Cryptocurrency Analysis

[Clausfx]

Fresh forecast for Bitcoin !!! The best time to buy Bitcoin for months.
The cue ball is in consolidation. We look forward to a good upward movement on increased volumes.
To determine the movement, it is necessary to observe the next days of fluctuation in the corridor of 150-300 points.
The latest news from China indicates a high demand for the cue ball, pay attention to the increase in volumes.
With a high probability, in the near future we expect a long-term trend with a target of 13000-14000. A trend can take from 3 to 6 months.

[IFX_Selena]

Technical Analysis of ETH/USD for 22 November 2019

Crypto Industry News:
Heads of cryptocurrency exchanges who do not register with South Korea's main financial regulatory authority may soon face imprisonment.

The National Assembly's parliamentary subcommittee adopted a legal amendment to the law on Information on Special Financial Transactions, which is still being developed, to force virtual asset exchanges to register with the Financial Services Commission (FSC). Those who fail to do so would face up to five years in prison or a fine of up to 50 million won ($ 42,460).

In accordance with the amendment aimed at bringing the industry into line with international FATF anti-money laundering guidelines, cryptocurrency exchanges must also have so-called virtual accounts with real names - sub accounts for users on the main exchange account - to avoid violation of regulations

According to the publication, opposition legislators have expressed concerns that exchanges with anonymous virtual accounts will be forced to close, which will further shrink the domestic cryptocurrency industry.

At the beginning of 2018, the FSC banned anonymous virtual accounts, as a result of which only four exchanges with virtual accounts with real names remained under agreements with local banks: Bithumb, Upbit, Corbit and Coinone. As a result of these concerns, the change, if adopted, will make it easier for exchanges to qualify for virtual accounts with real names.

Lee Jun-Haeng, general manager of the Gopax exchange, which does not yet have a virtual account with a real name, said that the change will make the market "healthy" if the system is fair.

The regulations also relaxed the obligation to certify the exchange information security management system. The committee agreed to grant a grace period to resubmit the application in the event of an initial failure to certify.

The Act would ultimately mean that the cryptography industry would move out of the gray regulatory zone and enter the system as regulated financial institutions such as banks.

"It is expected to be the first step in the development of consumer protection and a stable market," said Jae-Jin Kim, Secretary-General of the Korean Blockchain Association.


Technical Market Overview:
The ETH/UDS pair is still under the pressure from the supply side as bears have managed to push the price lower towards the technical support located at the level of $152.28. If this level is clearly violated, then the sell-off might start and extend the move towards the level of $151.37, which is a key short-term technical support and a swing low for wave 2. Violation of this level invalidates all impulsive upwards scenarios and makes the corrective cycle more complex and time-consuming.

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 22 November 2019

Crypto Industry News:
Venezuela plans to support its national Petro cryptocurrency 30 million barrels of oil. Venezuelan President Nicolas Maduro announced that oil reserves are in domestic storage tanks and are ready for immediate commercialization to serve as "liquid, physical and material coverage" for Petro. The president announced news on public television, according to Reuters.

Although Maduro has not yet provided any details about how the sale of oil stocks would work to support Petro, another Reuters report noted that the Venezuelan government initially planned to support cryptocurrency with five billion barrels of oil.

According to the publication, the sharp decline in Petro's support was caused by US sanctions against the Venezuelan state oil company PDVSA. The company allegedly reduced oil production in 2019 due to the sanctions mentioned above.

News appears in connection with the new wave of Petro promotion by the government. On November 17, Maduro announced that Venezuelan pensioners would receive a Christmas bonus at Petro. Similar initiatives had taken place earlier when, at the end of November 2018, Venezuela automatically converted the monthly pensioners' premium into Petro.

Launched in February 2018, Petro has become the world's first oil-backed cryptocurrency in the world. The coin was allegedly designed to attract foreign investment as well as to avoid sanctions from the US government.


Technical Market Overview:
The BTC/USD pair has made another lower low at the level of $7,335 and is about to test the key short-term technical support located at the level of $7,234. The bears are in full control of the market and the level of $8,298 will now act as technical resistance. The down move is still continued then and so far there are no signs of any kind of a reversal.

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 11.21.2019 - All trends down, Bitcoin is aproaching our main downward target at $7.500

My analysis from yesterday is progress good and BTC is on the way to test my main target at the price of $7.478. All short-term trends are down and my advice is to hold sell position and add new sell position in case of the rally into the resistance at $8.000



Based on the Ichimoku analysis, all trends are down and there is no indication of the any reversal pattern yet, which is good confirmation that sellers are in total control. Downward targets are set at the price of $7.478 and $7.285.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 21 November 2019

Crypto Industry News:
Heath Tarbert, chairman of the US Futures Trade Commission (CFTC), says it is not yet clear what kind of product Libra will be - including whether it can be a security.

Talking to the media at the CME Group Global Financial Leadership conference, Tarbert discussed the current US regulatory position on cryptocurrencies and Blockchain and the country's global position in this technology.

Tarbet said Bitcoin has been around for 10 years, is well understood, and CFTC "is able to classify it not as a security but as a commodity," he said. On the other hand, Libra is "a fundamentally different product" but is currently in constant motion:

"Libra is growing and there are many unanswered questions - and the way it is constructed by linking it directly to a set of national currencies - is a completely different product."

The CFTC decision on Libra status will probably have to wait until stablecoin - which is to be linked to the US dollar, euro, yen, British pound and Singapore dollar - be issued. The date for this event is planned for half or the end of next year if the project is able to deal with the major regulatory obstacles that have been observed so far.

David Marcus, co-creator of Libra, emphasizing that it is too early to classify the digital currency, also said that it could eventually be divided into separate stablecoins, each of which is assigned to a different fiat currency.


