Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 04.13.2020 - First downside target at the price of $6.615 reached, more downside yet to come and potential test of $5.817

BTC News:


In brief

Bitmain has won a legal battle against Poolin, which it used to own.Poolin must return 870,000 yuan ($123,000) and pay fines of 1,222,000 yuan ($173,000).Poolin is still the second biggest Bitcoin mining pool, behind F2Pool.

Crag Wright, the self-proclaimed Satoshi Nakamoto and chief scientist at NChain, has dropped a libel lawsuit against Adam Back over the Blockstream chief executive's assertion that Wright was fraudulent in claiming to be the creator of Bitcoin (BTC).

Wright filed the complaint alongside similar suits targeting Ethereum cofounder Vitalik Buterin, Bitcoin.com founder Roger Ver, podcaster Peter McCormack, and Twitter user 'Hodlnaut' one year ago.


Technical analysis:
BTC has been trading upwards as I expected. My first downward target from last week at the price of $6.615 has been met. I still expect furher downside movement and next downward targets on the test.

Watch for selling opportunities on the rallies with the next downward targets set at the price of $5.817, $4.460 and $3.810.MACD oscillator is showing strong selling pressure from the background, which is strong sign of the bearish pressure.

Resistance levels are set at the price of $7.150 and $7.400.

Support levels and downward targets are set at the price of $5.817, $4.460 and $3.810.




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

[IFX_Selena]

Technical Analysis of BTC/USD for 10 April 2020

Crypto Industry News:
US public debt has reached a record level of $ 24 trillion, which gives us an average of almost $ 73,000 for every US citizen. This is a big surprise after the Federal Reserve began an unprecedented printing of $ 6 trillion. This was the Feds response to the financial consequences of the coronavirus pandemic, which also predicts a 13% increase in US unemployment.

The deteriorating financial situation in the US did not affect Bitcoin. Not only that, he survived without any government support, and at present BTC / USD trade has increased by 2.1% compared to the beginning of this year.

Meanwhile, economic commentator Peter Schiff noticed that US President Donald Trump is indebted to the country at a dangerous pace. "If he is re-elected, he will do more debt in 8 years than Bush and Obama in 16. Instead of draining the swamp, he drains the nation," he wrote on Twitter.


Technical Market Outlook:
The BTC/USD pair has broken down from the possible Pennant formation and moved lower towards the nearest technical support located at the level of $6,908. Any violation of this level will likely lead to sell-off acceleration towards the level of $6,795 as the momentum is clearly diminishing. It is worth to notice, that Bitcoin has broken out from the ascending channel as well, which increases the odds of another wave down.

Weekly Pivot Points:
WR3 - $8,726
WR2 - $7,938
WR1 - $7,363

Weekly Pivot - $6,545
WS1 - $5,997
WS2 - $5,159
WS3 - $4,567


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 10 April 2020

Crypto Industry News:
Due to dishonest hacker activities, Bisq users lost a total of $ 250,000. The reason for this was the "critical vulnerability", but no specific information was provided. Already on Tuesday, the stock exchange blocked the possibility of trading.

The hacker was able to exploit the vulnerability in the Bisq trading protocol by attacking individual transactions to steal capital. We know about 3 BTC and 4000 XMR stolen from 7 different victims. This is the situation we have known so far.

As it turned out later, the exact value of the stolen cryptocurrencies was 22,000 BTC and 230,000 XMR, which gives a total of $ 250,000.

In most cases of market hacking, an attacker can be kicked out of the trading platform. However, it looks different in Bisq, as one of the developers cooperating with DEX informed. He said that although the bug was fixed on Wednesday to noon, nothing could stop the hacker, whose identity we will not know.


Technical Market Outlook:
The ETH/USD bulls has failed to move above the level of $175.00 and the price is falling towards the nearest technical support seen at the level of $156.24 - $153.46. This is the key short-term technical support and if violated then the losses might accelerate towards the level of $142.77. Please notice the decreasing momentum on ETH/USD on H4 time frame chart during the last move up was the first clue showing weakness of bulls.

Weekly Pivot Points:
WR3 - $180.45
WR2 - $163.97
WR1 - $154.32

Weekly Pivot - $137.76
WS1 - $127.39
WS2 - $112.43
WS3 - $101.19


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]

BTC analysis for 04.09.2020 - Potential drop on BTC is coming, the main objective is set at the price of $5.813

News:


Technical analysis:
BTC has been trading downwards as I expected. The price broke the Pitchfork mini upward channel and it gave us the first signal for the potential chage in the trend from bullish to bearish. My analysis from yesterday is still active and valid.

Watch for selling opportunities. The area around $7.500-$7.600 looks like good zone for sell posiitons.Downward targets are set at the price of $6.595 and $5.813.

MACD oscillator is showing decreasing on the upside momentum and the slow line turned to the downside, which is indication for potential change in the trend.

