Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 02 June 2020

Crypto Industry News:
The Swiss Financial Market Surveillance Authority (FINMA) authorized InCore as the first business-to-business to conduct transactions on digital assets, enabling clients worldwide to access the service and conduct transactions at the bank.

The official announcement is an important step in creating a blockchain-friendly environment in the entire EU banking sector. InCore Bank is the first Swiss business-to-business bank approved to operate in the field of cryptography. The company now allows institutional clients to trade, store and transfer digital assets. FINMA also allowed the bank to develop tokenization capabilities.

The bank has already cooperated with Inacta AG, an independent Swiss IT consulting company that provides information and management of cryptocurrencies. Maerki Bauman & CO is the new transaction client of InCore digital assets. Local media consider this institution to be one of the best qualified banks in the sector. The company's management confirmed that the bank plans to develop blockchain strategy in the coming months. It also plans to provide brokerage, care and transfer services to security tokens.

Earlier, there was information about a risk warning issued by FINMA about Swiss money laundering using blockchain technology. However, on February 7, the Swiss regulator passed a law on anti-money laundering. The threshold for unidentified cryptographic transactions has been lowered from 5,000 Swiss francs to 1,000 Swiss francs, which is about $ 1,020.


Technical Market Outlook:
The ETH/USD pair has hit the 261% Fibonacci extension target located at the level of $247.36 and is currently trading above the upper channel line. The next target for bulls is seen at the level of $252.03 and $259.81, but due to the clear bearish divergence built on H4 time frame chart, a local pull-back is probable. The nearest technical support is seen at the level of $238.68 and $225.84.

Weekly Pivot Points:
WR3 - $307.85
WR2 - $277.87
WR1 - $257.91

Weekly Pivot - $226.70
WS1 - $208.30
WS2 - $176.78
WS3 - $157.13


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.






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

[IFX_Selena]

BTC analysis for June 01,.2020 - Broken upward channel and potential for the bigger drop towards the $8.750 and Pitchfork Median Line

Corona virus summary:


Technical analysis:
BTC has been trading upwards. The price tested and rejected of the level at $9,600. I see further downside rotation towards the levels at $8,760 and $8,650..


Trading recommendation:
Watch for selling opportunities on the BTC due to overbought condiiton on the Stochastic oscillator.

I also found the breakout of the upward channel in the background, which is another sign for the weakness.

The downward targets are set at $8,760 and $8,650.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 01 June 2020

Crypto Industry News:
The Cyble Research Team has conducted research that showed that data on more than 80,000 credit cards around the world has been put up for sale at Darknet.

According to the information, the data leakage concerned credit card users from various countries, such as the United States (33,000), France (14,000), Australia (5,000), United Kingdom (5,000), Canada (2,000) .), Singapore (1.2 thousand) and India (1.3 thousand). According to the message from Cyble, these are both Visa and Matercard. Each of them contains the cardholder's surname, CVV number and expiry date. The price of these cards is $ 5 in crypto, and is independent of their value in a world outside of Darknet.

According to research, information about the countries where the cards come from was disclosed due to a billing data leak. This information included the address of each cardholder, making it easier for cyber security companies to determine the country of origin of each card.

It's not entirely clear where the hackers stole their card details, but Cyble thinks they may come from a phishing site or online stores that the hackers attacked. Cybele created a special search engine so that people could check if their personal data leaked into Darknet. In total, the company's database contains over 40 billion records.


Technical Market Outlook:
The ETH/USD pair has been hovering around the level of $235 for all the weekend and made a new local high at the level of $241.06. This level is just in line with the upper parallel channel line, so it might act as a dynamic resistance despite the fact that it was violated recently. The momentum is not increasing at the alarming rate, so some kind of a corrective pull-back is expected. The target level for correction is seen at $225.84, but the larger time-frame trend remains up. The next target for bulls is seen at 261% Fibonacci extension at $247.36.

Weekly Pivot Points:
WR3 - $307.85
WR2 - $277.87
WR1 - $257.91

Weekly Pivot - $226.70
WS1 - $208.30
WS2 - $176.78
WS3 - $157.13


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 01 June 2020

Crypto Industry News:
Telegram's founder and CEO, Pavel Durov, donated Bitcoins worth about $ 90,000 to help reduce the financial burden on the COVID-19 pandemic in Russia.

Egor Zhukov, a student political activist who organized a crowdfunding campaign to help people deal with the pandemic crisis, announced a donation from Durov.

Zhukov wrote on his Instagram on Wednesday evening that the donation would help volunteers buy more food and provide it to people who could not afford it. The initiative received the name Vzaimipomosch, which means "mutual help" in Russian.

"Pavel reached out to us and offered help," said Zhukov. He added that part of the donation had already been issued. The donation is large for Russia: from the perspective of this amount, you can buy an apartment in Moscow. The Vzaimipomosch Bitcoin Wallet has received around 14 Bitcoin donations since March.

