Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 14 February 2020

Crypto Industry News:
Bitcoin would benefit from global central banks issuing their own cryptocurrencies, says the founder of the world's largest digital asset manager.

Barry Silbert, founder and CEO of Grayscale Investments and venture capital companies Blockchain Digital Currency Group (DCG), has again expressed his position on Bitcoin.

Silbert spoke about many important issues related to digital assets, including the role of Bitcoin in the generational change of wealth, stablecoins, decentralized financing and central bank digital currencies (CBDC).

CBDC are virtual currencies issued and controlled by a federal regulatory authority. Unlike cryptocurrencies such as Bitcoin, CBDC apparently represents fiat currency in digital form. Although no global jurisdiction has yet launched CBDC, many governments are increasingly researching and building such projects, with China reportedly preparing to release the first true CBDC test.

According to a new study by the Bank for International Settlements, at least 10% of central banks are likely to spend CBDC for the general public in a short time.

Silbert, who claims to have bought his first Bitcoin in 2012, which is about three years after the creation of the first block on Bitcoin Blockchain, argued that central banks that develop their own fiduciary digital currencies can provide more power for Bitcoin. According to Grayscale CEO, Bitcoin and other non-central bank cryptocurrencies could ultimately use the same infrastructure that is widely used by CBDC.


Technical Market Overview:
The BTC/USD pair has made some interesting candlestick patterns at the end of the rally. Around the last swing high at the level of $10,440 the market has made a Pin Bar candlestick, then a Bearish Engulfing Pattern and another Pin Bar. All the upper shadows are long, so the bearish pressure is no clear and the market had tested the $10000 level already. It is worth to notice, that since the 50% Fibonacci retracement had been violated at the level of $10,046, then the next target for bears is seen at 61% Fibonacci retracement at the level of $9,953.

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]

BTC analysis for 02.13.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line, downawrd target set at $9.723

Industry news:


In 2019, the total volume of nine leading blockchain networks reached 10 billion US dollars, which is 158.5% of the values of 2018. At the same time, the number of active DApp users doubled in 2019 and reached 3.11 million, 89% of which are newcomers. On the one hand, this is excellent statistics: user awareness and engagement are increasing, but there is a problem with their return.

Nowadays every second DApp is a representative of the gambling sector and it's the only type of DApp having over 1 million new users. Why did this happen and will this trend change in the near future? The gambling sector will likely continue to occupy one of the leading positions in this market. However, its main competitors are already clearly visible. Financial services such as lending DApps showed the greatest progress in 2019: the number of their users increased by 610% (while the number of gambling users increased by half less - 372%), transaction volume grew by 251% (the volume of gambling DApps increased by 98%). Such progress allowed finance DApps to become the second-largest sector of the whole DApp ecosystem.


Technical analysis:
BTC has been trading downwards as I expected yesterday. I found the breakout of the support trendline in the background and new momentum down on the oscillator, which is sign that sellers became active.

Watch for selling opportunities and potential rotation down towards the $9.725..

MACD oscillator is showing increasing on the selling power, which adds confirmation for further downside.

Major resistance is set at the price of $10.500

Support level and downward target is set at the price of $9.725.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 13 February 2020

Crypto Industry News:
President Donald Trump's suggestion is hoping to re-consolidate the Secret Service with the Treasury Department to streamline investigations into cybercrime and financial crime.

Established in 1865, the Secret Service was created as a department at the Ministry of the Treasury to protect the US currency against counterfeiting. In 2002, the Secret Service was moved to the Department of Homeland Security - a move that Trump now wants to undo.

The administration says it will "bring new improvements" in the investigation of financial crimes that have evolved and are becoming increasingly difficult to combat:

The $ 4.8 billion budget request also mentions cryptocurrencies in the discussion on the role of the Treasury Office for Terrorism and Financial Intelligence (TFI), which, he notes, over the past two years:

"It cut off the flow of billions of dollars to Iran, disrupted networks that ensured access to oil and funding for the violent Syrian regime, and extended sanctions to punish Russian aggression and corrupt oligarchs affiliated with the Kremlin."

The document notes that the administration intends to continue investing in economic tools that can support US foreign policy interests and help combat new threats such as the use of cryptocurrencies in money laundering and terrorist financing.


Technical Market Overview:
The ETH/USD pair has broken through the technical resistance located at the level of $229.81 and made a new high at the level of $275.45. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $320. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle.

