Cryptocurrency Analysis

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Ripple decided to do something else


The Fintech startup Ripple has announced that it is launching a new product that will allow financial services companies to offer their customers the opportunity to buy and sell cryptocurrencies, while the cryptocurrency market has collapsed from its highs.

Judging by the fact that nothing has been heard from Ripple lately, investors were delighted with this news. This did not lead to a serious change in the exchange rate, but the demand for this asset has clearly increased. The San Francisco-based company said that a feature called the Liquidity Hub will provide corporate customers with access to digital assets from various sources. Customers will have the opportunity to purchase the most common cryptocurrency assets such as Bitcoin, Ethereum, Litecoin, etc. The company also hopes to offer access to a more extensive list of assets, including NFT, in the future. As stated in Ripple, this feature is currently at the stage of preliminary testing and its launch is scheduled for 2022.



RippleNet

Asheesh Birla, RippleNet's general manager, believes that the company's new tool can be considered as an "aggregator for various liquidity platforms and individual assets." As an example, he cited Google flights for airlines. According to Birla, the product has been developed for almost two years, and currently, his first client to use this service is Coinme, an ATM operator working with cryptocurrencies based in the United States.

Founded in 2012, Ripple is closely linked to the XRP cryptocurrency. The company sells its technology to financial companies as a kind of "bridge" to accelerate international payments. However, whether someone actually uses such services is still not clear. But according to CoinMarketCap, this does not prevent XRP from being the seventh-largest digital currency in the world.

Of the key services, Ripple offers its platform called RippleNet, a financial transaction exchange service that is used by banks and other financial institutions to send money across borders. Ripple advertises its offer as a competitor to SWIFT, a global network of interbank payments.

However, the fate of Ripple hangs in the balance, as the company has been in the proceedings initiated by the U.S. Securities and Exchange Commission for a long period of time. The regulatory body claims that its executives Brad Garlinghouse and Chris Larsen raised more than $1.3 billion through the placement of unregistered securities. Ripple is fighting the lawsuit, arguing that XRP should not be treated as a security.

XRP's technical picture:

At the moment, the trading instrument is within its large maximum of about $1.35, the breakthrough of which will provoke a number of purchases with the aim of reaching $1.48 and $1.60. The $1.78 level will act as a larger resistance. If the pressure on the trading instrument returns, and the bulls fail to break above $1.35, then apparently the $1.21 level will play the role of support. Its breakthrough will dump XRP already in the $1.10 area, which will create certain problems for traders counting on a more active growth of the trading instrument.



As for Bitcoin's technical picture:

Traders hurried to take profits after updating the next historical high in the area of $68,000, which led to a decline in the trading instrument to the support area of $66,450. A breakthrough of this level will quickly push the world's first cryptocurrency in the area of $62,400 and open the way to $58,160. But if the bulls keep under control the level of $66,450, it will be possible to observe the update of the highs in the area of $ 68,500 and $ 69,000 in the near future.





Jakub Novak
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading plan for Bitcoin for November 11, 2021



Technical outlook:
Bitcoin has yet again hit all-time highs around $69,000 on Wednesday before pulling back lower. The crypto is trading close to $65,000 at the time of writing and could drag further lower through the $49,000-50,000 mark before resuming its rally. Despite the ongoing rally, bitcoin remains vulnerable to a pullback from its new high.

It is still advisable to book profits on long positions taken earlier and remain flat for a while. Bitcoin correction towards the $50000 mark would be seen as a retracement of the rally between the $40,000 and $69,000 levels respectively. The Fibonacci 0.618 retracement of the above rally is seen passing through along with channel support as discussed earlier.

The high probability remains for a bullish reversal if prices managed to reach $50,000 in the near term. On the flip side, a break below the channel support and $40,000 price support might change the immediate bullish scenario. In that case, bears might want to test $28,600 support before giving in to bulls again.


Trading plan:
Potential for a drop through $49,000 against $69,500

Good luck!





Oscar Ton
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading signal for ether (ETH) on November 11 - 12, 2021: sell below $4,729 (SMA 21)


At the beginning of the Asian session, the price of Ethereum (ETH) is trading below the SMA of 21 located at 4.729 and below 7/8 of Murray.

