Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 02.10.2020 - Strong liquidation at $10.000, watch for bearish continuation

Industry news:


Bitcoin recently surged past its crucial resistance at $9.9k and held on above $10k for some time. However, as sellers' pressure increased, the coin could not hold on to $10k and its price slumped by 4.55% within a few hours. Bitcoin was valued at $10,195 before it experienced a downward force and was pulled back under the $9,731, causing a flurry of liquidation on BitMEX Bitcoin longs.

According to data provided by Datamish, a total of $56.3 million longs were liquidated in the last 6 hours, with $600k worth short contracts expiring.

This decline in price also helped to fill a gap left at the end of trading on Friday on the CME futures. The Futures on CME group ended last week at $9,850 and on 10 February, the drop in price brought BTC back to the $9.8k range.


Technical analysis:
BTC got strong rejection of our Pitchfork median line, which is strong sign that more selling can come. My advice is to watch for selling opportuntieis with the target at $9.040..

MACD oscillator is showing bearish divergence on the daily time-frame, which is good confirmation for our short bias.

Support levels are set at the price of $9.570 and $9.040

Resistance level is seen at $10.000





Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 10 February 2020

Crypto Industry News:
The Swiss Financial Market Authority (FINMA) has adopted a law on anti-money laundering. Citing additional risk, the threshold for unidentified cryptocurrency exchanges has been lowered from 5,000 to 1,000 Swiss francs.

The provision appeared after the Act on financial services and the Act on financial institutions, which entered into force on January 1. FINMA has submitted a revised regulation in response to these laws and will continue to consult on further regulations until April 9.

One of the key changes is the normalization of Swiss national laws through the Anti-Money Laundering Special Group or FATF directives since June 2019. The international body has set a maximum transaction limit of 1,000 francs for unidentified cryptocurrency exchanges.

All financial service providers involved in cryptocurrencies will have to collect data on all persons initiating transactions in excess of 1,000 Swiss francs.

This initiative is part of a global trend seeking to tighten anti-money laundering regulations. By implementing the directive, according to a press release, FINMA recognizes the increased risk of money laundering in cryptocurrency transactions.

The European Union has also implemented the Fifth Anti-Money Laundering Directive (5 AMLD), which entered into force this year. The new regulation applies primarily to certain types of cryptocurrency transactions, in particular those requiring strict reporting of customer information.


Technical Market Overview:
The ETH/USD pair has been trading above the $200 level over the weekend. The recent swing high had been made at the level of $229.61 and since then the price started a corrective cycle to the downside and a Shooting Star candlestick pattern has been made around the top. Currently, the price is trading above the local technical support located at the level of $215.30, but if the bearish pressure intensify, then the price might get back to the channel zone around the level of $200. That would be the first indication of a deeper corrective cycle to come soon.

Weekly Pivot Points:
WR3 - $294.29
WR2 - $261.49
WR1 - $246.98

Weekly Pivot - $213.30
WS1 - $200.82
WS2 - $167.15
WS3 - $155.55


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 10 February 2020

Crypto Industry News:
The Bitcoin network has exceeded half a billion transactions since the launch of the cryptocurrency over 11 years ago.

The first Bitcoin transaction took place on January 12, 2009. Satoshi Nakamoto and the late Hal Finney were the first participants in the project. Nakamoto sent Finney 10 Bitcoins as a test, after which the IT specialist himself began to extract cryptocurrency.

Ten months later, on October 5, 2009, the New Liberty Standard set the initial Bitcoin exchange rate against the dollar. At that time, $ 1 was worth 2,300.03 Bitcoins.

The first transaction in the history of exchanging Bitcoin for physical goods took place on May 22, 2010. On the famous Bitcoin Pizza Day for 10,000 Bitcoins, Laszlo Hanyecz bought pizzas. The developer offered Bitcointalk Bitcoin users in exchange for two pizzas. A teenager named Jeremy Sturdivant, nicknamed Jercos, took Bitcoin and sent Hanyecz two pizzas from Papa John's restaurant. This is the first commercial transaction for Bitcoin. After 11 years, Bitcoin reaches another important milestone in handing over half a billion transactions.


