Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 09 March 2020

Crypto Industry News:
The Chain Integration Pilot (CHIP) from Auburn University RFID Lab in Alabama has published official documentation that aims to demonstrate the savings in Blockchain technology that can be achieved in the modern supply chain.

This concept was designed to receive, encode, distribute and store serialized data from multiple points throughout the supply chain at Hyperledger Fabric. The pilot collected live data from the brands Nike, PVH Corp. and Herman Kay and major US retailers, Kohl and Macy.

CHIP was launched in 2018 and claims to be the first supply chain project that integrates information extracted from RFID tags into the Blockchain network.

The project reported data on 223,036 goods loaded into a distributed register. Only 1% of data entries were sent by stores, with 87% of the data coming from distribution centers and the remaining 12% coming from the coding site.

In this regard, CHIP stated that Blockchain is a functional solution to problems with serialized data exchange in the supply chain. The report states that participating companies "were able to record transactions containing serialized data in a common language and share this data with relevant trading partners."

The article indicates "a huge number of errors and inefficiencies in currency supply systems," estimating that eliminating counterfeiting and shrinking the supply chain could unlock $ 181 business opportunities.

In contrast, the article claims that pre-existing exchange networks are built for "outdated internet technologies" and are not suitable for handling the massive amount of serialized data that is generated in the modern supply chain. "

The team points to the lack of an "effective, industry-specific solution for exchanging serialized data between business partners," despite the introduction of data such as RFID tags and QR codes over a decade ago.

In addition, the report claims that previous attempts to integrate infrastructure to collect mass information throughout the entire supply chain have been "limited by the industry's inability to share serialized data."


Technical Market Overview:
The ETH/USD pair has been falling lower during the weekend after the bears have managed to break out from the parallel channel range and all the technical support levels had been violated. Currently, Ethereum trades around the level of $200 after the swing low has been made at the level of $196.61. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $190.00.

Weekly Pivot Points:
WR3 - $280.41
WR2 - $266.81
WR1 - $233.00

Weekly Pivot - $218.78
WS1 - $185.21
WS2 - $170.40
WS3 - $159.54


Trading Recommendations:
The larger timeframe 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 09 March 2020

Crypto Industry News:
A French commercial court classified Bitcoin as a currency during a recent trial.

Local media reported that the commercial court in Nanterre decided on February 26 to qualify Bitcoin as an exchangeable resource that cannot be individualized like fiat money.

The ruling was part of the dispute between the French cryptocurrency exchange Paymium and the BitSpread investment company dealing with alternative assets. According to a report, Paymium granted BitSpread in 2014 a loan of 1,000 Bitcoins.

Holding a leased 1,000 BTC, BitSpread also obtained 1,000 Bitcoin Cash when a hard fork creating altcoin was carried out in 2017. Now both sides are questioning BCH rights worth over $ 350,000.

To resolve the dispute, the court had to deal with the legal nature of Bitcoin, and after defining it as a convertible asset, it identified a Bitcoin loan as a consumer loan. This type of loan transfers ownership to the borrower during the loan period.

For this reason, the court stated that Bitcoin Cash belongs to the borrower, as dividends belong to shareholders. The article suggests that because of this court ruling, future cryptocurrency loan agreements may contain a clause regarding the return of additional assets created by the fork.


Technical Market Overview:
The BTC/USD pair has been falling lower during the weekend and all the technical support levels had been violated. Currently, the Bitcoin trades around the level of $7,930 after the swing low has been made at the level of $7,670. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $7,581.

Weekly Pivot Points:
WR3 - $9,697
WR2 - $9,419
WR1 - $8,697

Weekly Pivot - $8,456
WS1 - $7,720
WS2 - $7,436
WS3 - $6,712


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 06 March 2020

Crypto Industry News:
China's Ministry of Education has just given permission to Chengdu University of Information Technology (CUIT) to open the country's first engineering faculty with Blockchain. Admission and registration will start this year, Chinanews says.

The first Blockchain engineering project in China aims to keep up with the ever-changing changes in the social economy and social informatization. The most important thing is to provide training for technical talent to meet the needs of the Blockchain industry.

Course design is designed to equip students with the skills of Blockchain system design, project management and implementation. The program will allow future Blockchain specialists to acquire skills in information and technology, basic Blockchain technology theory and methods for developing Blockchain projects.