Major resistance pivot zone is set at $7.600-$8.000

Support levels are set at the price of $6.600 and $5.813




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

[IFX_Selena]

Technical Analysis of ETH/USD for 09 April 2020

Crypto Industry News:
The Bank of Korea has announced that it has launched a pilot program to assess the logistics of issuing digital currency of the central bank - or CBDC. While South Korea's central bank does not plan to introduce such currency immediately, the pilot program will ensure it is ready in the face of changing market conditions.

After theoretical research carried out in February 2020, the pilot will cover the technological and legal review of CBDC emissions. It will last 22 months, until December 2021.

The first step is to define the requirements and the CBDC project that will run for five months until July 2020. It will overlap with the review of the technology required to implement the currency, which is scheduled from April to August.

A business process analysis will then be carried out, which will last until the end of 2020. Finally, in 2021, a 12-month compilation and testing of the CBDC pilot system should take place.

The announcement explains that the bank does not see the immediate need to issue a digital currency in South Korea, but rather that, based on research from other countries in this area, it wants to be prepared in case such a move becomes a necessity.


Technical Market Outlook:
The ETH/USD high located at the level of $175.00 is still an important target for bulls that are still trying to make use of the momentum behind the recent move up and move higher towards the level of $176.78, which is a technical resistance for the price. The Ethereum bulls are now consolidating the recent gains in a narrow range that looks like a Pennant pattern. On the other hand, if the bulls fail here, (there is a Bearish Engulfing candlestick pattern present on H4 time frame chart), then the next technical support is seen at the level of $156.24 - $153.46. Please notice the increasing momentum on ETH/USD on H4 time frame chart during the last move up.

Weekly Pivot Points:
WR3 - $180.45
WR2 - $163.97
WR1 - $154.32

Weekly Pivot - $137.76
WS1 - $127.39
WS2 - $112.43
WS3 - $101.19


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 09 April 2020

Crypto Industry News:
Microsoft warns hospitals at risk of ransomware attacks to prevent healthcare institutions from being overwhelmed by the COVID-19 pandemic. The company also published recommendations for hospitals to secure their systems and prevent such attacks.

Through a network of threat analysts, Microsoft states that it has "identified dozens of hospitals" with vulnerable virtual private networks and other publicly available applications on their systems:

Microsoft distributed "first-of-its-kind" targeted hospital notifications containing "important information about vulnerabilities, how attackers can exploit them, and a strong recommendation to apply security updates that protect them from security holes."

Hospitals were recommended to provide regular updates of the VPN configuration and firewall, better monitoring of remote access infrastructure, and enhanced violation response protocols.

It is recommended that they seek greater involvement of operational security specialists and plan regular audits. Microsoft is also participating in the 'Tech Against Corona' initiative with around a dozen technology companies to freely provide technology to the Dutch government to fight coronavirus - which includes efforts to help hospitals fight ransomware.

Some ransomware and darknet operators take a rare moral position among COVID-19. Both Maze and DoppelPaymer operators said they would not launch ransomware attacks on hospitals during a pandemic.


Technical Market Outlook:
After a dip towards the level of $7,028, the BTC/USD pair moved quickly back towards the recent high at the level of $7,392. Currently, the bulls are preparing to rally higher towards the level of $7,757 as the price consolidates the recent gains. Nevertheless, if the bearish pressure will intensify again, then the price might lose the momentum and move even lower towards the technical support located at $6,908 or even towards the level of $6,586.

Weekly Pivot Points:
WR3 - $8,726
WR2 - $7,938
WR1 - $7,363

Weekly Pivot - $6,545
WS1 - $5,997
WS2 - $5,159
WS3 - $4,567


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 04.08.2020 - Potential drop on BTC is coming, the main objective is set at the price of $5.813

Corona virus news:


On April 5, Italy's "blood donation day," the Italian Red Cross constructed an advanced medical post using funds generated through a crypto fundraiser.The Italian Red Cross has raised nearly $32,000 through cryptocurrency donations in less than one month. Roughly $22,000 has been used to finance the construction of the initiative's first advanced medical post in the town of Castel Gandolfo near Rome.

The funds were spent by the initiative to purchase a pneumatic tent that will house the medical post, in addition to other materials. The tent was erected during Italy's "blood donation day" and used as a screening station for pre-donation medical examinations.


Technical analysis:
BTC has been trading downwards as I expected. The price broke the Pitchfork mini upward channel and it gave us the first signal for the potential chage in the trend from bullish to bearish.

Watch for selling opportunities. The area around $7.500-$7.600 looks like good zone for sell posiitons.Downward targets are set at the price of $6.595 and $5.813.

MACD oscillator is showing decreasing on the upside momentum and the slow line turned to the downside, which is indication for potential change in the trend.

