Cryptocurrency Analysis

[IFX_Selena]

BTC 12.17.2019 - First downward target reached at the price of $6.850, second target set at $6.540

BTC has been trading downwards, exactly what I expected yesterday. The price reached my first downward target from yesterday at the level of $6.845. Momentum Is still strong on the downside and I do expect second target at the price of $6.540



Eventual breakout of the $6.820, would confirm test of $6.540

MACD oscillator is showing negative reading below the zero and the slow line is heading downside.

Stochastic oscillator is showing fresh new bear cross into the oversold area.

Resistance levels are seen at $7.032 and $7.134

Main support level is set at the price of 6.540




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

[IFX_Selena]

Technical Analysis of ETH/USD for 17 December 2019

Crypto Industry News:
The international IT company Advanced Micro Devices (AMD) has joined the Blockchain Game Alliance and has entered into two new partnership agreements to help use technology in the industry.

The published press release revealed that the chip giant is working with Blockchain Robot Cache and ULTRA technology providers - both are working on developing and servicing Blockchain-based online gaming markets. These markets aim to establish new, secure purchasing options and distribution channels for game publishers and users.

Blockchain Game Alliance (BGA) is an organization involved in adopting Blockchain technology in games by promoting the creation of common standards, facilitating networking and knowledge sharing, and encouraging collaboration and implementation of best practices.

AMD is reportedly the first major hardware manufacturer to join the Alliance, which owns the token creator Enjin Fig and veteran of Blockchain EverdreamSoft games.

According to the press release, both markets will integrate AMD graphics cards and processor technology for a variety of purposes, including back-end servers and Blockchain infrastructure. Apparently, AMD Ryzen processors and Radeon graphics cards have been designed to ensure optimal cryptographic computing performance.

AMD claims that its processor and GPU technology will serve as a powerful engine for Blockchain and gaming loads. The hardware manufacturer will also provide solid security protection that will help protect digital content from a range of online attacks.


Technical Market Overview:
The ETH/USD has fallen out of the parallel channel around the level of $134.80 and since then is moving lower. The swing low made on the 25th of November located at the level of $130.68 has been violated as well and the bears have made another swing low at the level of $127.91 (at the time of writing). If the bearish pressure won't stop, then the next main target for bears is seen at the level of $116.00. The complex corrective cycle is still unfolding to the downside.

Weekly Pivot Points:
WR3 - $160.13
WR2 - $155.12
WR1 - $147.83

Weekly Pivot - $142.21
WS1 - $135.13
WS2 - $130.72
WS3 - $123.35


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

Attachment 1951




Attachment 1952
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Technical Analysis of BTC/USD for 17 December 2019

Crypto Industry News:
The Shenzhen Bao'An District Court in China ruled to freeze assets worth approximately $ 676,000 belonging to the Bitmain subsidiary, the Bitcoin mining giant.

According to a lawsuit, the Shenzhen BaoAn District Court ordered the freezing of 4,717,710.68 yuan ($ 676,000), a 100% Bitmain subsidiary of Shenzhen Century Cloud Core. This ruling is a follow-up to the application made by the electronic components manufacturer Dongguan Yongjiang Electronics.

Dongguan Yongjiang asked the court to freeze measures to ensure that a commercial contract dispute could be investigated if the court decided in favor of the company. According to the application, Shenzhen Century Cloud Core has the right to appeal the decision.

Recently, Shenzhen police have approached the founder of the Bitcoin mining platform MicroBT, Zuoxing Yang, to investigate him in connection with allegations of intellectual property infringement regarding Bitmain technology.

Yang had previously worked at Bitmain as a processor design director and developed the Antminer S7 and S9 flagship mining kit. In 2017, Bitmain sued the company for alleged patent infringement. However, Yang's lawyers successfully appealed for the patent to be revoked the following year.


Technical Market Overview:
The BTC/USD pair spied down towards the next technical support located at the level of $6,789 (low was at the level of $6,760). There was another Pin Bar candlestick pattern made around the level of $7,133 during the weekend and since then the bears are trying to take back the control over the market and are pushing the prices lower. If the level of $6,760 is violated again, then the next target for bears is seen at the level of $6,642. The immediate technical resistance is seen at the level of $6,946.

Weekly Pivot Points:
WR3 - $8,020
WR2 - $7,786
WR1 - $7,335

Weekly Pivot - $7,151
WS1 - $6,714
WS2 - $6,500
WS3 - $6,073


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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 12.16.2019 - Watch for potential drop on the BTC

Industry news:

Some facts:
Longs were extremely liquidated in comparison to shorts

A total of $12.3 billion longs were liquidated while only $7 billion shorts were liquidated

Shorts dominated the start of 2019 while longs are starting to come into play

Bitcoin's median return has consistently increased since 2015; However, the 2019 average return has performed worse than in 2018

As Bitcoin moves sideways, stuck in the $7,000 region, the year comes close to an end. 2019 has certainly been a tumultuous year, with Bitcoin dragging itself through the low $3,000s and pumping to $13,800 out of the blue.