Technical Market Overview:
The ETH/UDS pair is still under the pressure from the supply side as bears have managed to push the price lower towards the key short-term technical support located at the level of $172.91 and made a new local low just below it, at the level of $171.55. 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. The nearest technical resistance is seen at the level of $176.00.

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 on 21 November 2019

Crypto Industry News:
The United States Federal Reserve System is exploring the possibility of developing a central bank digital currency (CBDC) and what problems and risks it can potentially create.

Federal Reserve Chairman Jerome Powell responded to a request by US representatives French Hill and Bill Fosters to see if the Federal Reserve plans to launch a national digital currency.

In his letter, Powell outlined the Federal Reserve's views on the creation of the CBDC, stressing that although the agency is not currently developing the CBDC, it has assessed and continues to assess the costs and benefits of such an initiative. Powell revealed that the agency is conducting its own small research-oriented experiments to gain practical experience and to better understand the capabilities and limitations of CBDC.

Powell said that before issuing the CBDC, the Federal Reserve must answer a number of legal questions, including monetary and payment policy, financial stability, supervision and operational issues, and their vulnerability to cyberattacks:

"If the project is to be financially transparent and provide protection against illegal activities, a general-purpose CBDC may probably require the Federal Reserve to keep a record of all payment data in digital currency [...], and sometimes this raises problems related to data privacy and information security" - he continued.

Finally, Powell noted that a number of design features should be considered when developing the CBDC, including the management of the currency's inventory, the need for the Federal Reserve's payment system to carry out transactions, and anonymity regarding CBDC ownership and transactions.


Technical Market Overview:
The BTC/USD pair has made a new local low at the level of $7,934 and the pair has been consolidating just above this level for the last 24h. The bears are in full control of the market and the level of $8,298 will now act as technical resistance. 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 is $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 11.20.2019 - Watch for selling oportunites on the rallies

BTC has been trading sideways in past 24 hours and I do expect more downside but after the rally. My advice is to watch for sell zone around $8.240-$8.300 with the target at the price of $7.500.



The short-term trend is still downside and there is no indication of any reversal yet, which is clear indication that sellers are in control. Downward sloping trend line would act like resistance and you should pay attention to that.

MACD oscillator is showing negative reading below the zero and slow line is in negative territory, which adds more downside potential.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 20 November 2019

Crypto Industry News:
The Italian brand Lamborghini luxury sports cars will use Salesforce Blockchain to authenticate classic Lamborghini cars. Salesforce, one of the largest global customer relationship management companies, announced that Lamborghini can now track, certify and authenticate historic cars faster and more securely using the Blockchain platform.

Launched in May 2019, the Hyperchanger based Blockchain Salesforce platform will now be implemented to create a trusted network between multiple participants to check certification during the resale of Lamborghini.

Typically, when Lamborgini is resold, the vehicle undergoes 800 or 1000 certification checks that take place at the Lamborghini headquarters in Sant'Agata Bolognese, Italy, according to press releases.

The process requires Lamborghini to work with a huge network of resources, such as photographers, auction houses, dealerships, workshops and media sources - to record the full history and verify all parts and service history of each vehicle.

The companies emphasize that every Lamborghini vehicle will now be delivered with consistent service history, including important details, such as previous owners and renewals. The new system also aims to protect Lamborghini cars against potential counterfeiting, because all authentication controls are managed by Lamborghini and its partner network.


Technical Market Overview:
The bears at ETH/UDS pair have managed to push the price lower towards the key short-term technical support located at the level of $172.91 and made a new local low just below it, at the level of $171.55. 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 20 November 2019

Crypto Industry News:
The US Securities and Exchange Commission (SEC) is reviewing its decision to reject the Bitcoin ETF fund application from Bitwise Asset Management and NYSE Arca.

In a November 18 announcement, the commission said that the ETF application from Bitwise Asset Management and NYSE Arca would return to review after being rejected for failing to meet the necessary requirements.

In October, US regulatory authorities stated that applicants had not met the necessary requirements for possible market manipulation and illegal activity.

"The Commission rejects the proposed amendment to the rules because, as discussed below, NYSE Arca has not fulfilled its obligations under the Exchange Act and the Commission's Practice Principles to demonstrate that its application complies with the requirements of section 6 (b) of the Exchange Act in particular with the requirement that the provisions on the national stock exchange should be designed to prevent dishonest and manipulative activities and practices, "wrote the SEC at the time.

One of the regulator's main concerns when assessing new commodity-based ETFs is whether the underlying market is tamper-proof. In the order, which rejected the Bitwise request, the SEC commissioners wrote that the evidence did not sufficiently support the claim that the "real" spot market for Bitcoin, after removing "false and/or uneconomical data", is sufficiently tamper-proof.

However, today the regulator announced that it is reviewing the application, so once again any party or person can submit a statement in support of or in opposition to action taken in accordance with the transferred authority, no later than December 18, 2019.

The SEC also notes that the decision to reject the proposed listing of the ETF Bitwise Asset Management and NYSE Arca will remain in force until the Commission is reviewed.


Technical Market Overview:
The BTC/USD pair has made a new local low at the level of $7,934. The bears are in full control of the market and the level of $8,298 will now act as technical resistance. 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 is $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 11.19.2019 - BTC is trading below the Ichimoku cloud, more downside yet to come

Bitcoin has been trading downwards as I expected. The price tested the level of $7.960. All short-term trends are down and the price is trading below the Ichimoku cloud. Watch for selling opportunities on the rallies. Main downward target is set at $7.500.



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 8.220 and Kijun-sen at the price of $8.383. The breakout of the support at $8.540 did confirm further downside continuation. Resistance level is set at the price of $8.220 (Tenkan-sen). Ichimoku cloud is moving downward and expanding, which is good indication of the stable downward trend.





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