Ethereum is trading at 4.601. After having reached a high of 4.863, it fell quickly towards the bottom of the bullish channel. Now, it is trying to recoup part of the losses and approaching the SMA of 21.



Crypto markets rose to all-time highs on November 10, as investors continued to buy Ethereum and other cryptocurrencies in response to rising inflation in the United States.

According to the 4H chart, ether has been trading within an ascending channel since September 29. The bulls are trying to keep the price above this trend channel as confirmed by the rebound that occurred a few hours ago. The main target for buyers is the psychological level of $5,000.

If the price of ether breaks sharply below the uptrend channel, it could fall to the 6/8 Murray support line located at 4.375. This is an important level to watch out for because a break below this will suggest a possible short-term trend reversal and could fall to the support of the 200 EMA located at 4.172.

As long as it remains below the 21 SMA (4,729), ether could drop first to 4,375. If this support also gives way, the correction could reach the 200 EMA (4,172) and up to the psychological support at 4,000.

Below we leave the support and resistance levels for the next two days.


Support and Resistance Levels for November 11 - 12, 2021
Resistance (3) 5,000
Resistance (2) 4,811
Resistance (1) 4,687

Support (1) 4,476
Support (2) 4,387
Support (3) 4,226


A trading tip for NASDAQ 100 for November 11 - 12, 2021
Sell below 4,729 with take profit at 4,375 (6/8) and 4,172 (EMA 200), stop loss above 4,900.






Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin erases latest gains

Bitcoin is trading in the red at 67,355.56 but the bias remains bullish. Today, it has climbed to the 69,000 psychological level registering a fresh new historical high. The buyers are still strong in the short term despite the current drop.

BTC/USD has registered a 4,57% growth from 65,982.95 today's low to 69,000 today's high. The crypto is up by 6.61% in the last 7 days, the market cap rose by 0.73% in the last 24 hours, while the volume plunged by 9.30% in the last 24 hours.


BTC/USD FRESH ALL-TIME HIGH!



In the short term, BTC/USD seems very heavy after registering only false breakouts above 68,564.40. Failing to stay above 67,166.41 weekly R1 and above 67,016 levels may signal strong pressure and potential deeper drop.

Technically, Bitcoin maintains a bullish bias as long as it stays above the weekly R1 (65,250) and above 64,895.22. The price could only move sideways, within a range before resuming its growth.


BITCOIN PREDICTION

After failing once again to stay above the weekly R2 or to close above 68,564.40, BTC/USD could slip lower. It could come back down to test and retest the near-term support levels before jumping higher.

A temporary correction could help the buyers to catch a new leg higher. Technically, a range pattern could represent a continuation pattern.





Ralph Shedler
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

XRPUSD remains strong above broken key resistance of $1.24.


As we mentioned in previous posts, XRPUSD broke the important long-term resistance trend line and has produced a bullish signal. XRPUSD was trading below the $1.13-$1.24 resistance and now is above it.



Orange lines- resistance trend lines

Blue line - support trend line

XRPUSD continues to respect the blue upward sloping support trend line and continues making higher highs and higher lows. As we mentioned before, a break above $1.24 would give us $1,45-$1.50 as our first target area. Now we find support at the blue trend line at $1.10-$1.15. If the atmosphere around cryptocurrencies remains bullish, then xrpusd might make new all time highs this year. Still too early to tell, but we remain bullish.





Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin: $100,000 this year, $250,000 next year, $1,000,000 key target by 2025




Well-known analyst Matthew Hyland believes that overcoming the $100,000 milestone by the end of this year will encourage even more companies to switch from fiat to Bitcoin, which will cause the growth of digital gold up to $250,000 next year. A given price of $100,000 will form a beacon of hope for long-term holders and give impetus to new growth.

Bitcoin has again updated its all-time highs, now digital gold has come close to the level of $69,000, more and more whales continue to move their assets to Bitcoin.

Hyland is confident that Bitcoin will be worth a quarter of a million dollars in 2022, and in 2025, the main cryptocurrency may reach a record $1 million. He also stated that only one of the two Bitcoin Stock-to-Flow models will exist after 2022. Considering the bullish rally in Bitcoin, increased demand, and hype, then the $100,000 mark by the end of this year is a real benchmark.