With the launch of Bakkt's physically-settled Bitcoin Futures and other major updates, Bitcoin has grown and perhaps, matured, as a decentralized currency in the last 350 days or so. However, with Bitcoin and cryptocurrencies come inherent risks due to their volatile nature and many traders have faced volatility's music and suffered the consequences.


Technical analysis:


BTC has been trading downwards, exactly what I expected in my previous analysis. The Bitcoin tested the level of $7.020. BTC is heading towards my main downward targets at the price of $6.850 and $6.539.

MACD oscillator is showing negative reading, below the zero

Resistance levels are seen at $7.300 and $7.730

Main support level is set at the price of $6.850 and $6.539





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

[IFX_Selena]

Technical Analysis of ETH/USD for 16 December 2019

Crypto Industry News:
Tom Jessop, president of Fidelity Digital Assets, the American giant Fidelity dealing in cryptocurrency trading, announced that the company could add Ethereum support in 2020 if there is sufficient demand.

During an interview with the media, Jessop answered questions about the company. When asked about the possibility of using Fidelity Digital Asset Ethereum in the future, he said:

"We have done a lot of work on Ethereum. We intend to support him in the New Year. We are strongly guided by our clients."

Jessop also said that the main obstacles to institutional use of cryptocurrencies are price volatility, lack of clarity of regulations, and perhaps above all a lack of achievement. He explained that he believes that these problems will be eased over time.

The Fidelity cryptocurrency trading platform - and custody service - was launched for a selected customer group in March. The platform is not intended for retail investors. Instead, it focuses on hedge funds, family offices, pensions, funds and other institutional investors.


Technical Market Overview:
The ETH/USD is still under pressure from the supply side of the market and is trading close to the recent lows at the level of $138.10. The last spike up has hit the 50% Fibonacci retracement only and then the market returned to the lower price levels again. Moreover, the market is still trading inside of the parallel channel, so there was no significant breakout made during the weekend yet. The nearest technical resistance is located at the level of $143.00.

Weekly Pivot Points:
WR3 - $160.13
WR2 - $155.12
WR1 - $147.83

Weekly Pivot - $142.21
WS1 - $135.13
WS2 - $130.72
WS3 - $123.35


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







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

[IFX_Selena]

Technical Analysis of BTC/USD for 16 December 2019

Crypto Industry News:
The Bottle Pay service, which enabled users to send Bitcoins via social media accounts, announced it would be closed due to anti-money laundering (AML) laws.

Bottle Pay, developed by the British company Block Matrix, enabled Bitcoin payments for any contact on social media, regardless of whether he had an account or not. Just two months ago, the company raised $ 2 million in funding to increase its user base ten times over the next year.

However, as registered in the UK as a provider of fiduciary Bitcoin wallets, the company must comply with the EU 5AMLD Regulation, which will enter into force on January 10, 2020. Block Matrix believes that the additional user information required by the new rules "would change the current user experience so radically and so negatively that we don't want to impose this on our community."

New registrations, deposits and bots on social media are now offline. Funds already sent will not be delivered and will be returned to the sender within 7 days. The payout feature will be disabled and all wallets closed at 13:00 GMT on December 31, 2019. All funds remaining in the wallets will be transferred to the Human Rights Foundation.


Technical Market Overview:
The BTC/USD pair is still under pressure from the bears and it keeps trading close to the 61% Fibonacci retracement located at the level of $6,973. There was another Pin Bar candlestick pattern made around the level of $7,133 during the weekend as well. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,601 in form of a Pin Bar candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target which is seen at the level of $6,821.

Weekly Pivot Points:
WR3 - $8,020
WR2 - $7,786
WR1 - $7,335

Weekly Pivot - $7,151
WS1 - $6,714
WS2 - $6,500
WS3 - $6,073


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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 13 December 2019

Crypto Industry News:
A former derivative investor JPMorgan is suing one of the largest cryptocurrency exchanges in the world for $ 300 million after it allegedly failed to provide its capital due.

According to a lawsuit filed with the San Francisco Supreme Court in California, Frank Amato and RGB Coin are currently acting against BitMEX, its CEO Arthur Hayes and the owner of HDR Global Trading.

Amato says he was one of the first seed investors at BitMEX in 2015, depositing $ 30,000 with the understanding that he would later get capital in the company. Amato claims that this has not happened today.

After Amato's initial investment, the stock market allegedly received another $ 30,000 from the SOSV startup accelerator, which would result in a conversion of the capital contracted by Amato. However, the file states that Hayes "tried to hide information" from Amato to "prevent recognition of his equity."

According to unofficial estimates, Amato's share in the company is currently worth $ 50 million. Ultimately, the investor is demanding a gigantic amount of $ 300 million.