Recently, reports have appeared that China has turned to Blockchain technology for medical data management, tracking virus supply materials and consulting public opinion to fight coronavirus. The Beijing tax office also officially announced that it will start blockchain invoicing in the city on March 2.


Technical Market Overview:
The ETH/USD pair has managed to hit the key technical resistance zone located between the levels of $235.42 - $238.68 on increased momentum. Nevertheless, the price is still trading inside of the horizontal channel, so the bulls must break through the technical resistance zone in order to move even higher as the upper boundary of the channel is seen at the level of $244. The immediate support is seen at the level of $234.24 and if violated, then the Ethereum is most likely back to the horizontal range.

Weekly Pivot Points:
WR3 - $315.76
WR2 - $294.92
WR1 - $247.66

Weekly Pivot - $227.96
WS1 - $180.28
WS2 - $159.27
WS3 - $113.10


Trading Recommendations:
The larger timeframe 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 06 March 2020

Crypto Industry News:
The Supreme Court of India overthrew the controversial ban imposed by the Reserve Bank of India (RBI) on all cooperation with companies associated with cryptocurrencies.

The Indian central bank, RBI, introduced a general ban on banking connections with cryptographic companies in April 2018, which came into force in July of the same year. After both public and industry petitions, a case combining challenges against the central bank was brought before the Supreme Court by the Internet & Mobile Association of India (IAMAI). The hearings took place in January this year for over two weeks.

IAMAI is a non-profit industry body whose role is to address governments on behalf of consumers, shareholders, and investors from the internet industry. Members include Yahoo! India, Apple, eBay, Unocoin and Etsy.

Financial media report that judges ruled that RBI's actions were "disproportionate." The key arguments, in this case, were the claims of the central bank that cryptocurrency is a digital means of payment and that the institution was authorized by law in its intervention.

IAMAI adviser Ashim Sood objected to this, arguing that cryptocurrencies can oscillate between functioning as a commodity or thesaurization medium and an exchange medium. Sood argued that RBI had no right to prohibit financial companies from providing services to cryptocurrency companies.

After the court's ruling on the groundbreaking RBI case, it seems that the legal and regulatory situation for cryptocurrencies in India faces the last obstacle. In the fall of 2019, the Indian government decided to delay the introduction of the draft bill on the potential ban on cryptocurrencies to parliament during the 2019 winter session.

The bill - entitled 'Ban on cryptocurrencies and regulation of official digital currencies' - supposedly was not only aimed at banning the use of cryptocurrencies in India altogether but also to lay the foundations for the state-supported 'digital rupee' issued by RBI.


Technical Market Overview:
The BTC/USD pair has hit the upper channel boundary located at the level of $9,123 and made a Doji candlestick pattern, which is a trend reversal warning. The momentum is now decreasing, but is still quite a strong and positive, so another wave down might happen any time now. The next target for bears is seen at the level of $8,405 and the key short-term technical resistance is seen at the level of $9,249.

Weekly Pivot Points:
WR3 - $10,789
WR2 - $10,332
WR1 - $9,212

Weekly Pivot - $8,808
WS1 - $7,687
WS2 - $7,218
WS3 - $6,064


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 03.05.2020 - Bigger drop is expected towards the levle of $7.650, potential completion of the ABC correction

Industry news:


According to reports, a full session of the National Assembly of the South Korean parliament has passed an amendment to the Act on Reporting and Use of Specific Financial Information. Owing to this amendment, cryptocurrency trading is now 'legitimized' and has made its way into the legal system for the South Korean government.This is a huge win for the digital asset industry, especially for the many exchanges and platforms based in South Korea, as the report claimed that this amendment will usher in a complete restructuring of the blockchain industry.


Technical analysis:
BTC been trading upwards.The price reached the resistance at the $9.100. I found potential end of the upward correction and completed ABC pattern.

I would watch for selling opportunities and downward tarrgets at the prrice of $8.210 and $7.678.

Stochastic is in overbought zone and it is good confirmation that buying looks risky and selling preferable.

Resistance level is set at the prie of $9.280

Support levels and downward targets are set at the price of $8.210 and $7.678





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

[IFX_Selena]

Technical Analysis of ETH/USD for 05 March 2020

Crypto Industry News:
The Ukrainian National Agency for Corruption Prevention (NACP) described in detail the way cryptocurrencies are reported in the annual income declarations. Cryptocurrencies are categorized under the 'intangible asset', although they are also listed by name.

