearish for BTC, since in 4-hour charts it is below the SMA of 21 and below the EMA of 200, which makes the recovery of the cryptocurrency difficult.

Therefore, a break above the symmetrical triangle and a consolidation above 7/8 murray around 46.875, will be a sign of market optimism and will be a good point to buy with targets at 50,000, with great caution.

From a technical point of view, the BTC situation looks negative. As long as it remains below 47,000, there is strong selling pressure and it could fall to the psychological level of 40,625. The confirmation will give us with the bearish break below 6/8 of murray.

A good key point to buy at low risk BTC will be the zone of 5/8 of murray around 40,625. If Bitcoin consolidates around this level, we can buy with targets at 43,750 and 46,875.

The eagle indicator is reaching the oversold zone, which could favor the strategy of buying at the 40,625 level or above this zone, while waiting for the recovery of the BTC in the short term.


Support and Resistance Levels for September 13 - 14, 2021
Resistance (3) 46,875
Resistance (2) 45,312
Resistance (1) 44,773

Support (1) 43,750
Support (2) 42,968
Support (3) 42,187


Trading tip for BTC for September 13 - 14, 2021

Buy above 46,875 (7/8), with take profit at 50,000, stop loss below 45,700.

Sell below 43,750 (6/8), with take profit at 40,625, stop loss above 44,500.




Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin and Ethereum: Seasonal sale month

It is the second week of September, where many traders are frightened by such an intense downward movement. Alarmists predict the worst period for the cryptocurrency, and some media experts have again started talking about a possible downward trend that will reset the crypto market.

What scared the crypto hamsters so much?

On September 7, Bitcoin fell by as much as 18% (-$9500) in a few hours without any information hype. Following the first cryptocurrency, the entire remaining crypto market collapsed. Ethereum lost about 21%, and the remaining Altcoins lost 30%-50% of the value. Scary, but not the end.

To begin with, from late July to early September, Bitcoin grew by 74% and Ethereum by 120%. The market was overbought by such a quick change in the quotes. The collapse that occurred on September 7 is nothing more than profit-taking, which led to a technical uncontrollable correction.

But it is still too early for panic as the cryptocurrency market is still in an upward trend.

The natural basis of the past:

Looking up the statistics for 10 years, I saw a characteristic pattern associated with the first month of autumn. In 7 out of 10 cases, September is considered a bearish month, where there is a correction and mass profit-taking. Thus, what we observed on September 7 fits into the natural basis of the past.

Following the statistics, the bearish period will last until early October, where new growth in the crypto market is possible.



While pseudo-experts predict the collapse of the crypto market, the investment director of the most powerful financial fund in the world, BlackRock, explained his decision to buy Bitcoin.

Rick Rieder, in a comment on CNBC, called Bitcoin an alternative currency, the value of which depends on its distribution. Let me remind you that back in August, BlackRock disclosed positions for $382.96 million in mining firms listed on the Nasdaq Marathon Digital Holdings and Riot Blockchain.

Such corrections, as now, have almost always been regarded by institutional investors as an opportunity to enter the market at a discount. Therefore, you should not be surprised if in October or November you hear, for example, from MicroStrategy, that they bought more BTC on their balance.

What is happening on Bitcoin and Ethereum trading charts?

After a sharp decline, the Bitcoin exchange rate almost immediately recovered by half, after which a long-term amplitude appeared in the range of $44,000/$47,500. In fact, the quotes are still in the correction stage, scaring new traders. This situation will change if the price is kept above the value of $48,000. In this case, a new upward turn may occur, which will, first of all, restore the quotes relative to the correction of September 7. After that, it will be focused on updating the local maximum of the upward trend.

If the bottom of the correction has not yet been found, then, probably, the sellers' finish will be the price area of $40,000/$41,500.

Ethereum completely repeated the Bitcoin cycles, where the values of $3,150/$3,550 are used as the boundaries of the amplitude movement. In order for a new round of growth in the volume of long positions to arise, the quotes must hold above the value of $3,600, which will open the way towards the psychological level of $4,000.