"As part of this action, Claimants are seeking compensation corresponding to the value of their equity in BitMEX, whose conservative estimate exceeds $ 50,000,000, along with criminal compensation of $ 250,000,000. Claimants are also seeking damages and other legal remedies, as well as fees and legal expenses "- we read in the lawsuit.


Technical Market Overview:
The BTC/USD pair is still under pressure from the bears, so the horizontal trend had been terminated and the price has made a new local low at the level of $7,014. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,601 in form of a Pin Bar candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,234 again and it was retracted in almost 100%, so the next target for bears is seen at the level of $6,973 which is a 61% Fibonacci retracement of the last major wave up.

Weekly Pivot Points:
WR3 - $8,491
WR2 - $8,082
WR1 - $7,829

Weekly Pivot - $7,397
WS1 - $7,107
WS2 - $6,723
WS3 - $6,444


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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 13 December 2019

Crypto Industry News:
According to media reports, ING bank is developing cryptocurrency storage technology.

The digital asset storage service developed by ING is allegedly part of one of several bank initiatives related to Blockchain and is still at an early stage of development. The bank reportedly said that "it sees increasing opportunities for digital assets in both covered assets and native security tokens."

In response to a comment request, ING did not provide detailed information about the project, but said that "it is particularly active by developing the technology behind digital resources to allow its clients consistent access to this emerging ecosystem."

As cryptocurrencies are beginning to increase in value as an asset class, large finance companies are increasingly developing their own technologies and custody services.

The American giant of financial services Fidelity Investments has fully launched the cryptocurrency storage service in mid-October, after one year of preparation and gathering clients.

On December 11, Berlin-based company fintech solarisBank announced the creation of a subsidiary called Solaris Digital Assets to provide a solution for the storage of digital assets. Cryptocurrency exchanges have also developed internal fiduciary services, including the major US Coinbase and Gemini exchanges.

As Rohan Barde, research and innovation manager at Blockchain Zoo earlier wrote, there are two main reasons why institutional investors need fiduciary services that reduce risk and comply with regulations.

By separating the entity holding the assets from the entity managing the assets, financial institutions focus on their specializations. Fiduciary services also reduce the risk of employee embezzlement.


Technical Market Overview:
The ETH/USD pair has bounced from the lower channel line located at the level of $138.22 and is currently trading around the old 50% Fibonacci retracement located at the level of $143.74. It means the 61% Fibonacci retracement of the last wave up had been broken as well and the next target for bears is seen at the level of $136.98. The larger timeframe trend remains bearish.

Weekly Pivot Points:
WR3 - $162.22
WR2 - $157.56
WR1 - $153.69

Weekly Pivot - $148.38
WS1 - $144.67
WS2 - $138.97
WS3 - $135.22


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






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

[IFX_Selena]

BTC 12.12.2019 - End of the upward correction ABC, watch for selling opportunities

Bitcoin has been trading upside in last few hours at the price of $7.167. Anyway, I see that there is potential for end of the intraday upward correction and possible more downside towards the levels at $7.094 and $7.048.



Stochastic oscillator is showing overbought condition based on the 30M time-frame and fresh new bear cross, which is sign that sellers are present and that buying is risky.

Resistance levels are seen at the price of $7.202 and $7.286

Support levels are set at the price of $7.094 and $7.048





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

[IFX_Selena]

Technical Analysis of BTC/USD for 12 December 2019

Crypto Industry News:
Rostti, the operator of the Russian energy network, is testing the Blockchain solution for payments in the retail sector for electricity.

The system - initiated by Rosseti and developed by the Russian start-up Waves - aims to automate and make transactions between energy producers, suppliers and consumers more transparent, as written on the Waves blog.

Waves point out that the main drivers of the project are the inefficiency, opacity and growing debt that is currently plaguing the domestic industry. The blog quotes government data from the Russian Federation that revealed that total electricity debt as of September 1, 2019, was 1.3 trillion rubles ($ 15.7 billion), of which 800 billion ($ 12.6 billion) were households.

Sensitive points include the absence of consumer payments, the lack of some payments to reach producers, muted or inaccessible data, and inaccurate calculations by intermediaries.

The results of Waves' first successful Blockchain project - covering 400 households in the Kaliningrad and Swierdlowska regions - were first presented at the Moscow Networks Forum earlier this month.

In the next phase of the project, Rosetti will implement the system in both regions and will start at the beginning of next year. Ultimately, the partners envisage introducing the solution throughout the country.


Technical Market Overview:
The BTC/USD pair is still under pressure from the bears, so the horizontal trend had been terminated and the price has made a new local low at the level of $7,014. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,601 in form of a Pin Bar candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,234 again and it was retracted in almost 100%, so the next target for bears is seen at the level of $6,973 which is a 61% Fibonacci retracement of the last major wave up.

Weekly Pivot Points:
WR3 - $8,491
WR2 - $8,082
WR1 - $7,829

Weekly Pivot - $7,397
WS1 - $7,107
WS2 - $6,723
WS3 - $6,444


Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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.

Attachment 1924



Attachment 1925
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019