Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 04.01.2020 - Potential drop on BTC is coming, the main objective is set at the price of $4.390

BTC news:


Along with decreasing volatility in the spot price of major cryptoassets, trading volumes in both bitcoin (BTC) and ethereum (ETH) futures contracts have also been on the decline across exchanges since the crypto market crash in mid-March.

As would be expected, the futures market was most active during the major sell-offs on March 12 and 13, but has since declined steadily. The decline was seen across most marketplaces, although it was most pronounced on the major exchanges OKEx and Bitfinex.


Technical analysis:
BTC has been trading sideways at the price of $6.300.

My bearish analysis from yesterday is still active In the background,here is the gap down tought the bearish flag pattern, which is strong sign of the sellers. My advice is still to watch for selling opportunities. The level at the $6.367 looks like a great sell zone...

Downward targets are set at the price of $4.390 and $3.800.

MACD oscillator is showing decreasing momentum and the slow line turned to the downside, which is another confirmation for our bearish bias.

Resistance levels are set at the price of $7.000 and $7.500

Support levels and downward targets are set at the price of $4.390 and $3.800





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

[IFX_Selena]

Technical Analysis of ETH/USD for 01 April 2020

Crypto Industry News:
At a time when many global jurisdictions, such as the Bahamas and Sweden, are already testing their digital central bank (CBDC) currencies, the French central bank is becoming more direct regarding its own CBDC plans.

The Bank of France is now officially starting a program of experiments to test the integration of CBDC for interbank settlements, inviting potential participants to submit applications.

According to a published document, the French central bank calls for applications to experiment using the digital Euro to explore the potential of CBDC in the settlement and settlement of tokenized financial assets. Although previously the Bank of France called for the introduction of Blockchain-based billing systems in Europe, it stated that it did not impose any specific technology as part of the newly announced CBDC experiment program.

Therefore, the French Central Bank will select a maximum of 10 CBDC-related applications by group or by person, focusing on "innovative nature" as the main selection criterion. According to the detailed document requesting applications, applicants must be established in the European Union or a country that is a party to the agreement on the European Economic Area. Applicants may submit applications by May 15, 2020, and their selection will take place on July 10, the bank said.

The bank's experiment with CBDC has three goals, such as modeling of CBDC-based interbank settlements as well as identification of benefits and analysis of potential risks. Among the three potential use cases, the Bank of France lists payments on financial instruments, payments using the digital currency of other central banks, and payments on digital assets.

The bank emphasized that it will not be involved in creating money as part of its CBDC experiment. In addition, the central bank noted that it would destroy the token reflecting the amount in Euro in digital form at the end of the accounting day on which the payment was made.


Technical Market Outlook:
The ETH/USD pair did not manage to break through the short-term trend line resistance located at the level of $132 again and the price was rejected from this level after Bearish Engulfing candlestick pattern was made. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the rejection, but to make this bounce more important, the bulls must break through the level of $134.65 and then through $142.77. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

Weekly Pivot Points:
WR3 - $161.35
WR2 - $151.83
WR1 - $136.71

Weekly Pivot - $127.64
WS1 - $112.54
WS2 - $102.86
WS3 - $88.46


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 01 April 2020

Crypto Industry News:
After many delays, the adoption of the main Russian law on cryptocurrencies will be postponed once again, this time because of the coronavirus.

Anatoly Aksakov, chairman of the Russian State Duma of the State Commission for Financial Markets, says that the national cryptography act - a draft law on digital financial assets - is currently being finalized, but will not be adopted before the end of spring 2020.

According to a Russian press agency report of March 31, Aksakov admitted that earlier delays in adopting the bill were due to disagreement with the new type of asset between local authorities. Aksakov, who is also the chairman of the National Banking Council at the Russian central bank, reportedly said that the central bank opposed the legalization of cryptocurrencies, while the State Duma advocated some cryptographic initiatives.

However, the long-awaited law is now postponed for another reason. As Aksakov noticed, when Russia shifts to priority actions against the COVID-19 pandemic, all legislative processes slowed down.

