Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 19 November 2019

Crypto Industry News:
Venezuelan President Nicholas Maduro announced that the Christmas bonus for pensioners from the country will be paid to them in the national Petro cryptocurrency. The local press daily Venepress wrote on Twitter about Maduro's comments on November 17.

This is not the first time Venezuela is pushing Petro into the portfolio of retirees. In December last year, the country automatically converted pensioners' bonuses for this year into Petro.

The cryptographic resource in question was first introduced for pre-sale in February last year and raised concerns among foreign observers from the very beginning. At the end of August last year, Petro was sharply condemned as an opaque "feat" supported by a centralized and indebted unit.

Still, the national cryptocurrency and cryptocurrencies as a whole are increasingly supported by the government.

Member of the National Assembly of Venezuela, Francisco Torrealba, on November 13 said he believes that all currencies will be replaced by cryptocurrencies. Speaking of Venezuela, Torrealba claimed that the country is facing great changes, and Maduro is making a "great contribution" to the country by creating Petro.


Technical Market Overview:
The ETH/USD pair has been trading inside of the narrow corrective range since the 27th of October and still. All the bullish attempts to continue the rally are being capped around the level of $188.93 and on the other hand, all bearish spikes down are being bought back up around the level of $175.00. Nevertheless, the bears have managed to push the price lower towards the key short-term technical support located at the level of $172.91. If this level is clearly violated, then the sell-off might start and extend the move towards the level of $169.68, which is a 61% Fibonacci retracement of the whole up move.

Weekly Pivot Points:
WR3 - $203.37
WR2 - $196.19
WR1 - $190.39

Weekly Pivot - $183.21
WS1 - $177.25
WS2 - $170.00
WS3 - $164.35


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 19 November 2019

Crypto Industry News:
The head of the US Department of Internal Investigations (IRS), John Fort, said the regulator is analyzing potential tax problems caused by ATMs and Bitcoin kiosks.

According to a financial media publication, Fort said the IRS is working with law enforcement to investigate the illegal use of new technologies such as cryptocurrencies.

"We look at those and those that may or may not be linked to bank accounts [...] In other words, if you can enter, deposit cash and get Bitcoins, then of course we are potentially interested in the person using the kiosk and what its source is funds, but also kiosk operators, "he said.

According to Coin ATM Radar, there are 4,129 Bitcoin ATMs in the United States that allow users to buy and/or sell cryptocurrencies in exchange for a fee, which also means that there is one such machine in every major US city. Fort explained that such services must comply with the principles of Know Your Customer:

"They are required to comply with the same anti-money laundering and Know Your Customer laws, and we believe that some have different levels of compliance," he added.

Fort explained that cryptocurrency tax issues are an increasing threat, adding that cryptocurrency space has an inherent lack of transparency and visibility, which increases its likelihood of non-compliance. He admits, however, that no cases have been filed so far.


Technical Market Overview:
The BTC/USD pair has broken below the key short-term technical support located at the level of $8,298 and a new local low was made at the level of $7,952. The bears are in full control of the market. The down move is still continued then and so far there are no signs of any kind of a reversal. The next target for bears are $7,934 and $7,701.

Weekly Pivot Points:
WR3 - $9,580
WR2 - $9,281
WR1 - $8,860

Weekly Pivot - $8,570
WS1 - $8,114
WS2 - $7,825
WS3 - $7,365


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 11.18.2019 - BTC is trading below the Ichimoku cloud, more downside yet to come

Bitcoin has been downwards as we expected last week. The price tested the level of $8.330 All short-term trends are down and the price is trading below the Ichimoku clous. Watch for selling opportunities on the rallies. Main downward target is set at $7.504.



Ichimoku analysis:

Multi frame Ichimoku situation:

H1 - Below the Cloud

H4 - Below the cloud

Daily – Below the cloud

Currently, BTC is trading below Tenkan-sen at the price of 8.543. The breakout of the support at $8.540 did confirm further downside continuation. Resistance level is set at the price of $8.531 (Tenkan-sen).BTC did the breakout of the Ichimoku cloud to the downside and I see more downside in the next period. Main down target is set at the price of $7.500.





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

[ayazfx]

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[IFX_Selena]

Technical Analysis of ETH/USD for 18 November 2019

Crypto Industry News:
Director of the US Financial Crime Agency (FinCEN) Kenneth Blanco said anti-money laundering (AML) laws will be strictly enforced in the cryptocurrency world.

Financial media said Blanco made it clear that cryptocurrency companies involved in monetary services would have to comply with AML regulations and share information about their clients.