Technical Market Overview:
The BTC/USD pair has made another higher high over the weekend and hit the level of $10,133. Since then the market has made a Bearish Engulfing candlestick pattern at the H4 timeframe chart. Some traders have taken profit off the table ad the level of $10k was hit, but now the price is bouncing right back up. The trend is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The nearest important short-term technical support is seen at the level of $9,508 and only if this level is clearly violated the deeper correction can be made.

Weekly Pivot Points:
WR3 - $11,600
WR2 - $10,823
WR1 - $10,568

Weekly Pivot - $9,731
WS1 - $9,416
WS2 - $8,639
WS3 - $8,335


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 07 February 2020

Crypto Industry News:
The six major central banks will meet in April to discuss the development of the Central Bank's Digital Currencies (CBDC), according to media sources. During the meeting, the governors of several central banks will discuss joint research on CBDC. In addition, the group will share thoughts on possible challenges such as currency accounting and cyber security.

Central banks of the European Union, Great Britain, Canada, Japan, Sweden and Switzerland are said to meet in Washington when participants are there at the International Monetary Fund conference.

The meeting appears to be part of the recently announced wider cooperation between the involved central banks. In January, the Bank of England announced that it would investigate CBDC with the other central banks mentioned above and the Bank for International Settlements. According to The Japan Times, institutions will probably publish a discussion report this year.

After the announcement of Stablecoin Libra Facebook last summer, many central banks started work or accelerated research on digital currencies. At the end of January, a draft Indian strategy for Blockchain technology suggested the development of a local CBDC.

Policy makers and financial institutions around the world are increasing CBDC research efforts. Last month, the World Economic Forum formed a consortium to develop a digital currency management framework.


Technical Market Overview:
The ETH/USD pair are way above the $200 price mark as the recent wave up has hit the level of $215.30 (as anticipated in the previous analysis). Moreover, the price has broken out of the ascending channel, so the rally might accelerate now towards the next target seen at the level of $221.50. The nearest technical support is seen at the level of $196.81. The momentum still green and positive and so far there are no indications of a possible trend change at the H4 timeframe chart, but the market conditions are now extremely overbought.

Weekly Pivot Points:
WR3 - $231.75
WR2 - $211.10
WR1 - $202.50

Weekly Pivot - $183.58
WS1 - $174.98
WS2 - $155.68
WS3 - $147.65


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 07 February 2020

Crypto Industry News:
Mode, a financial services company supported by Twitter co-founder Biz Stone, has implemented the Bitcoin banking application for iOS devices.

The British company has made its application available worldwide, except for the United States. Customers can start using the application for 50 British pounds and buy Bitcoins using bank cards or by bank transfer. The funds are further processed via BitGo, the trustee of digital assets.

The application allegedly allows users to almost instantly credit funds using a faster payment process. Ariane Murphy, Director of Communication and Marketing in Mode, said that the Mode application solves problems related to transaction restrictions, low speed, high costs, insecurity, and most importantly, copes with the poor user experience usually associated with Bitcoin applications. Before using the Mode application, it requires users to undergo the KYC procedure, which is performed by AI-enabled identity verification technology.

The Mode company, founded in 2018, whose parent company is the British company fintech R8 Group, opened the waiting list for the application in October last year, initially making it available only by invitation.


Technical Market Overview:
The BTC/USD pair has hit the level of $9,795 three times already, so it looks like the market is consolidating the recent gains in extremely overbought conditions. The next target for bulls is the obvious $10k level. The bulls might be still in control of the market, but the counter-trend correction down might resume any time now. Please notice the momentum is clearly decreasing as well, which supports the near-term bearish outlook, that might occur when the level of $10,000 is finally hit. The nearest technical supports are seen on the levels of $9,555 and $9,508.

