Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD on 27 February 2020

Crypto Industry News:
The fourth richest person in the world discussed his experience with Bitcoin after raising money. Justin Sun, CEO of the Throne and longtime cryptocurrency supporter was present.

In May 2019, they both met others at a fundraiser for the Glide Foundation, a charity that helps homeless people in San Francisco. Speaking like a billionaire to billionaire, young Sun suggested to seasoned Warren to consider investing in cryptocurrencies.

However, when asked if Sun gave him Bitcoins after the exchange, Buffett replied:

"I don't have any cryptocurrency. I will never do it ... You can't do it except to sell it to someone else. Cryptocurrencies basically have no value."

He also commented on the fact that cryptocurrency is related to money laundering and terrorism:

Bitcoin was used to illegally transfer a large amount of money, "he said.

Buffett made the most of his assets on hedge funds and insurance. His assets are estimated at USD 88.9 billion.

Bitcoin has seen large investments from both millionaires and billionaires, but as Warren showed, some who have made a fortune using more traditional means are reluctant to accept cryptocurrencies. Mark Cuban, a billionaire who gained fame in the dot-com bubble, said he would rather have "bananas" rather than Bitcoin.

On the other hand, several success stories have appeared. Tyler and Cameron Winklevoss may not have grabbed the benefits of Facebook, but after the Gemini cryptographic exchange was founded, they both have total assets of over $ 1.4 billion.


Technical Market Outlook:
The BTC/USD pair has made another lower low at the level of $8,495. Currently, the BTC/USD is trading below the support located at the level of $9,123 and the momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $8,405. The corrective cycle is getting deeper as the coronavirus fears affect all financial markets.

Weekly Pivot Points:
WR3 - $11,253
WR2 - $10,744
WR1 - $10,274

Weekly Pivot - $9,742
WS1 - $9,288
WS2 - $8,756
WS3 - $8,263


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 $10,433 is clearly broken.








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

[IFX_Selena]

BTC analysis for 02.26.2020 - Sell zone at the price of $9.300, potential for test of $9.425

Industry news:


The Antminer E3 has stopped mining Ethereum Classic (ETC) and will cease mining Ethereum (ETH) by next month.

In less than a month, Ethereum Classic's hash rate has dropped by almost half. Many miners are dropping out of the network, especially those who run the Antminer E3.

The Antminer E3 mining rig is the first and only mining device on an Ethash algorithm ASIC. First released in the summer of 2018, the miner has been popular for some time — albeit pricey.

Last week users reported difficulty mining with the Antminer E3 which may mark its end.


Technical analysis:
BTC has been reached my downside target at $9.060.Big resistance at the price of $9.265 is on the test and my advice is to watch for selling opportunities with the downward targets at $8.430 and $8.230

MACD oscillator is showing increase in momentum on the latest downside swing, which is good indication that supply is very strong.

Major resistance level is set at the price of $9.300-$9.425.

Support levels and downward targets are set at the price of $8.427 and $8.229.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 February 2020

Crypto Industry News:
Justin Sun, founder and CEO of Tron (TRX), the 15th largest cryptocurrency in terms of market capitalization, invests in many other cryptocurrencies than Bitcoin. In a television interview, CEO Tron said he has long believed in cryptocurrencies and owns many altcoins, including the two largest coins after Bitcoin - Ethereum and XRP.

When asked if Sun had a diversified cryptographic offer, Tron's CEO answered:

"I also have a lot of XRP and Ethereum. I am a long-term cryptocurrency follower, which is why I want all cryptographic resources to be successful. That's why I have many other different cryptos."

As a big supporter of cryptocurrencies, Sun is optimistic about the price of cryptocurrencies and is convinced that cryptocurrencies like Bitcoin are the future of money. In an interview with CEO, Tron forecast that Bitcoin will exceed $ 100,000 in 2025, stressing that other cryptocurrencies will follow this trend.

"I strongly believe that Bitcoin will exceed $ 100,000 in 2025. I believe that we can reach this price before 2025. At the same time, I believe that many other cryptographic projects, such as Tron, Ethereum and XRP, will also see a bull market," he said.