Hyland believes that institutional investors who invest in Bitcoin will be fundamental factors for the growth of the main cryptocurrency.

They will play a role and determine the price of Bitcoin, which can adjust and go up to $1,000,000 by 2025, just after the current halving cycle, which will be completed in 2024.

This Stock-to-Flow model will be the main help for the later stages of the euphoric bullish movement, because if this model confirms its significance, and the price of $100,000 is overcome, then more and more people will believe in the stock-to-flow cross-asset model ( S2FX), which means that the price of $250,000 next year will also be quite realistic.

The whales will sell Bitcoin to ordinary residents in order to maintain sufficient liquidity on the crypto market as well as to sell Bitcoin at the highest prices.

Hyland is confident that the ultimate price target for bitcoin should be $1 million by 2025. Bitcoin whales are tasked with accumulating crypto assets, selling them to maintain liquidity, and manipulating the price market.

The $1 million mark will be a major challenge for Bitcoin whales. Bobby Lee, who is the former CEO of the BTCC exchange, is also confident that Bitcoin will grow to $1 million within 10 years.

By 2031, Bitcoin will be fully scalable and socially responsive, with a daily emission of just 112 BTC, a record low.





Vitaly Kolesnikov
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin Shows Signs of Reasonable Accumulation


Tuesday's fears that updating historical values for bitcoin will turn out to be a failed bullish impulse were not justified. On Wednesday, the main cryptocurrency has set a new high and seems to be approaching $70,000 per coin. And if it is more or less clear from local prospects and technical benchmarks, what highs can we expect from BTCUSD in this bullish cycle?


BITCOIN STILL HAS 3-6 MONTHS OF GROWTH

Renowned analyst PlanB notes that it is completely unimportant to know what maximum the main cryptocurrency will reach. This does not provide the trader with any practical value. It is much more important to understand how long the bull market can last.

PlanB claims that Bitcoin is now somewhere in the middle of the current growth cycle. But rather than trying to identify a long-term target, traders should watch for a shortage of supply to gauge when the top is likely to emerge.

By assessing the situation at the network level, it is possible to track when the supply deficit begins to increase. PlanB assumes that bitcoin is still 3-6 months below its peak, and perhaps more time will pass until then.

"I really don't think there is a collapse ahead. I think we will see a bull market that will last at least six months and bring us closer to the $100,000-200,000 range. I wouldn't even be surprised if at the beginning of 2022 we see $500,000 per bitcoin."

PlanB predicts that the main cryptocurrency will rise to at least $98,000 by the end of November, and to $135,000 in December.


REASONABLE ACCUMULATION - WHAT IS IT?

Analysts point out that now the activity in the bitcoin network is slightly higher than the values during the bear market. But this does not mean that the bulls are losing their advantage. In fact, this could be a sign of a maturing market.

The situation that is now observed among long-term holders, as well as the supply and demand of bitcoin, shows that the market remains in the phase of smart accumulation. But it is gradually approaching the transition from this phase to euphoria and excitement, as it was in 2017 and the first quarter of 2021.

The number of Bitcoin transactions is now below the highs recorded in the first half of 2021. This trend towards hyperaccumulation, along with comparatively lower online activity, does indicate that the BTC market is maturing.

Experts point out that the price structure and the supply and demand situation confirm the fact that bitcoin follows the model from stock to flow exactly. This is where PlanB's goals above $98,000 for November come from.








Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Bitcoin soars to $69,000: what caused the bullish rally and what do BTC technical indicators say?

After a local decline provoked by profit-taking by long-term owners, bitcoin began to grow again and as of 13:30 UTC set a new ATH at $69,000. Despite the fact that the current growth is associated with fundamental reasons and it is extremely dangerous to trade now, there is an opportunity to catch an asset on the decline after a bullish rally. To do this, it is necessary to analyze the horizontal charts of the coin and understand the reasons for such a sharp increase in the price of the cryptocurrency.

The main reason for such a sudden growth of bitcoin was the Fed's report on the rate of inflation. According to the latest data, inflation in the United States has exceeded 6.2%, which is a record for the last thirty years. This news served as a signal for action and investors began to buy BTC, as the depreciation of fiat suggests that the demand for a cryptocurrency that protects against it will grow. Thanks to this, the coin has confidently overcome all resistance levels and continues to grow.