Weekly Pivot Points:
WR3 - $10,823
WR2 - $10,138
WR1 - $9,838

Weekly Pivot - $9,130
WS1 - $8,807
WS2 - $8,069
WS3 - $7,777


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for 02.06.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line

Industry news:


WazirX was the latest Initial Exchange Offering to take place on the Binance Launchpad. It was completed on February 4th, and it raised a total of $2 million.

The sale saw 100,000,000 WRX tokens distributed to the lucky winners, each one of which cost them $0.018. At the time of this writing, WRX is trading at about $0.13, which is about 550% more than its sale price. However, the token peaked at $0.144, which is an increase of exactly 700% against the USD.


Technical analysis:
BTC has been trading downwards upwards. BTC tested Pitchfork median line at $9.900 from the most recent swing and started to slow down. I expect rotation around the Pitchfork median line and few pivot swing to be made.

Watch for selling opportunities and potential rotation down towards the $9.554 and $9.060

Stochastic oscillator is showing overbought reading and potential for sell off...

Major resistances are set at the price of $9.900 and $9.930

Support levels are seen at the price of $9.555 and $9.030.





Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 06 February 2020

Crypto Industry News:
Binance, the second largest cryptographic exchange according to daily trading volume, enabled immediate purchases of four major digital currencies using Russian rubles.

Thanks to the development, Binance users can connect their Visa bank card and buy Bitcoins, Ethereum, Binance Coin and XRP for rubles. In the near future, Binance plans to launch support for Mastercard, as well as enable other currencies.

Binance quietly launched trading for rubles at the end of October 2019, initially enabling users to make deposits and withdrawals in the Russian national currency on the platform. Binance CEO Changpeng Zhao revealed that Russia was one of the top 10 markets on the stock exchange.

Indeed, a survey by Forklog's Russian-language cryptographic site, published last summer, showed that Binance was the most popular cryptocurrency exchange in Russia, Ukraine and Belarus, and almost 60% of respondents say they prefer Binance to other global cryptocurrency exchanges.

In December, Binance expanded trading opportunities for Turkish Liras and added a new trading pair for Lira and Ruble. Recently, Binance launched a peer-to-peer trade for Vietnamese dong, enabling its users to directly buy and sell leading cryptocurrencies for dongs via the latest versions of the Binance P2P mobile app for iOS and Android.


Technical Market Overview:
The ETH/USD pair has made a new swing high at the level of $206.89, so the bulls had passed the $200 price mark. Moreover, the price has broken out of the ascending channel, so the rally might accelerate now towards the next target seen at the levels of $125.75 and $221.50. The nearest technical support is seen at the level of $196.81. The momentum still green and positive and so far there are no indications of a possible trend change at the H4 timeframe chart.

Weekly Pivot Points:
WR3 - $231.75
WR2 - $211.10
WR1 - $202.50

Weekly Pivot - $183.58
WS1 - $174.98
WS2 - $155.68
WS3 - $147.65


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 06 February 2020

Crypto Industry News:
The US Marshals Service (USMS), a federal law enforcement agency in the US Department of Justice, will auction more than 4,000 confiscated Bitcoins.

According to the official USMS website, the agency plans to sell "about" 4040 Bitcoins (exactly 4040.54069820), requiring $ 200,000 to participate in the auction. USMS authorities said they would refund deposits to non-winning bidders, promising to initiate a refund of lost deposits within five business days after transferring Bitcoins to the winning bidder.

The agency stressed that the auctioned Bitcoins were taken over in various federal criminal, civil and administrative proceedings.

Bidder registration is open from February 3 to February 12, while the online auction will take place on February 18. As the body plans to auction from 8:00 am EST Eastern Time to 2:00 PM EST on February 18, the winners are scheduled to be announced at 17:00 EST. USMS may, however, spend more time announcing the winners based on the number of offers received and the complexity of the review process, which may require additional time, we read in the announcement.