In line with his positive attitude towards cryptography, Justin Sun said in an interview that he is investing all his money in crypto. However, it still converts its crypto into fiat currencies, such as the US dollar. In an interview, CEO Tron said that he changes crypto to fiat only when he has to spend money in his daily life.


Technical Market Outlook:
The BTC/USD pair has made another lower low overnight as anticipated. Currently, the BTC/USD is trading below the support located at the level of $9,123 and the local low was made at the level of $9,070. The momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $9,013 and $8,836.

Weekly Pivot Points:
WR3 - $11,253
WR2 - $10,744
WR1 - $10,274

Weekly Pivot - $9,742
WS1 - $9,288
WS2 - $8,756
WS3 - $8,263


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 $10,433 is clearly broken.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 February 2020

Crypto Industry News:
The New Jersey legislature is now considering a new bill that would require cryptocurrency companies to obtain the appropriate operating license.

On February 20, Yvonne Lopez proposed a law on digital technologies and Blockchain technology. The Act introduces new requirements for companies dealing with virtual currencies and creates consumer-friendly security, requiring cryptographic companies to disclose their legally registered names, anti-money laundering (AML) and terrorist financing (ATF) policies, and their licensing history and legality to the Banking Department and New Jersey State Insurance.

Although the largest Bitcoin growth occurred over three years ago, there were no state cryptocurrency regulations in New Jersey. Unlicensed cryptographic operators had to be tried at federal level through the Department of Justice. Lopez emphasized the need for local solutions to these problems:

"People see and hear about [Bitcoin] in their daily lives, but most are not entirely sure what it is. We need to take steps to protect consumers who want to invest in cryptocurrencies while enabling the industry to grow further in New Jersey," he says.

The Act also requires cryptographic companies to disclose their terms for consumer accounts and their protection by the Federal Deposit Insurance Cooperation (FDIC), as do traditional bank account holders. Each applicant would have to provide a fee schedule and any information regarding the risks associated with investing in digital assets.


Technical Market Outlook:
The local counter-trend corrective cycle on the ETH/USD pair has hit the first target for bears seen at the level of $238.68 - $235.62 zone. The weak and negative momentum supports the bearish outlook as the bears are about to test the key short-term technical support located between the levels of $225.12 - $229.81. The fear of coronavirus is spreading across the financial markets and the cryptocurrency market is involved as well, together with stocks and risky currencies.

Weekly Pivot Points:
WR3 - $334.89
WR2 - $309.29
WR1 - $291.76

Weekly Pivot -$264.76
WS1 - $245.87
WS2 - $220.22
WS3 - $202.34


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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.







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

[IFX_Selena]

BTC analysis for 02.25.2020 - The expected drop just started, watch for selling opportuniteis with main target at $9.000

Industry news:


Financial regulators seem to be tightening the bolts on cryptocurrencies, considering crime and illegal activities the only worthy use-case for them.

Globenewswire spread the word that two companies – NIGMA Conseil from France together with the AIT (Austrian Institute of Technology) – are teaming up to increase crypto and blockchain forensics. The latter is the biggest research and tech organization in Austria owned by the government.


Technical anlaysis:
BTC has been trading downwards. As I expected, the BTC tested the level of $9.346 and almost reached our yesterday's target at $9.265. There is still potential for the downside movement and test of the downside targets and supports at $9.265, $9.053 and $8.890.

I would watch for selling opportunities on the rallies using the intraday frames 15/30 minutes for better timing. The decline was caused due to fail test of the Pitchfork Median line and lack of buyers around $10.000

Resistance levels are set at the price of $9.670 and $10.000

Support levels and downward targets are set at the price of $9.265, $9.053 and $8.890.




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

[IFX_Selena]

Technical Analysis of ETH/USD for 21 February 2020

Crypto Industry News:
Governments around the world face difficult choices when it comes to cryptocurrencies: regulate them strictly and risk losing economic benefits, or do nothing and be exposed.