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:
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. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 13 February 2020

Crypto Industry News:
There are several indicators that can be used to measure market sentiment and general interest. Google searches are one of them.

During the darkness of crypto-winter, market sentiment and general interest weaken, and Bitcoins and cryptographic assets are put aside for ordinary traders and the general public. Only when Bitcoin starts to grow rapidly again, and especially when it exceeds $ 10,000, will people start paying attention to it again.

A look at Google search trends can give us an indication of how much public interest is and whether this could result in another FOMO round. The number of Bitcoin searches on Google has increased by 33% over the past week, rising from its lowest level in six months.

Search peaks coincide with two Bitcoin price peaks, the first in December 2017 and the second in June 2019. Since the beginning of this year, searches have increased by around 37% worldwide.

However, it seems that people will not be interested in Bitcoin until it reaches the summit, although few can reliably predict where this peak is. What's even more interesting is that the search for "Bitcoin halving" shows even more rapid growth as the event approaches.


Technical Market Overview:
The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The last swing high was made at the level of $10,430, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, during the correction, the bears might try to test the nearest important short-term technical support at the level of $9,508. Only if this level is clearly violated, the deeper correction can be made towards the levels of $9,123 and $9,013.

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]

BTC analysis for 02.12.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line

Industry news:


On Tuesday, Feb. 11, pro-crypto presidential candidate Andrew Yang has dropped out of the 2020 race after a "bitterly disappointing" outcome in the New Hampshire primary where he trailed in a dismal eighth place.

Yang's campaign drew a lot of attention inside and out of the cryptocurrency space based on his pledge of a universal base income giving all Americans $1,000 a month to counter the effects of job redundancy through increasing automation.


Technical analysis:
BTC has been trading upwards. The price tested and rejected of the Pitchfork median line at the $10.500 and that was the key for the recent downside movement. I do expect few pivots to form around the Pitchfork median line.

Watch for selling opportunities and potential rotation down towards the $9.685 and $9.100.

MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside.

Major resistance is set at the price of $10.500

Support levels are seen at the price of $9.685 and $9.100




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

[IFX_Selena]

Technical Analysis of ETH/USD for 12 February 2020

Crypto Industry News:
Pawnhub cryptographic loan startup has just become the first fully licensed and insured cryptocurrency lender in Hong Kong. Pawnhub also has offices in Switzerland, Great Britain, Taiwan and Thailand.

Pawnhub has big plans to become one of the leading cryptocurrency companies in the Asia-Pacific region. Asian nations have a high degree of technological efficiency and enthusiasm for cryptocurrency and blockchain projects.

Many Asian nations are home to some of the largest cryptocurrency markets, and have some of the most forward-looking cryptocurrency-friendly recipes. Singapore, Japan, South Korea and Hong Kong have adopted laws that make their jurisdiction more attractive for online startups.

Pawnhub's expedition into the cryptocurrency loans space can be a big deal. The cryptocurrency industry has become one of the fastest and most profitable sub-sectors of the overall investment climate for crypto assets over the past 2 years.

The company was able to obtain a government license in Hong Kong and also announced that it would work with a leading US cryptographic asset storage company to offer insurance of up to $ 100 million, anywhere in the world, to cover its clients' Bitcoins.

Pawnhub is just one of the virtual currency lending companies that appeared in the headlines of newspapers. This industry has recently become the center of attention, as one of the few successful sectors that developed during the crypto-winter.


Technical Market Overview:
The ETH/USD pair has broken through the technical resistance located at the level of $229.81 and made a new high at the level of $247.20. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $250. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle.

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:
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. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 12 February 2020

Crypto Industry News:
The Ukrainian Ministry and the Committee for Digital Transformation of Ukraine have just published the most reasonable and reliable crypto-regulatory policy for public Blockchain and Proof of Work (PoW) mining on the ground.

Regulatory ministries came to the conclusion that the Bitcoin protocol and enforced consensus rules are sufficient to regulate onchain activities because network rules are enforced by the protocol itself, node operators and the social consensus of the users themselves. Therefore, it does not need government supervision or intervention.

Ukrainian officials understand that Blockchain technology is self-regulating due to the use of open-source protocols and open network access, which allows privacy and free flow of resources, secured by a decentralized network, cryptography, PoW system and social consensus.

