Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 08 November 2019

Crypto Industry News:
Russia plans to create legislation allowing the government to achieve the impossible: Bitcoin confiscation.

According to the local information service, citing sources familiar with the case, the Russian Ministry of the Interior will work with various state authorities to develop plans that may enter into force in 2021.

The plan does not distinguish Bitcoin, but instead refers to "digital assets" as a general phenomenon, the main ones being cryptocurrencies:

"The constant upward trend in crimes using virtual resources and the lack of consumer protection in the face of this type of criminal attacks naturally dictate the need to develop mechanisms for legal regulation and control of the exchange of virtual assets," - said Nikita Kulikov, head of the special committee of the Russian Parliament.

The options considered include the creation of a government cryptocurrency portfolio for transferring funds.

Russia has not yet implemented the long-awaited package of cryptocurrency regulations that has experienced many delays. According to various media talks, cryptocurrencies would require legal recognition before the government could justify the legal grounds for confiscation in court proceedings.

However, as with attempts by other countries, the way authorities take control of investor resources remains unclear. Theoretically, cryptocurrencies stored on exchanges may be available if the exchange agrees. In the case of coins stored in wallets for which the investor has private keys, the method of obtaining them is a mystery.


Technical Overview:
The low volatility trading environment on the BTC/USD keeps the pair locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925 as the global investors wait for the next breakout.

Weekly Pivot Points:
WR3 - $10,530
WR2 - $10,201
WR1 - $9,572

Weekly Pivot - $9,189
WS1 - $8,589
WS2 - $8,251
WS3 - $7,587


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 07 November 2019

Crypto Industry News:
The draft document issued by the European Union suggests that the Union should consider issuing its own digital currency. Reuters reported that the project - which is still undergoing change - calls on Member States to develop a common approach to cryptocurrencies, probably while banning high-risk projects.

Approval of the project in its current form, which may happen next month, may have far-reaching consequences. More specifically, Reuters suggests that such a law could turn into an EU regulatory campaign against cryptocurrencies.

The project prepared by the Finnish presidency of the EU also suggests that the European Central Bank should consider issuing its own digital currency:

"The ECB and other EU central banks could usefully explore the opportunities and challenges of issuing central bank digital currencies, including considering concrete steps in this direction".

The draft will be discussed this Friday and the prospect of its adoption will be presented on December 5.


Technical Overview:
The BTC/USD pair is still locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The global investors wait for the next breakout, so the volatility might dry up for some time now.

Weekly Pivot Points:
WR3 - $10,530
WR2 - $10,201
WR1 - $9,572

Weekly Pivot - $9,189
WS1 - $8,589
WS2 - $8,251
WS3 - $7,587


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 07 November 2019

Crypto Industry News:
Chinese President Xi Jinping has credited Blockchain and cryptocurrencies, calling on the country to accelerate the adoption of Blockchain, said Galaxy Digital CEO Mike Novogratz. The investor delivered his speech at the Reuters Global Investment Outlook 2020 Summit in New York.

Michael Novogratz, founder of the cryptocurrency Galaxy Digital bank and avid Bitcoin supporter, believes that the announcement of the Chinese president at the end of October triggered the latest rise in the price of the largest cryptocurrency. By encouraging China to adopt Blockchain technology out of concern for the country, Xi "just made crypto and Blockchain" credible, "Novogratz said.

On October 24, Xi expressed his positive position on Blockchain technology at the Political Committee session on Blockchain technology trends. The president emphasized that the adoption of integrated Blockchain technologies is the key to promoting technological innovation and industry transformation.

Following the Chinese state publication, Beijing's positive position on Blockchain technology should not be interpreted as support for cryptocurrencies such as Bitcoin. Despite the agency's warning of "speculation," China took another step towards cryptocurrency on November 6, confirming that Bitcoin mining will not be an unwanted industry in the country.

The mood swift in China occurred a few months after the Chinese National Development and Reform Commission revealed its plan to eliminate cryptocurrency mining in that country.

While cryptocurrency trading in China is still formally banned, the Standing Committee of the 13th National People's Congress in China passed a new "cryptographic law" on October 26, which will come into force on January 1, 2020. The new rules set new standards for the use of cryptography and password management in-country and by default refer to cryptocurrency regulations.


Technical Overview:
The ETH/USD pair has tried to test the technical resistance zone located between the levels of $193.52 - $196.61 but failed after the Bearish Engulfing candlestick pattern was made. The market continues a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

Weekly Pivot Points:
WR3 - $203.38
WR2 - $197.53
WR1 - $186.87

Weekly Pivot - $181.92
WS1 - $171.26
WS2 - $165.71
WS3 - $155.07


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC 11.06.2019 - Market in contraction mode, important pivot resistance is holding at $9.500.