The agency published a set of instructions on how to report the ownership of different types of assets in the annual income declaration. The declaration is mainly intended for government officials, although it must also be submitted by persons with foreign income and persons practicing the profession of freelancers without registering a business.

Cryptocurrencies should be reported in the 'intangible asset' section, which typically includes items of indefinite value, such as intellectual property rights or brand names. However, the instruction explains that you should also report cryptocurrencies and specify the information that should be sent.

Individuals will need to provide the name of their assets, date of last purchase, quantity and the total value of assets on the last day of the reporting period. Cryptographic assets owned by direct family members should also be included.

The agency applied the definition of the virtual assets provided by the Special Group on Anti-Money Laundering and specifically excludes coins that are virtual representations of standard currencies (fiat), securities or other financial assets.

Some Ukrainian officials have already reported having cryptocurrencies in their previous declarations. The current governor of the Odessa region revealed in 2018 that he owned 290 Bitcoins and 11,000 Ethereum, worth $ 2.5 million and $ 2.47 million, respectively.

Ukraine is known for its activity in the cryptocurrency space. In December, the country's parliament passed a law on money laundering regulating the use of cryptocurrencies.

The Ukrainian Ministry of Digital Transformation announced in February that mining cryptocurrencies do not require government oversight. This is despite several high-profile cases where government resources were used to mine cryptocurrencies. In November, it was established that employees of the branch of the national rail service installed over 100 excavators on government properties. A similar case was reported in August at a nuclear power plant.


Technical Market Overview:
Ethereum has broken above the short-term trendline resistance some time ago but keeps trading in a narrow range located between the levels of $212.48 - $235.42. No relief rally has been made so far on ETH/USD because any rally attempt is being capped very quickly by bears. The downward momentum is increasing, so another wave down can occur soon. The next target for bears is seen at the level of $200 and below at $196.61. On the other hand, in order to rally higher, the bulls have to break the technical resistance located at the level of $235.42.

Weekly Pivot Points:
WR3 - $315.76
WR2 - $294.92
WR1 - $247.66

Weekly Pivot - $227.96
WS1 - $180.28
WS2 - $159.27
WS3 - $113.10


Trading Recommendations:
The larger timeframe 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 05 March 2020

Crypto Industry News:
The number of cryptographic ATMs around the world has increased to over 7,000, with devices in 75 countries.

At present, CoinATMRadar has added 7,014 existing cryptocurrency ATMs. This number also includes devices that support digital currency other than Bitcoin, including assets such as Bitcoin Cash, Ethereum, Dash and Litecoin.

The world saw its first Bitcoin ATM in 2013, when a company called Robocoin placed a unit in a Vancouver coffee shop.

Currently, 42 different manufacturers are responsible for 4,200 global cryptographic ATMs. CoinATMRadar data shows that only two locations support Robocoin ATMs. Genesis Coin is headed by ATMs in 2,348 locations.

On average, approximately 11.7 new cryptographic ATMs are installed every day, according to CoinATMRadar data from the last seven days. Last fall, Bitstop joined forces with a huge US-based shopping center operator, Simon Malls, to launch five ATMs in five separate shopping centers served by the operator. Miami Florida International Airport also received a Bitstop ATM from the second half of 2019.


Technical Market Overview:
All of the last bounces on Bitcoin were shallow so far, but bulls are still trying to break above the local high at the level of $8,920. The momentum is now increasing, but is still weak and negative, so another wave down might happen any time now. The next target for bears is seen at the level of $8,405 and the key short-term technical resistance is seen at the level of $9,013.

Weekly Pivot Points:
WR3 - $10,789
WR2 - $10,332
WR1 - $9,212

Weekly Pivot - $8,808
WS1 - $7,687
WS2 - $7,218
WS3 - $6,064


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 03.04.2020 - Bigger drop is expected towards the levle of $7.650, the breakout of mini Pitchfork channel is confirmation

Industry news:



The digital asset ecosystem has been losing sleep over the past 15 days after a bearish turnaround in mid-February contributed to a substantial dip in the prices of major crypto-assets. Coins such as Bitcoin, Ethereum, and Litecoin were significantly affected as their prices slumped below key resistances.However, taking a moment away from the current bearish trend, institutional investments in both BTC Futures and BTC Options recorded a fruitful period in February.Deribit has grabbed a foothold in the industry over the past year, with the exchange recording consistently high Options volume over the past 6 months. According to Deribit's latest institutional newsletter, the exchange recorded an average of 120K Bitcoin Options per month. However, over the past two months in 2020, the volume shifted gears and recorded an even higher average.