Speaking at a conference led by Chainalysis, a New York blockchain analysis company, Blanco told the audience that the so-called travel rule also applies to digital currencies and that the government expects crypto companies to comply with it.

"This [travel rule] applies to CVC [convertible virtual currencies] and we expect you to follow the rules, period. [...] That's what we expect. You will follow them. I don't know what a shock it is. It's nothing new."

In accordance with the currently known travel principle, the Anti-Money Laundering (FATF) guidelines require regulatory authorities and virtual asset service providers to collect and share transaction personal data. he recommendation imposes on the cryptocurrency sector the same standards that the banking sector usually uses.

Blanco also pointed out that FinCEN has been investigating compliance with the travel principle since 2014, adding that this is the most frequently mentioned infringement amongst digital currency money service companies.


Technical Market Overview:
The ETH/USD pair has been trading inside of the narrow corrective range since the 27th of October and still, no major move has been done. The bulls and bears are just fighting inside of this range despite a clear market rally on the last days of October. All the bullish attempts to continue the rally are being capped around the level of $188.93 and on the other hand, all bearish spikes down are being bought back up around the level of $175.00. This price action will not last forever of course, so, for now, all the traders must be a little bit more patient than usual.

Weekly Pivot Points:
WR3 - $203.37
WR2 - $196.19
WR1 - $190.39

Weekly Pivot - $183.21
WS1 - $177.25
WS2 - $170.00
WS3 - $164.35


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 18 November 2019

Crypto Industry News:
Once again, the case was found when state employees extract cryptocurrencies at work. The Ukrainian railroad unit (Ukrzaliznytsia) was caught red-handed, diverting the company's electricity to earn Bitcoins.

The state Ukrzaliznytsia said on Friday that its security department and law enforcement officers discovered that employees of a branch in the western city of Lviv secretly ran a Bitcoin mining farm, charging the state costs over $ 40,000. This discovery was reported by Oleg Nazaruk, director of the Department of Economic Security and Railway Information.

"During the inspection of the premises where the so-called farm was located, more than 100 computer devices generating Bitcoins were identified. The above-mentioned devices were connected to the Ukrzaliznytsia power network. The estimated amount of losses since the beginning of the year is 1 million UAH [$ 41,322]," - said Nazaruk.

According to the Ukrainian central bank, the creation and distribution of cryptocurrency in Ukraine are prohibited on a central bank basis.

The state has been working on the introduction of comprehensive regulation of cryptocurrencies for several years - a legislative effort that seems to eventually accelerate. It is recently said that the Binance cryptographic exchange is helping Ukraine develop regulations for the industry.

Ukrzaliznytsia said that criminal proceedings were initiated regarding the illegal mining effort in Lviv, and evidence from the unit was sent to the police.

Utilizing the power of a company or equipment to easily earn on mining cryptocurrency seems to be a temptation for state employees. Last year, several scientists working at the Russian nuclear weapons research center were arrested for mining cryptocurrencies at work. The highest Ukrainian law enforcement and counterintelligence agency also found mining equipment at the nuclear power plant in August this year.


Technical Market Overview:
The BTC/USD pair has bounced from the 61% Fibonacci retracement located at the level of $8,397, but the bounce was very short-lived and the bears keep pushing on bulls. The results of the bearish pressure are quite clear: the price is going down again to test the key short-term technical support located at the level of $8,298, but the bears keep pushing and currently, the market is very close to this level again. If the technical support is clearly violated, then the next target for bears is seen at the level of $8,048 and $7,934.

Weekly Pivot Points:
WR3 - $9,580
WR2 - $9,281
WR1 - $8,860

Weekly Pivot - $8,570
WS1 - $8,114
WS2 - $7,825
WS3 - $7,365


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 15 November 2019

Crypto Industry News:
While the stablecoina Libra project is still confronted with the hostile attitude of regulators, Facebook is introducing a new fiat payment system called Facebook Pay.

The social media giant has announced that it is introducing Facebook Pay, a payment system designed to facilitate payments via Facebook, Messenger, Instagram and WhatsApp.

"People already use payments in our applications to shop, make donations and send money. Facebook Pay will facilitate these transactions while ensuring the security and protection of payment information," said Deborah Liu, Facebook vice president of market and commerce .

Clearly trying to avoid further regulatory control, the company clearly states that Facebook Pay "is based on existing financial infrastructure and partnerships." Similarly, it is clear that the payment service will be separated from the new Calibra wallet and Libra network.

Facebook Pay will be launched this week on Messenger and Facebook in the United States for "fundraising, in-game purchases, event tickets, personal payments in Messenger and purchases from selected sites and companies on the Facebook Marketplace."