Aksakov added that the upcoming Russian cryptographic law will define the definition of cryptocurrency and prohibits the use of cryptocurrency as a form of payment. In addition, the law will cover the issue and trading of digital assets, the official said. In mid-March, the executive director of the Russian central bank said the bill bans the issuance and circulation of cryptocurrencies.

Aksakov also emphasized that the new law will not hinder cryptocurrency exchanges operations if they do not break it. He added that the bill on digital financial assets does not contain provisions regarding the extraction of cryptocurrencies. However, he expressed the conviction that profits from cryptographic mining should be taxed, noting that cryptographic mining is a "type of activity that creates value".

Aksakov's recent remarks about the delay in adopting the upcoming Russian cryptography law appear after Russia has seen the largest one-day increase in coronavirus cases for the sixth time in a row.


Technical Market Outlook:
The bears on Bitcoin have managed to push the price lower after a Pin Bar candlestick pattern was made. The price made a local low at the level of $6,271, which is a technical support for the price. In a case of a breakout here, the lower levels of the red zone will be tested again: $5,900 and $5,500. The price of BTC/USD is below the trend line already and the larger time frame trend remains down, so the odds favor the bears.

Weekly Pivot Points:
WR3 - $7,805
WR2 - $7,343
WR1 - $6,514

Weekly Pivot - $6,022
WS1 - $5,217
WS2 - $4,764
WS3 - $3,965


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

BTC analysis for 03.31.2020 - I expect further drop on BTC towards the levels at $4.400 and $3.800. The gap breakout of the bear flag pattern is good sign for the continuation

BTC news:


Egypt Limits Cash Withdrawals

On Sunday, Egypt's central bank instructed all banks to limit daily withdrawals. According to the decree, the daily limit for individuals will be 10,000 Egyptian pounds ($640) and 50,000 pounds for companies. [The National] There will be exemptions for companies if the money is being used to pay employees.ATMs in the entire country will also be limited. Going forward, users can only withdraw and deposit 5,000 Egyptian pounds ($316) at ATMs. All bank fees will also be canceled in the country.

Thus far, Egypt has around 576 corona-virus infections and 36 deaths. The closures in the country currently in place will be extended "indefinitely."


Technical analysis:
BTC has been trading sideways at the price of $6.370. My bearish analysis from yesterday is still active In the background,here is the gap down tought the bearish flag pattern, which is strong sign of the sellers. My advice is still to watch for selling opportunities.

The level at the $6.367 looks like a great sell zone...

Downward targets are set at the price of $4.390 and $3.800.

MACD oscillator is showing decreasing momentum and the slow line turned to the downside, which is another confirmation for our bearish bias.

Resistance levels are set at the price of $7.000 and $7.500

Support levels and downward targets are set at the price of $4.390 and $3.800




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

[IFX_Selena]

Technical Analysis of ETH/USD for 31 March 2020

Crypto Industry News:
A consortium of Dutch companies launched the "Tech against Corona" initiative. The participating companies will provide the Dutch government with free access to innovative technologies that can be used to combat COVID-19.

Tymlez, a Dutch DLT technology company, is one of over 10 companies that provide their services and technologies to the government free of charge. The company offered its Blockchain platform as the underlying technology of "modeling the ecosystem of medical goods using a platform tailored to supply and demand." The company's blockchain will be used to ensure transparency throughout the entire supply chain - preventing value extraction, such as phishing, among coronavirus pandemics.

Some other local companies participating in the initiative are a cyber security company, Cybersprint - which provides security services for several hospitals, an information security company, Taxion - which will freely administer online systems to volunteer organizations, and the Compumatica IT company - which will improve the internet connections of working employees in key service sectors.

The Dutch telecommunications company, KPN, will also work with Microsoft to provide computer systems as part of the initiative.