The maximum possible correction value considers the values of $2,500-$2,750.



The index of emotions (aka fear and greed) of the crypto market is at the level of 44 points, this is not an area of panic, but not a delight from the market. It is worth considering that during the collapse on September 7, the index fell from 79 points to 47 points, with a subsequent decline to 31 points. Now the index has recovered by 13 points and continues to grow.








Gven Podolsky
Analytical expert of InstaForex
© 2007-2021

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Bitcoin expected to bounce higher this week.

Bitcoin is trading above $44,000 price level and the key short-term support area that we mentioned in our previous post. Bitcoin short-term price action and RSI price action point to a short-term bounce at least. Bitcoin has many chances of reaching $49,000 again, this week.



Green lines- Fibonacci retracements

Red lines - bullish divergence

Green rectangle - bounce target area

Bitcoin is in a bearish short-term trend. Price is making lower lows and lower highs. The RSI is not following providing us with a bullish divergence signal. As long as price is above $43,000, there are increased hopes for a strong bounce towards $49,000. So far the 38% Fibonacci retracement has held. As long as this support area remains intact, price will be expected to move higher.





Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

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FTX in the NBA, crypto PR or trend?



NBA superstar Stephen Curry recently partnered with FTX and said he wants to use cryptocurrencies as a socially responsible platform.

Earlier this year, footballer Tom Brady and model Gisele Bundchen also signed their own deal with the digital asset exchange.

FTX, which was valued at $ 18 billion in its latest round of fundraising, has announced a number of sports-related deals and partnerships in recent months.



Not only is the company the official cryptocurrency exchange for Major League Baseball, but last month the California Golden Bears signed a 10-year naming rights deal (worth $ 17.5 million) with it. The NBA Miami Heat team also plays at FTX Arena.

Below is an abridged version of an interview with Stephen Curry:

- You caused a stir this week when you tweeted that you are getting into cryptocurrency and you need help. And some people think that cryptocurrency can indeed open up economic opportunities for underserved communities. I'm curious, what do you care about it?

" I think that we are clearly at the very beginning. I know it's been a long time, but in terms of mass awareness, understanding how it will be part of the next generation and how it can give access to financial opportunities. But right now, it's just about education. I think in terms of what it actually is, how it can be leveraged in the proper ways. I'm curious about it. I'm involved in it. And understand that there is now a large community that is excited about what this will mean for the democratization of financial institutions. This is going to be around. This is going to be something that you can participate in. And hopefully we can create that access to opportunity through it and do it in a fun way too because it is kind of overwhelming when you think about a lot of the questions that people have about what it is actually doing.

It's a volatile kind of market right now. But the long-term prospects are very positive. And the most important thing about what Tom and I are doing is to create a socially conscious crypto platform.

The FTX founder is very committed to this, setting the standard for what it means to be socially responsible for the success of a cryptocurrency, and I can support that too. "





Andrey Shevchenko
Analytical expert of InstaForex
© 2007-2021

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Cardano launches Alonzo update: how the altcoin reacts and why Ethereum gets nervous

Over the past two weeks, Cardano experienced a powerful rise reaching a new all-time high and the subsequent drop by 15% to a local low. At the same time, the on-chain activity of the coin continued to remain at a high level, indicating the market's interest. In addition to the encouraging environment for growth, demand for the asset increased significantly because of the Alonzo hard fork, which was completed on September 12.

The update was successfully launched on the network after several months of testing. The main goal of the Alonzo hard fork was to introduce Plutus-powered smart contract scripts. In addition, the update includes the ability to create and develop decentralized applications. In other words, Cardano is officially becoming Etherium's rival in terms of creating decentralized finance (DeFi) applications. Time will tell how efficient the new Cardano network will be. However, in the near future, it will be possible to say whether Cardano will become a real contender for a piece of the pie, which belonged entirely to ETH. Developers are asking not to rush into the development of large DeFi projects, as the ADA ecosystem needs some time to optimize all processes. Cardano could lose in reputation and quotes if multiple DeFi projects are launched simultaneously.