BTC is still trading inside of the few-day balance and near the resistance at $9.500. There is the breakout of the upward trendline, which is good sign for the further downside.



Seems like that the important pivot at the price of $9.500 is holding and that selling opportunities are preferable with the target at $8.925.

To open long position you would need the BTC to go above $9.500 and then buy the dip with the target at $9.925.

MACD is showing contraction and very low volatility. Probably market is waiting for new information's outside and for bigger money to enter in order to establish new direction.

Bollinger Band is showing contraction and the best thing to do is to watch for potential breakout of contraction (trading range) in order to confirm further direction.




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 06 November 2019

Crypto Industry News:
Tim Draper claims that India is exposing itself to corruption by trying to ban cryptocurrencies like Bitcoin.

Speaking to Indica, California, Draper urged Prime Minister Narendra Modi to rethink the current hostile attitude and environment for cryptography. India has banned banks from servicing industry companies in 2018.

"I hope Modi will become an honest politician, but when he closed himself on Bitcoins I thought he was going back to old ways," said Draper.

It is unclear how the Indian state would ban cryptography if such a law came into force. According to financial media, the catastrophic currency reform of the country in 2016, in which the value of some banknotes disappeared overnight, increased the demand for investment in Bitcoins.

Proponents argue that cryptocurrencies help criminal activities such as money laundering while reducing or even eliminating cash allows for a more transparent economy. Draper also praised the concept of currency reform but added that banning Bitcoins leaves the door open for more, no less corruption.

"I thought it was a good move; [Modi] gets rid of corruption and tries to create a state free of corruption, but blocking Bitcoin causes it even more and I think it is very dangerous for the country," adds Draper.


Technical Overview:
Not much has changed on the overall picture of the BTC/USD market. Bitcoin is still locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The global investors wait for the next breakout, so the volatility might dry up for some time now.

Weekly Pivot Points:
WR3 - $10,530
WR2 - $10,201
WR1 - $9,572

Weekly Pivot - $9,189
WS1 - $8,589
WS2 - $8,251
WS3 - $7,587


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 06 November 2019

Crypto Industry News:
Coca Cola bottlers implement Blockchain technology to manage their transactions between the parties. Coke One North America (CONA) - a technology company that manages IT operations for the Coca-Cola bottling plant - uses the Blockchain solution developed by the German SAP programming company for the supply chain management. CONA manages the platform to oversee many franchises that produce, bottle and ship nearly 160,000 Coca-Cola product orders per day. Andrei Semenov, senior manager at CONA, said in an interview:

"There are many transactions that are inefficient for many companies and entities. They go through intermediaries; they are very slow. We felt that we could improve it and save some money."

With Blockchain, CONA expects to shorten the time needed to reconcile orders from 50 days to just a few days. The inter-organizational, transparent register in DLT technology will provide real-time insight into transactions carried out by all bottling plants on the network that generate more than USD 21 billion in revenues annually.


Technical Overview:
The ETH/USD pair has erased the recent losses and now the bulls are in control of the price as they try to test the technical resistance zone located between the levels of $193.52 - $196.61. Nevertheless, the market continues a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

Weekly Pivot Points:
WR3 - $203.38
WR2 - $197.53
WR1 - $186.87

Weekly Pivot - $181.92
WS1 - $171.26
WS2 - $165.71
WS3 - $155.07


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 05 November 2019

Crypto Industry News:
The British Tax, Payment and Customs Authority, Her Majesty's Revenue and Customs (HMRC), has updated its guidelines for taxing cryptocurrencies for businesses and individuals. The UK government tax agency, which manages taxes along with other financial policies, has issued tax guidance updates that further clarify its position on the taxation of businesses and individuals associated with cryptocurrencies.

The guidelines present HMRC's views on cryptocurrency transactions that apply taxes, how to submit tax returns and accounting practices. It also considers the taxation of exchange tokens, while stating that the rules for utility or security tokens will be added in the future.

Companies that buy or sell tokens, extract or exchange them for other assets, or provide goods or services in exchange for tokens are required to pay one or more different types of taxes. These taxes include income tax, corporate income tax, capital gains tax, tax and social security contributions.

The tax authority has explicitly stated that it does not consider any of the current types of cryptocurrencies as money or currency.

HMRC also recognized that the cryptocurrency sector is a rapidly changing sector, therefore it will analyze the facts of each case separately and apply the relevant tax regulations in line with what actually happened instead of relying solely on theory.