It is worth noting that in order to avoid unforeseen losses, it is necessary to monitor the financial calendar of volatility and refrain from trading at the moments of important financial events. The current bitcoin rally is out of the picture and is an impulsive reaction to new objective data. To make sure of this and to predict the point of price decline, it is necessary to analyze different time periods of price movement.

The four-hour chart shows that the first cryptocurrency has made a rebound from the $65,800 area, which can be seen by the long lower wick of the green candle. This suggests that the sellers failed to push the price below the support line, as a result of which the quotes rebounded and began to grow. At the same time, US inflation data were announced, which gave an additional upward impulse to the bullish wave.

Despite the fact that bitcoin has set a new historical record, the prerequisites for further decline are already visible. This can be seen by the long upper tail of the last bullish candle, which means the pressure of sellers who pushed the price down to $68,200. Now the cryptocurrency is trying to resume the upward movement by retesting the $68,200 resistance zone.

The technical charts of Bitcoin begin to signal the weakening of the current bullish momentum: the MACD is moving sideways, and the stochastic is beginning to decline, which indicates the loss of initiative by buyers. The relative strength index also shows a tendency to sideways movement, but is in a bullish zone. Taking into account the long upper wick on the last candle, the positions of bulls and bears are approximately equal, which means that the movement can go in any direction.



On the hourly chart, the situation also looks unstable, but the bears' positions look more confident. After reaching ATH, bitcoin failed to overcome the $68,200 mark, which means that the resistance zone still maintains pressure on the quotes.

With this in mind, the $68,200 mark is an excellent entry zone for a decline, but less than an hour has passed since the Fed's conclusion, which indicates an increased risk of opening short right now.

The instability of the situation is clearly visible on the technical charts: the stochastic oscillator confidently moved upside and subsequently made a sharp pullback, but has already begun to level off. At the same time, the relative strength index began a sideways movement in the bullish zone, which indicates the strength of the upward momentum. While the MACD moves along the red zone and begins a broad bullish ascent beyond the zero mark, which indicates a new impulse to growth.



The price met serious resistance in the area of $68,200-$68,300 and, most likely, buyers will try to push the price to the historical maximum, but subsequently, a strong corrective decline will begin, and therefore it is worth waiting for the situation to stabilize.

At the start of the downward movement, the $68,200 mark will be a profitable entry point, but it will not be superfluous to hedge around $68,345 with a stop loss. The price drop will slow down around $66,700-$67,600, but if you exit this range, you can continue to play down to the key support level at $64,400.





Artem Petrenko
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

BTC analysis for November 10,.2021 - Potential test of $71.000 in next period

Technical Analysis:




BTC has been trading upside in last few days in the background as we expected.


Trading recommendation:
Due to strong upside cycle on the BTC and rising lows, I still see potential for the another rise towards $71,000.

Watch for potential buying opportunities on dips with the upside target at $71,000.

Stochastic oscillator is showing fresh new upside reading, which is another sign of the strength.

Support level is set at $66,600





Petar Jacimovic
Analytical expert of InstaForex
© 2007-2021

[IFX_Selena]

Trading plan for Bitcoin for November 10, 2021



TECHNICAL OUTLOOK:
Bitcoin is off the all-time high print on Tuesday around $68,500 mark. The crypto has since pulled back towards $66,300 mark and is trading close to $67,000 mark at the time of writing. Bitcoin might be preparing to produce a meaningful corrective drop towards $49,000-50,000 zone as discussed earlier. Traders are advised to take profits on long positions initiatiated earlier.

Bitcoin bears are targeting fibonacci 0.618 retracement of the recent upswing between $40,000 and $68,500 level respectively. Also note that its channel support is passing through the $50,000 mark as of now. The above could prove to be a strong convergence point for bulls to be back in control and resume its uptrend.

On the flip side, a break below the channel support and subsequently below $40,000 mark may put Bitcoin under further pressure toward $28,600 support. Until the above happens, bulls are expected to remain in control and push prices higher through $75,000 mark going forward. In the near term, we expect a drop to $50,000 mark.


TRADING PLAN:
Potential drop towards $50,000 against $69,000

Good luck!





Oscar Ton
Analytical expert of InstaForex
© 2007-2021