Facebook ends the ad with the belief that companies can "help businesses grow and enable people around the world to buy and sell things online."


Technical Market Overview:
After the ETH/USD reversal from the level of $188.35 (the bottom of the trendline) the bears have managed to make a new local low located at the level of $179.00. It is worth to notice that the move lower opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. If the price will reach this level, then more then 50% of the last impulsive wave up will be retraced already, so the market might be ready to reverse.

Weekly Pivot Points:
WR3 - $209.10
WR2 - $200.93
WR1 - $194.92

Weekly Pivot - $187.29
WS1 - $180.68
WS2 - $172.07
WS3 - $166.48


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 Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 15 November 2019

Crypto Industry News:
Alibaba, the Chinese e-commerce giant, works with the Lolli Bitcoin reward application, enabling its buyers to earn 5% back in Bitcoin. Alibaba customers can now get Satoshis (sats), the smallest Bitcoin currency unit worth 0.00000001 BTC when they shop online, says Lolli.

The partnership was announced on Singles' Day, a shopping festival that is celebrated in China on November 11 and is considered the largest one-day shopping event in the world. According to Lolla, buyers of Alibaba spent more than 31 billion dollars in 2018 on Singles' Day.

Alex Adelman, CEO and co-founder of Lolli, pointed out that the new move is a milestone for Lolla because Alibaba is the largest trading and e-commerce company in the world.

"Thanks to our cooperation, our users can earn free Bitcoins daily on millions of products online. Probably the most important element of this partnership is supporting our mission of connecting the whole world through trade" - he said.

The new program will only be available to buyers in the United States. Aubrey Strobel, head of Lolla's communications department, reportedly claimed that Chinese people would not be able to attend, and products would be shipped from China to US users.

In the Adelman report, he highlighted the company's plans for global expansion in 2020 and stressed that partnership is a great first step to connect China and the US via Bitcoin and trade.


Technical Market Overview:
The momentum on the BTC/USD market is still negative and a new local low was made overnight at the level of $8,433. The next target for bears is seen at the level of $8,298 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396 and if this retracement is violated, then the market will likely test the key short-term technical support located at the level of $8,298.

Weekly Pivot Points:
WR3 - $10,032
WR2 - $9,933
WR1 - $9,413

Weekly Pivot - $9,012
WS1 - $8,510
WS2 - $8,085
WS3 - $7,592


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 11.14.2019 - Sellers in control, Ichimoku analysis

Bitcoin has been trading downwards. The price reached our first downward target from yesterday at the price of $8.540. Watch for selling opportunities due to the current downward trend. Main downward target is still set at the price of $7.500.



Ichimoku analysis:

Multi frame Ichimoku sitation:

H1 – Below the Cloud

H4 - Below the cloud

Daily - Inside of the Cloud

Currently, BTC is trading below the support (Tenkan-sen) at the price of 8.600. Resistance levels are set at the price of $8.670 (Tenkak-sen) and $8.800 (Kijun-sen).BTC did the breakout of the Ichimoku cloud to the downside and I see more downside in the next period.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 14 November 2019

Crypto Industry News:
The Central Bank of Tunisia denies reports of the introduction of its own digital currency. In a weekly announcement, the central bank suppressed "unfounded" rumors that it was the first monetary body to issue the central bank's digital currency (CBDC), claiming that PoC's "unrelated project" was out of context:

" The Central Bank of Tunisia has not established any kind of relationship with any domestic or foreign supplier to create any digital currency. The Bank is examining the opportunities and threats associated with these new technologies, especially in terms of cyber security and financial stability. "

He admitted that he was considering CBDC because he said he was examining "all existing alternatives." But there are no immediate plans to launch E-Dinar.

Last week, the Russian state news agency announced that the Central Bank is working with Universa Blockchain to develop and issue a digital currency. The announcement was to take place at the FOREX Club Tunisia event. However, the Central Bank said that no announcement was ever made. Instead, he pointed to a demonstration of the CBDC test project during the FOREX event, which was the root of the misunderstanding.

"This PoC (Proof of Concept) test was taken out of context and became a marketing operation in which the BCT name was misused," reads the bank's statement.


Technical Market Overview:
A recent breakout below the short-term trendline on the ETH/USD pair was short-lived and currently, the price reversed after hitting the level of $188.35 (the bottom of the trendline). It is worth to notice that the move lower opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. It all depends now on how the breakout will be played: whether it was a fake or a genuine one.

Weekly Pivot Points:
WR3 - $209.10
WR2 - $200.93
WR1 - $194.92


Weekly Pivot - $187.29
WS1 - $180.68
WS2 - $172.07
WS3 - $166.48


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