Previously, HMRC considered cryptocurrency trading to be the same as gambling. However, the latest update of the tax guidelines states that the agency no longer thinks so.


Technical Overview:
The ETH/USD pair is making lower highs, so the bearish pressure might be clear now and confirmed by the recent Pin Bar, Harami and Shooting Star candlestick patterns on the H4 timeframe chart. The market continues a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

Weekly Pivot Points:
WR3 - $203.38
WR2 - $197.53
WR1 - $186.87

Weekly Pivot - $181.92
WS1 - $171.26
WS2 - $165.71
WS3 - $155.07


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 05 November 2019

Crypto Industry News:
France intends to introduce an educational module to its high school curriculum, which includes Bitcoin and cryptocurrencies.

The French Ministry of National Education has changed its curriculum to include the world's largest cryptocurrency. French teachers should lead an introductory course that will help students understand the impact of Bitcoin on the French and global economy.

The Ministry provides teachers with three educational videos that address questions such as: "Is Bitcoin the currency of the future?", "Can Bitcoin replace the euro?" And "Do you trust your currency?"

According to the ministry's draft, students will have to compare Bitcoin with fiat currency, which will ultimately lead to basic knowledge about Bitcoins, cryptocurrencies, and their role in the traditional financial world.

Because this is only an introductory course to Bitcoin, students will not leave the class as full-fledged cryptocurrency experts. However, teaching young students some of the issues related to Bitcoins and cryptocurrencies will provide them with the knowledge that becomes more and more relevant as cryptocurrencies become more and more common.

In France, a rapid increase in the popularity of cryptocurrencies is observed largely thanks to the French cryptographic startup Keplerk, which at the beginning of October re-launched its payment acceptance service in Bitcoin in more than 5,200 tobacco stores in France.


Technical Overview:
The BTC/USD pair is still locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The global investors wait for the next breakout, so the volatility might dry up for some time now.

Weekly Pivot Points:
WR3 - $10,530
WR2 - $10,201
WR1 - $9,572

Weekly Pivot - $9,189
WS1 - $8,589
WS2 - $8,251
WS3 - $7,587


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

BTC 11.04.2019 -2-day balance in the focus, watch for breakout to confirm further direction

Bitcoin has been trading upwards in the past 24 hours. The price did test the level of $9.300 I found 2 important pivot points for the BTC.The 2-day high at the price of $9.420 and the 2-day low at the price of $8.920.



The successful breakout of the 2-day high at $9.420 may lead us for test of $9.920.

The successful breakout of the 2-day low may lead us for potential test of $8.600

MACD is showing positive reading above the zero

Bollinger band is headiing upside and the middle line at the price of $8.485 is providin support.





Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of ETH/USD for 04 November 2019

Crypto Industry News:
The Malta Financial Services Authority (MFSA) received inquiries from 21 cryptocurrency exchanges in order to obtain a license in accordance with the Virtual Financial Assets (VFA) Act.

According to the official announcement of 21 exchanges, there are 34 potential VFA service providers who have sent letters of intent to the Maltese financial regulator to obtain a license for VFA services.

MFSA clarified that cryptocurrency suppliers up to October 31 acted in accordance with the transitional provisions set out in Art. 62 of the VFA Act. These companies will now need to apply for authorization at MFSA to continue operations in or from Malta.

According to media publications, applicants will be classified at MFSA's discretion into one of four categories that specify the requirements of license holders. The regulator also plans to enforce administrative penalties for compliance violations.

In an official announcement, MFSA stated that it would shortly contact applicants to arrange an initial meeting. After the meeting, applicants will have 60 days to submit a full application back to the authority.

According to the announcement, 30 applications for registration of VFA agents were received by MFSA, of which 18 were registered. The list of registered agents is available on the MFSA website.

The VFA Act is part of the legislation related to Blockchain technology adopted in July 2018 together with the Malta Digital Innovation Authority Act and the Innovative Technological Arrangement and Services Act. In September, MFSA published its strategic plan, claiming that it will actively monitor and manage the business risk associated with cryptocurrency companies.


Technical Overview:
The ETH/USD pair keeps trading close to the recent lows made by the corrective down move last week and did not improve the situation during the weekend. The market is making lower highs, so the bearish pressure might be clear now and confirmed by the recent Pin Bar and Harami candlestick patterns on the H4 timeframe chart. The market continues a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

Weekly Pivot Points:
WR3 - $203.38
WR2 - $197.53
WR1 - $186.87

Weekly Pivot - $181.92
WS1 - $171.26
WS2 - $165.71
WS3 - $155.07


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019