Recently, a similar situation occurred in the run-up to the market crash, when platform users faced the inability to make transactions on the test network. Rumors about the incompatibility of ADA and smart contracts managed to accelerate the fall of the coin to local lows. In this respect, the project lacks sustainability, and its community cannot be called reliable. At the same time, the developers have already warned that decentralized applications will cause problems even after some time and you just have to accept it. These risks will be directly reflected in Cardano's quotations, so one should be concerned about the ADA's sharp upsurges and closely watch the news.

The successful hard fork launch has barely affected Cardano's price. Over the past 24 hours, the asset has fallen in price by 8%. At 2:00 p.m., it is trading at $2.4, which is the key level for the whole current uptrend. The coin has a $77 billion market cap and daily trading volumes hover around $7 billion. Despite the positive price trend, the ADA is unlikely to make a robust breakthrough in the near future. Despite the promising price trend, the ADA is unlikely to make a robust breakthrough in the near future. The full implementation of the Alonzo hard fork will take a long time, as the coin will have to overcome several resistance levels before it resumes its growth.

Currently, the cryptocurrency is considering bailout options, as there are enough coins left on exchanges after the sell-off that are pushing the price. The altcoin was about to close below $2.4, which could become a signal for a further sell-off. Given that even after the successful hard fork update, buyers are not rushing to redeem current volumes, the market is preparing to go short. The technical charts also confirm the existing uncertainty, which is reflected in the downward trend. The RSI is moving along the 30 and the MACD continues its downtrend. At the same time, the stochastic indicates the upcoming bullish momentum, which is unlikely to happen at current trading volumes. A similar pattern can be seen on the four-hour chart, which draws a line under the asset's plans to climb on September 13. The main goal for the cryptocurrency will be to close above the main support level in order not to trigger a new local sell-off.



On the daily chart, the situation is similar and the indicators show the bearish trend. The RSI continues to fall to 40, and the stochastic and MACD show a bullish divergence, which is also a bearish signal. The ADA/USD pair will continue its flat channel with attempts to break the uptrend line. It is likely that the situation will improve due to the proper functioning of smart contract protocols. However, it is likely that the market will start buying back volumes sooner if the ADA does close below $2.4.







Artem Petrenko
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

BTC analysis for September 13,.2021 - Downside continuation in the play

Technical Analysis:



BTC has been trading downside as I expected. Thee price is heading towards key support at $43,270.


Trading recommendation:
Sellers are in control and my advice is to watch for selling opportunities on the rallies with the downside targets at $43,270 and $37,790.

There is the fresh bear cross on thee Stochastic with good reversal pattern.

Resistance level is set at the price of $47,200




Petar Jacimovic
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for September 13, 2021

Crypto Industry news:
The Cardano network has successfully completed the Alonzo update, as a result of which functionalities related to smart contracts have been included in the altcoin main network.

The inclusion of smart contracts on Cardano crowns many years of work by the development team, as well as expectations from the loyal Cardano community. Along with Alonzo, the network has gained a significant expansion of the technological and investment potential in which many users place so much hope. Cardano now has the ability to create and process contracts to further strengthen its ecosystem.

Alonzo's assumptions were incorporated into Cardano through a hard fork. IOHK informed about the success of the update. This means that the network now supports smart contracts, allowing different teams and projects to start building and implementing their protocols directly in Cardano.


Technical Market Outlook
The ETH/USD pair has failed to rally higher above $3,550 and is getting closer towards the long term trend line support again. This is the line in the sand for bulls, so any sustained breakout below the trend line is very bearish and might expose the technical support located at $2,906 for a test. The nearest technical supports are seen at $3,185, 43,122 and $3,052. The key short-term supply zone is located between the levels of $3,552 - $3,596.

Weekly Pivot Points:
WR3 - $4,704
WR2 - $4,312
WR1 - $3,783

Weekly Pivot - $3,411
WS1 - $2,806
WS2 - $2,445
WS3 - $1,829


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 $2,906. 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