Technical Market Outlook:
The ETH/USD pair did not manage to break through the short-term trend line resistance located at the level of $132 and the price was rejected from this level after down candle was made. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the rejection, but to make this bounce more important, the bulls must break through the level of $132.64 and then through $142.77. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

Weekly Pivot Points:
WR3 - $161.35
WR2 - $151.83
WR1 - $136.71

Weekly Pivot - $127.64
WS1 - $112.54
WS2 - $102.86
WS3 - $88.46


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 31 March 2020

Crypto Industry News:
Russian police caught Bitcoin miners who stole $ 200,000 worth of electricity every month in an attempt to mine cryptocurrency.

According to a statement issued by the Russian Interior Ministry, the suspect in St. Petersburg was arrested, as well as nine alleged partners. Criminals managed to install advanced infrastructure that connected mining equipment to the country's electricity network in eight different locations, the Interior Ministry said.

In total, the Russian National Guard took over 1,500 mining equipment, 2 million rubles, smartphones containing incriminating messages and 100 changed electric meters during 20 searches.

According to the statement, miners used the abandoned building to hide most of their mining machinery, as well as several residential properties in Vsevolozhsk and Roszczin.

According to Irina Volk, the official spokeswoman for the Russian Interior Ministry, the extracted cryptocurrencies were sent to stock exchanges outside of Russia and then converted into cash.


Technical Market Outlook:
The BTC/USD pair has bounced from the level of $5,900, which is a technical support for the price. Bitcoin bulls are trying to break through the key trend line resistance around the level of $6,450, but bears have managed to push the bulls lower and made a Pin Bar candlestick pattern. In a case of a failure, the lower levels of the red zone will be tested again: $5,900 and $5,500.

Weekly Pivot Points:
WR3 - $7,805
WR2 - $7,343
WR1 - $6,514

Weekly Pivot - $6,022
WS1 - $5,217
WS2 - $4,764
WS3 - $3,965


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.





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

[IFX_Selena]

BTC analysis for 03.30.2020 - I expect further drop on BTC towards the levels at $4.400 and $3.800. The gap breakout of the bear flag pattern is good sign for the continuation

Corona virus news:


Stringent new international restrictions on movement introduced because of the coronavirus pandemic are threatening the lives of millions of people across the world already caught up in humanitarian emergencies.

UN agencies, aid groups and international experts have warned that the new restrictions, which have closed borders and ports, and severely limited the movement of key staff from Africa to South America and Asia, threaten a "dramatic" knock-on effect in countries suffering from conflict, extreme climate events and other crises.Lola Castro, regional director of the World Food Programme (WFP) for southern Africa, said the interruption of food programmes for millions of people in the 12 countries that they cover, which have experienced three years of poor harvests because of drought, would have a "critical impact".


Technical analysis:
BTC has been trading downwards as I expected. There is the gap down tought the bearish flag pattern, which is strong sign of the sellers. My advice is still to watch for selling opportunities on the rallies.

Downward targets are set at the price of $4.390 and $3.800.

MACD oscillator is showing decreasing momentum and the slow line turned to the downside, which is another confirmation for our bearish bias.

Resistance levels are set at the price of $7.000 and $7.500

Support levels and downward targets are set at the price of $4.390 and $3.800




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

[IFX_Selena]

Technical Analysis on ETH/USD for 30 March 2020

Crypto Industry News:
Following a warning from the national supervisory authority this month, UK regional authorities report that cryptocurrency fraudsters are using a coronavirus pandemic to deceive citizens.

In a series of consumer fraud notifications published in March, the City Council of Manchester and the Pembrokeshire and Norfolk counties repeated the Financial Supervision Authority (FCA) warning against "sophisticated" and "opportunistic" pandemic cryptocurrency programs.

Three regional authorities define a number of tactics adopted by cryptocurrency fraud to take advantage of social confusion and fear during the public health crisis.

"Fraudsters pretend to be from research groups claiming to be the Center for Disease Control and Prevention (CDC) and the World Health Organization (WHO). They claim to provide the victim with a list of active infections in their area, but to gain access to this information, the victim must either: click the link that will redirect her to the page stealing credentials, or make a donation for support in the form of a payment to a Bitcoin or Ethereum account, "warns Manchester City Council.