Like previous auctions organized by USMS, the upcoming auction will be divided into parts. The Bitcoin auction will be divided into series with 2500, 1000, 500 and 40.54069820 Bitcoins.

To date, many governments have auctioned confiscated Bitcoins. In February 2018, the Wilsons Auctions auction house based in Great Britain and Ireland organized the first Bitcoin auction, and a year earlier in 2017, 216 Bitcoin auction plans were announced by the South Korean government.


Technical Market Overview:
The BTC/USD pair has bounced from 38% Fibonacci retracement and made another higher high at the level of $9,715 overnight. The next target for bulls is the obvious $10k level. The bulls might be still in control of the market, but the counter-trend correction down might resume any time now. Please notice the momentum is clearly decreasing as well, which supports the near-term bearish outlook, that might occur when the level of $10,000 is finally hit.

Weekly Pivot Points:
WR3 - $10,823
WR2 - $10,138
WR1 - $9,838

Weekly Pivot - $9,130
WS1 - $8,807
WS2 - $8,069
WS3 - $7,777


Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for 02.05.2020 - Decision pivot level at the prrice of $9.426 on the test

Industry news:
Cryptocurrency alongside blockchain is a widely acclaimed and prevalent network in the world. It is being used in many fields of everyday life and is gradually taking over. It is a well-encrypted and protected form of decentralized bank, which is technologically sophisticated and complex. It holds great potential to create tremendous opportunities and is actively gaining a foothold in football as well.

The first major club in Europe to actively accept cryptocurrency payments has been Portugalia club Benfica. In June 2019 the club signed a partnership with the UTRUST payment platform. It allowed fans to purchase merchandise with cryptocurrency, including Bitcoin and Ethereum successfully. In September 2019 Benfica sold tickets through the platform to Leipzig fans, and this move was met with approval.


Technical analysis:


BTC has been trading upwards. The price tested the level of $9.425 and reached the important decision level. I would watch for price action around the important decision level at $9.425.

Eventual breakout of the $9.425 to the upside would lead us to test of $9.590.

The rejection of the $9.425 may lead us to test of $9.060

MACD oscillator is showing neutral stance with the slow line turned to bullish. Since the BTC is in consolidation phase, ignore the oscillator patterns..

Resistance levels are set at $9.425

Support level is set at $9.060





Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 05 February 2020

Crypto Industry News:
The Indian Government's political think tank, NITI Aayog, has released its national Blockchain strategy document called "Blockchain - Indian Strategy," which explains the various uses of Blockchain technology in India, as well as some findings from ongoing pilot projects.

NITI Aayog was created to achieve the goals of sustainable development by supporting the involvement of Indian state governments in the shaping of economic policy.

The programming document is targeted at stakeholders such as government, business leaders and citizens to demystify the concepts associated with Blockchain technology. It aims to create a specific national action plan for Blockchain technology.

The think tank explains that the general features of DLT technology can be a paradigm shift in India's economic policy and highlights the rethinking of current government involvement. For example, the programming document states that for land and real estate transactions, there may be a DLT-based system that would prevent a government entity from registering.

The second part of the strategy, which will be released in the coming weeks, will focus on recommendations for establishing India as a Blockchain ecosystem, including regulatory and policy issues, creating a national policy infrastructure and the procurement process for government agencies to apply Blockchain technology.


Technical Market Overview:
The ETH/USD pair has bounced from the lower channel line located around the level of $182.20, but no new high has been made yet. The momentum has decreased already, so the odds for the move lower are increasing. Any violation of the level of $185.37 will open the road towards the next target for bears located at the level of $178.25- $176.95, but no new high above the level of $193.98 must be made in the meantime.

Weekly Pivot Points:
WR3 - $231.75
WR2 - $211.10
WR1 - $202.50

Weekly Pivot - $183.58
WS1 - $174.98
WS2 - $155.68
WS3 - $147.65


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.






Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020