Major resistance pivot zone is set at $7.600-$8.000

Support levels are set at the price of $6.600 and $5.813





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

[IFX_Selena]

Technical Analysis of ETH/USD for 08 April 2020

Crypto Industry News:
A new PricewaterhouseCoopers (PwC) report showed that fundraising and cryptography mergers and acquisitions (M&A) fell last year, but that doesn't mean the cryptographic market is dying out.

It seems that the cryptographic industry cannot attract investment from institutional investors. The giant of professional PwC services said that the number and value of fundraising as well as mergers and acquisitions showed a sharp decline last year. Cryptography-related mergers and acquisitions dropped by 76% to $ 451 million in 2019, from over $ 1.9 billion in the previous year. The amount of funds raised decreased by 40% to USD 2.24 billion.

Cryptocurrency space could not attract mainstream investment, despite the fact that Bitcoin grew strongly in the second and third quarters of 2019. In July, the price reached a peak of over $ 13,500.

Given the current COVID pandemic, the report's authors argue that the cryptocurrency market will not attract mainstream investment in the near future. High volatility due to coronavirus panic and the economic downturn does not bode well for the space being created. It seems that the cryptographic industry is not resistant to global winds, and the number and value of fundraising and merger transactions can be affected in 2020.


Technical Market Outlook:
The ETH/USD high located at the level of $175.00 is still an important target for bulls that are still trying to make use of the momentum behind the recent move up and move higher towards the level of $176.78, which is a technical resistance for the price. On the other hand, if the bulls fail here, (there is a Bearish Engulfing candlestick pattern present on H4 time frame chart), then the next technical support is seen at the level of $156.24 - $153.46. Please notice the increasing momentum on ETH/USD on H4 time frame chart during the last move up.

Weekly Pivot Points:
WR3 - $180.45
WR2 - $163.97
WR1 - $154.32

Weekly Pivot - $137.76
WS1 - $127.39
WS2 - $112.43
WS3 - $101.19


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 08 April 2020

Crypto Industry News:
Bitcoin hash exploded from 91.290.582 TH / s from April 4 to 121.029.181 TH / s on April 6. Historically, Bitcoin hashrate and price showed a very close relationship, with a correlation of 0.77.

This relationship makes sense, given that hashrate represents the cost of producing Bitcoins for miners on the one hand, and the overall security of the Bitcoin network on the other. In other words, the higher the total hashrate, the more expensive it will be to take over the network. This decentralized trust is one of the key values that Bitcoin possesses.

At the same time, the price of Bitcoins increased only by 0.92%. The rapid increase in the value of hashrate is the result of a recent favorable adjustment of Bitcoin mining, which in itself was caused by an earlier decrease in the value of hashrate on the network.

If the Bitcoin / hashrate price correlation remains constant, we can expect a significant increase in prices. However, the dynamics are complicated by the upcoming halving of prizes in the form of Bitcoin blocks, for which only 36 days are left.

When everything else remains constant, the miners' income will also be halved after being halved. On the other hand, for miners' revenues to remain at the same level, the price would have to double (maintaining constant mining efficiency). The recent increase in Bitcoin hashrate may indicate that miners are betting on the second scenario.


Technical Market Outlook:
The BTC/USD pair has recovered from the recent loses. The price has hit the level of $7,028, but bulls quickly moved the rate back towards the recent high at the level of $7,392. Currently, the bulls are preparing to rally higher towards the level of $7,757. Nevertheless, if the bearish pressure will intensify again, then the price might lose the momentum and move even lower towards the technical support located at $6,908 or even towards the level of $6,586.

Weekly Pivot Points:
WR3 - $8,726
WR2 - $7,938
WR1 - $7,363

Weekly Pivot - $6,545
WS1 - $5,997
WS2 - $5,159
WS3 - $4,567


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 04.07.2020 - Major resistance set at $7.640-$7.600 zone, watch for potential selling opportunities

News:


Discussing the global coronavirus epidemic and its impact on global finance, Dixon warned that the health aspect of the crisis was by no means its worst."I don't want to be dramatic, but this is a global reset in the financial system," he told host Max Keiser.Coming after, he said, was a massive "scrambling" for power by governments and central banks. Taxpayers and those forced to rely on fiat money will pay the price.Dixon continued:"I think we're going to see a real attack from central banks on traditional banks as we inevitably experience the ginormous consequences of essentially the world's largest regulated Ponzi scheme."


Technical analysis:
BTC has been trading upwards. The price tested the level of $7.400. Anyway, I found that BTC is near the important resistance zone ($7.640-$8.000) and my advice is to watch for potential selling opportunities due to strong resistance zone.

Watch for selling opportunities on the potential bear divergence on the momentum oscillators or any bearish pattern that can happen near the resistance.

Downside targets can be placed at $6.600 and $5.813.

MACD oscillator is showing upside pressure and the slow line is turned to the upside, which is still suggesting upside pressure.

Resistance levels are set at the price of $7.640 and $8.000.

Support level is set at the price of $7.270, $6.600 and $5.813.




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