Technical analysis:
BTC has been trading downwards as I expected. BTC did break the mini Pitchfork upward channel and confimed the downside continuation . Watch for selling opportuntiies with the downward targets at the price of $8.210 and $7.680

The most recent drop did start after the BTC breakdown of the bear flag that we mentioned yesterday. Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes...

Stochastic oscillator got the bear cross in the background, which is good confirmation for our short bias.

Support levels and downward targets are set at the price of $8.210 and $7.680

Resistance levels are set at $8.515 and $8.925.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 04 March 2020

Crypto Industry News:
The organizers in Paris postponed the date of a local blockchain event because of a coronavirus outbreak.

According to the announcement, the Paris Blockchain Week summit - initially scheduled to take place from March 31 - April 1 - is now expected to take place from December 9-10.

The organizers postponed the event due to recent guidelines issued by the French government that prohibit large gatherings that could increase the extent and severity of the coronavirus outbreak.

The announcement stated that the conference would go as expected and that the place, schedule and configuration would remain the same. In addition, the organizers promised that more speakers would join the list of events.

Speakers to participate in the event include, among others CEO and co-founder of the Binance cryptocurrency exchange, Changpeng Zhao, as well as French Finance Minister Bruno Le Maire, founder and CEO of Parity Technologies Jutta Steiner, investment director of Coinshares Meltem Demirors, co-founder of Messari and CEO of Ryan Selkis.


Technical Market Overview:
Ethereum has broken above the short-term trendline resistance and is keeps trading in a narrow range located between the levels of $212.48 - $235.42. No relief rally has been made so far on ETH/USD because any rally attempt is being capped very quickly by bears. The downward momentum is increasing, so another wave down can occur soon. The next target for bears is seen at the level of $200 and below at $196.61.

Weekly Pivot Points:
WR3 - $315.76
WR2 - $294.92
WR1 - $247.66

Weekly Pivot - $227.96
WS1 - $180.28
WS2 - $159.27
WS3 - $113.10


Trading Recommendations:
The larger timeframe 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 04 March 2020

Crypto Industry News:
The German financial regulator has published guidelines classifying cryptocurrencies as financial instruments. This step extends the definition of financial instruments to cover all types of digital assets, with the previous paradigm only covering security tokens.

In a press release issued on Monday, the German Federal Financial Supervisory Authority (BaFin) described the crypto as follows:

"Digital representation of value that has not been issued or guaranteed by any central bank or public authority and is not necessarily linked to a currency defined by law and which has no legal status of currency or money, but is accepted as a medium of exchange by natural or legal persons and may be sent, stored and sold electronically ".

According to BaFin, its new classification reflects the guidelines of intergovernmental agencies such as the Special Group on the Prevention of Money Laundering (FATF). This is the second groundbreaking classification of cryptocurrencies that have appeared over the past few days, and an Australian judge recently ruled that crypto is an investment instrument - which means that virtual currencies can be used in the country.

The new BaFin cryptographic classification announcement is also another step in the country's aspiration to adopt the Fifth EU Money Laundering Directive (AMLD5), which appeared in January 2020.

As part of the new BaFin guidelines on cryptocurrencies, cryptocurrency depositors will have to obtain a license from the regulator to offer their services in this country. Cryptographic platforms already operating in a country without a license must apply for it by the end of November 2020, but they must demonstrate readiness for this before 30 March 2020.


Technical Market Overview:
The local high on Bitcoin was made at the level of $8,914, but it is still below the key short-term technical resistance located at $9,013, so all the Bitcoin bounces were very shallow so far. The downwards momentum is now decreasing, but is still weak and negative, so another wave down might happen any time now. The next target for bears is seen at the level of $8,000 and the key short-term technical resistance is seen at the level of $9,013.

Weekly Pivot Points:
WR3 - $10,789
WR2 - $10,332
WR1 - $9,212

Weekly Pivot - $8,808
WS1 - $7,687
WS2 - $7,218
WS3 - $6,064


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