According to a note issued by Executive Vice President Dombrovskis on behalf of the European Commission, the Libra association did not answer the questions asked by the EU. As a result, all the information provided by Facebook "remains insufficient to establish the exact nature of Libra and hence its relationship with existing EU law."

However, Dombrovskis also stated that the Commission "is ready to act quickly" when it comes to exploiting the potential of cryptography by establishing rules and supervision. This position confirms their declaration of December 5 to introduce a policy for stablecoins and monitor all risks to the financial stability of the region.

Mark Zuckerberg, Facebook president, spoke to the US House of Representatives Financial Services Committee on October 13 last year. Lawmakers have expressed similar concerns as the European Commission, citing Zuckerberg's vague responses regarding the digital currency, which said it actually doesn't know if Libra will work.

Governmental authorities in both the United States and the EU are working to better understand cryptocurrencies. The Commission has launched an open public consultation that will be available until March 19, while the US Internal Tax Service is preparing for the cryptocurrency summit on March 3.


Technical Market Overview:
The ETH/USD pair keeps testing the short-term trendline support from the upside after the sudden reversal from the level of $285. The market did it three times already, but the bears were too weak to break through and close a H4 candle below the trendline. Moreover, the swing high has not been hit yet as the last rally was capped around the level of $285.55. The local counter-trend corrective cycle might continue any time soon and the first target for bears is seen at the level of $238.68 - $235.62 zone. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - $358.03
WR2 - $324.90
WR1 - $285.60

Weekly Pivot - $248.62
WS1 - $213.91
WS2 - $176.19
WS3 - $141.12


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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 21 February 2020

Crypto Industry News:
In Sweden, testing of the e-krona has begun, bringing it closer to the proper issuance of the central bank's digital currency (CBDC). The pilot program will run for a year, until February 2021.

The blockchain-based currency would fuel conventional payments and banking activities nationwide. Instead of swiping a credit card or spending cash, daily transactions can switch to Blockchain.

CBDC is currently a hot topic, and Sweden is the second country (after the Bahamas) to reveal what appeared to be a real, working national cryptocurrency. The Bahamas launched the CBDC pilot program in December and is planning full implementation in the second half of 2020.

China has announced that it is developing its own CBDC, but current events are not as consistent as in the case of Sweden and Bahamas.

The launch of CBDC in Sweden seems to match Swedish innovation - the country is already one of the most cashless societies in the world.


Technical Market Overview:
The BTC/USD pair keeps trading in a narrow zone between the levels of $9,448 - $9,704, but it does not look like the bears are done, so the downtrend might resume any time now. The momentum is weak and negative and there is no indication of any bullish reversal coming. The next target for bears is seen at the level of $9,123 and the immediate resistance is located at the level of $9,645.

Weekly Pivot Points:
WR3 - $11,039
WR2 - $10,715
WR1 - $10,112

Weekly Pivot - $9,845
WS1 - $9,424
WS2 - $8,941
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 $10,433 is clearly broken.







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

[IFX_Selena]

BTC analysis for 02.20.2020 - Crash on the BTC as we expected, our both downwarrd targets are met but potential for even more bigger drop and test of $9.060

Industry news:
Attachment 2326

Brendan Blumer, the CEO of Block.one – the publisher of EOS, has said that Bitcoin isn't money and that it never will be. However, he believes that it's the "next generation of gold." His tweets came as a response to Peter Schiff, who once again bashed Bitcoin.

Blumer has been consistent in his views of Bitcoin. He has previously said that it shares core values with gold, as well as supply integrity. Moreover, he also believes that "anyone egregiously attacking one in favor of the other is undermining both, while highlighting their own insecurities in regards to their chose favorite."

Indeed, many people have compared Bitcoin to Gold in the past. One of them was the Chairman of the US Federal Reserve, Jerome Powell. He said that Bitcoin is "a store of value; it's a speculative store of value, like gold."


Technical analysis:
BTC has been trading downwards as I expected. Both my targets at $9.828 and $9.614 have been reached but there is still room for further downside. Watch for selling opportunities on the rallies with the next main target at the price of $9.060.