Instead of micro-management and blatant regulatory requirements, Ukrainian officials focus on developing state policy in the fields of digitization, digital economy, digital innovation, e-administration and e-democracy, and the development of the information society.

The regulatory policy of Ukraine is trying to revive participation in the creation of virtual assets, blockchain and tokenization, artificial intelligence and other technological innovations.

It is a breath of fresh air that shows that Ukrainian officials actually understand the no-impediment and open public Blockchain chains.


Technical Market Overview:
The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The recent high was made at the level of $10,320, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, The bears might try to test the nearest important short-term technical support at the level of $9,508 soon. Only if this level is clearly violated the deeper correction can be made towards the levels of $9,123 and $9,013.

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]

BTC analysis for 02.011.2020 - Mini sell signal due to breakout of Pitchfork upward channel, watch for test of $9.060

Industry news:


The infamous PlusToken Ponzi scam that resulted in investors losing over $3 billion in cryptocurrencies like Bitcoin [BTC] and Ethereum [ETC] has reared its ugly head again. After a short hiatus, the scam artists have re-surfaced and moved $117 million in Bitcoin, within their addresses.


Technical analysis:
BTC has been trading sideways at the price of $9.800. Another stronger rejection of the Pitchfork median line was the key for the recent downside movement together with the lack of demand around $10.000

Watch for selling opportunities if you see the breakout of $9.685 with targets at $9.060 and $8.220.

MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside.

Major resistance is set at the price of $10.185

Support levels are seen at the price of $9.060 and $8.220.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 11 February 2020

Crypto Industry News:
In a large-scale Ask-Me-Anything (AMA) session that took place on February 7, CEO of Binance Changpeng Zhao announced major plans for the cryptocurrency exchange in 2020. One of the least explained plans was the emergence of a new product called Binance Cloud, which apparently will be presented in the next 10 days.

The exact use of Binance Cloud was not explained because Zhao remained laconic during AMA. The company is currently looking for a Senior Cloud Engineer to join the cloud engineering and architecture team.

The stand describes "large-scale, massive parallel and highly available computing systems on an advanced cloud computing platform" and requires someone who can "improve, scale and automate this business-critical cloud-based architecture."

The way it translates into a consumer product remains unclear, although the answer will be given in a few days. After AMA, Zhao continued on Twitter, publishing cloud GIFs to increase speculation.

Earlier, however, we will see BNB futures contracts with a 50x leverage launched on February 10. Binance is also opening gates for fiat currencies, including Russian rubles, Norwegian krone, and Croatian kuna, while purchases using cryptocurrencies are now available with Russian credit cards.


Technical Market Overview:
The recent swing high on the ETH/USD pair had been made at the level of $229.61 and since then the price started a corrective cycle to the downside. This wave down had been made after the Shooting Star candlestick pattern has been made around the top. Currently, Ethereum has been trading above the level of $215.30, close to the upper channel line, which provides support for the price, but if the bearish pressure intensifies, 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.

Attachment 2259




Attachment 2260
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of BTC/USD for 11 February 2020

Crypto Industry News:
Many cryptocurrency conferences in Asia are delaying in response to an outbreak of coronavirus outbreak in the region.

Token2049, the main cryptographic event organized annually in Hong Kong, is the latest event that will postpone the date. Originally scheduled for mid-March 2020, Token2049 will now take place from October 7-8, 2020.

Hong Kong, which reportedly announced plans to close its border crossing points with mainland China to further combat the deadly virus, is experiencing even greater uncertainty due to local anti-government protests.

Token2049 is not alone in postponing his event. On January 3, Binance's popular global cryptocurrency market announced the delay of Binance Blockchain Week in Vietnam, which was originally scheduled for February 29 - March 4, 2020. Binance said it would return registered visitors, noting that the new event date will be announced later.

At the end of January, another major conference, Hong Kong Blockchain Week 2020, announced that it would suspend the March 2020 event. The event organizer said it would publish a new date as soon as it was set.


Technical Market Overview:
Since the Bitcoin market has made a Bearish Engulfing candlestick pattern at the H4 timeframe chart at the level of $10,133, some traders have taken profit off the table and the price has been pushed lower towards the technical support located at the level of $9,645. Nevertheless, the trend is still up despite the extremely overbought market conditions on H4 and Daily timeframes, but the bears might try to test the nearest important short-term technical support at the level of $9,508 soon. Only if this level is clearly violated the deeper correction can be made towards the levels of $9,123 and $9,013.

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