Meanwhile, the FCA emphasized that investment opportunities promising high returns, including investments in cryptographic assets, could again be popular in the current pandemic.


Technical Market Outlook:
The ETH/USD pair has broken below the technical support located at the level of $132.21 and made a new local low at the level of $123.11. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the new local low was made, but to make this bounce more important, the bulls must break through the level of $142.77. In a case of a failure, the lower levels will be tested, like $118.53 and $114.98.

Weekly Pivot Points:
WR3 - $161.35
WR2 - $151.83
WR1 - $136.71

Weekly Pivot - $127.64
WS1 - $112.54
WS2 - $102.86
WS3 - $88.46


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 30 March 2020

Crypto Industry News:
The World Health Organization (WHO) has today teamed up with major Blockchain and technology companies to launch a DLT-based platform for sharing coronavirus pandemic data.

The MiPasa platform was built on the basis of Hyperledger Fabric and aims to enable "early detection of COVID-19 carriers and infection hotspots."

MiPasa was launched in cooperation with the IBM technology company, the Oracle computer company, the Hacera Blockchain corporate platform and the Microsoft IT corporation. The platform aims to facilitate "fully private exchange of information between individuals, state authorities and health institutions."

China has implemented Blockchain in many applications to support its efforts in the fight against COVID-19, using DLT to track the spread of the virus, medical records, and distribution of medical materials and charitable donations.


Technical Market Outlook:
The BTC/USD pair has been rejected on the level of $6,863 and broke below the technical support located at the level of $6,271. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Currently, Bitcoin bulls are trying to bounce after the new local low was made at the level of $5,825, but to make this bounce more important, the bulls must break through the level of $6,271. In a case of a failure, the lower levels of the red zone will be tested, like $5,605 and $5,500.

Weekly Pivot Points:
WR3 - $7,805
WR2 - $7,343
WR1 - $6,514

Weekly Pivot - $6,022
WS1 - $5,217
WS2 - $4,764
WS3 - $3,965


Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 27 March 2020

Crypto Industry News:
New Jersey federal prosecutor, Craig Carpenito, is fighting the request of two alleged cryptographic fraudsters to release the county from prison due to a coronavirus pandemic.

According to court documents filed on March 24 with the US Department of Justice, Carpenito stated that the recently introduced bail reform only prefers to release the defendant before the trial, when his presence at the trial can be reasonably guaranteed.

Carpenito noted that COVID-19 sparked a "nationwide conversation" about whether detainees accused of non-violent crimes should be released to reduce the risk of rapid spread of coronavirus in American prisons.

He emphasized, however, that Matthew Goettsche and Jobadiah Weeks - both accused of running the $ 722 million cryptocurrency Ponzi BitClub program - have "strong motivation" to escape.

Goettsche and Weeks petitioned the prison in Essex County, Newark, New Jersey for release on March 20 and 23, respectively.

The Goettsche representation assured that "it is not about if, but when" a major COVID-19 explosion will take place in prison, adding that "it will be almost impossible to stop the spread" when the virus reaches this facility.

The prosecutor cited the findings of Judge Michael Hammer after the previous interrogation on detention, who noted that both men had access to assets that could "finance the risk of escape." Carpentino added that the couple did not provide a "convincing reason" for their release.


Technical Market Outlook:
The ETH/USD pair has been consolidating the recent gains around the trend line support located at the level of $134.12 for some time now and the trend line holds the bulls for now. Any violation of this trend line will likely lead to another wave down towards the nearest technical support seen at the level of $110.33. The key short-term technical support is seen at the level of $89.35 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.

Weekly Pivot Points:
WR3 - $202.93
WR2 - $178.10
WR1 - $150.26

Weekly Pivot - $126.31
WS1 - $100.57
WS2 - $71.34
WS3 - $47.20


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.






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