Watch for potential downside rotation if you see bear continuation pattern like bear flag on hourly or 4H time-frame. The downward target is set at the price of $9.060.

MACD oscillator is showing new momentum down, which is sign that strong sellers are active on the market.

Resistance levels are set at the price of $9.680 and $9.730

Support levels and downward targets are set at the price of $9.260 and $9.060.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 20 February 2020

Crypto Industry News:
The South Korean technology giant Samsung recently unveiled its latest smartphone series, the Galaxy S20, at the Unpacked 2020 event in San Francisco.

Although the main function is undoubtedly the new camera, according to official marketing materials the phone will also improve in the integrated Blockchain security features introduced a year ago in the Galaxy S10.

After extensive details about the new camera and a brief mention of 5G, battery life and capacity, Samsung highlights the safety features of new phones. They are based on the Knox platform, a security solution that stores private keys in a secure, isolated area.

"We've created a secure processor designed to protect your Blockchain PIN, password, pattern and private key. When combined with the Knox platform, security is introduced into every part of the phone, from hardware to software. So private data remains private," says Samsung.

After presenting the Knox platform on the Galaxy S10 last February, Samsung developed its mobile Blockchain offer with the release of the programming kit in July 2019. It included the Samsung Blockchain Keystore toolkit that stores users' private keys.

In the same month, PundiX announced that it had integrated its XWallet application with Samsung's Blockchain ecosystem, enabling users to connect the application with the Samsung Blockchain wallet. Then Samsung added Bitcoin support to its Blockchain Keystore, as well as several other improvements. Previously, he officially supported only Ethereum.


Technical Market Overview:
The ETH/USD pair has tested the short-term trendline support from the upside after the sudden reversal from the level of $285. Moreover, the swing high has not been hit yet as the last rally was capped around the level of $285.55. The local counter-trend corrective cycle might continue any time soon and the first target for bears is seen at the level of $238.68 - $235.62 zone. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - $358.03
WR2 - $324.90
WR1 - $285.60

Weekly Pivot - $248.62
WS1 - $213.91
WS2 - $176.19
WS3 - $141.12


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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.







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

[IFX_Selena]

Technical Analysis of BTC/USD on 20 February 2020

Crypto Industry News:
According to the published announcement, Coinbase became the main member of Visa. This will allow you to issue debit cards without relying on third parties.

Membership is an evolution of Coinbase's current relationship with Visa, under which the cryptocurrency exchange offers a Visa based debit card. The card called Coinbase enables customers living in the European Union or the European Community to spend a wide range of cryptocurrencies on purchases.

Although the card itself can operate globally, it cannot be ordered by a person living outside the served areas. Coinbase reports that the card is most commonly used in the UK, followed by Italy, Spain and France.

Through direct integration with Visa, Coinbase promises to be able to provide additional services and support more markets. The company ensures that it is the first "cryptocurrency company" that has become the main member.

The current version of the card was issued in 2019 in the United Kingdom, however, Coinbase previously supported the Shift cryptographic card, which drew funds from the user's balance. The service was launched in 2015.

Like many other cryptographic cards, Shift suffered greatly from the withdrawal of the WaveCrest Visa license at the beginning of 2018. The company was an effective publisher of almost all debit cards serving cryptocurrency users. Shift finally closed at the beginning of 2019.

The new version is supported by Paysafe Financial Services Ltd., a consumer product company such as Skrill and PaysafeCard. It is not clear when and how the transition to Coinbase cards will take place.


Technical Market Overview:
The BTC/USD pair has made a big shakeout candle to the downside and the price has hit the level of $9,248 before any bounce has occurred. Currently, the market is trading in a narrow zone between the levels of $9,448 - $9,622, but it does not look like the bears are done. The momentum is weak and negative and there is no indication of any bullish reversal coming. The next target for bears is seen at the level of $9,123 and the immediate resistance is located at the level of $9,645.

Weekly Pivot Points:
WR3 - $11,039
WR2 - $10,715
WR1 - $10,112

Weekly Pivot - $9,845
WS1 - $9,424
WS2 - $8,941
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 $10,433 is clearly broken.







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