The movement is not the only one that accepts donations in cryptocurrencies: some Russian NGOs also accept Bitcoins, Ether and others. These include the Internet Freedom Movement Roskomsvoboda and Russia Behind Bars, a fund to help Russian prisoners. A popular opposition politician, Alexei Navalny, also raises funds in a crypto for his activist network.

Telegram itself does not currently use cryptocurrencies directly. The company's project, TON, was completed earlier this month after a protracted legal struggle with the US Securities and Exchange Commission, which claimed that the pre-sale of Telegram tokens was an offer of unregistered securities.


Technical Market Outlook:
The BTC/USD pair has been hovering around the level of $9,500 for all the weekend. There is no sign of an increasing bearish pressure on the market, instead of that the bulls are still not throwing the towel yet. The technical support at the level of $9,381 is still being used as a bounce level towards the technical resistance seen at $9,704. All eyes on $10k this week as any violation of this level will be a very bullish signal.

Weekly Pivot Points:
WR3 - $11,128
WR2 - $10,392
WR1 - $9,960

Weekly Pivot - $9,277
WS1 - $8,866
WS2 - $8,158
WS3 - $7,756


Trading Recommendations:
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 until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 29 May 2020

Crypto Industry News:
The Chinese People's Bank (PBoC) explained that there is still no "schedule" for the official launch of the digital yuan. In an interview published on the central bank's website, the president of PBoC, Yi Gang, was asked about the official date of the introduction of the central bank's digital currency, to which he replied:

"These tests are routine digital research and development (R&D) work. No official release schedule has been disclosed."

The pilot test referred to by Gang was carried out in the cities of Shenzhen, Suzhou, the new Xiongan area, Chengdu and the future site of the Winter Olympic Games.

Shortly after the publication of the interview, a local state-controlled media center published an article suggesting that China could accelerate the implementation of its CBDC to counter the potential financial threat from the United States and manage the financing of aid after the COVID-19 crisis.

According to Cao, the digital currency controlled by the central bank would allow the government to track aid money and make sure it reaches companies in need. As part of COVID-19 economic damage control, China is reportedly intending to raise its deficit to GDP ratio to more than 3.6% and propose a tax reduction of 2.5 trillion yuan ($ 353 billion) for businesses this year.


Technical Market Outlook:
The ETH/USD pair keep rallying towards the level of $225.84 which is the swing high. The momentum is strong and positive, so odds for the breakout are high. The target for bears is seen at the level of $235.42. On the other hand, any violation of the blue trend line will likely result in another wave down towards the levels of $193.78 and $188.86, so please keep an eye on current price developments around this levels .

Weekly Pivot Points:
WR3 - $234.40
WR2 - $228.76
WR1 - $216.85

Weekly Pivot - $204.00
WS1 - $192.21
WS2 - $178.64
WS3 - $166.85


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.







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

[IFX_Selena]

Technical Analysis of BTC/USD for 29 May 2020

Crypto Industry News:
As part of his recent videoconference, Goldman Sachs addressed several topics about the "US economic outlook" and "implications of current policy." The bank's experts analyzed, among others topics such as inflation, gold and Bitcoin. The event took place yesterday. Unfortunately, cryptocurrency fans will not be delighted with the financiers' conclusions.

Earlier, cryptocurrency market participants hoped that Goldman Sachs would look at cryptocurrencies differently. The more that since the beginning of the year BTC has gained a lot, and the fiat currency market is probably in the vestibule to the room with the inscription "high inflation".

However, bank economists do not see the potential of BTC and believe that buying cryptocurrencies "has no real investment justification." In addition, they believe that BTC does not represent a new asset class. Not only that, digital currencies based on blockchains do not generate profits through exposure to economic growth, they have not proved to be credible protection against inflation so far and are used to facilitate money laundering and shopping in darknet.

In fact, such statements are a huge disappointment, because it is quite easy to see that fiat currencies are also used for illegal activities, while BTC is still quite effectively fighting for the name of safe haven.


Technical Market Outlook:
The BTC/USD pair has broken through the short-term trend line resistance (marked as brown on the chart) and violated the 61% Fibonacci retracement of the last swing down around the level of $9,381. The nearest technical support is seen at the level of $9,249 and $9,013. The momentum is now strong and positive, so If the level of $9,569 is clearly violated, then the next target for bulls is seen at the level of $9,704. The larger time frame trend remains down.

Weekly Pivot Points:
WR3 - $10,568
WR2 - $10,245
WR1 - $9,478

Weekly Pivot - $9,098
WS1 - $8,333
WS2 - $7,968
WS3 - 7,231


Trading Recommendations:
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 until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.






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

[IFX_Selena]

BTC analysis for May 28,.2020 - Rejection of the resistance at the price of $9.250. Downside movement expected towards the level of $8.630

NEWS:


BoE Saunders (Dovish Dissenter)
- Risk management consideration played role in vote to raise asset purchases


Technical analysis:
BTC has been trading upwards towards the resistance at the price of $9,250. I found the rejection of the resistance and potential for the further downside continuation towards the level at $8,630.


Trading recommendation:
Watch for selling opportunties on the rallies, The downward targets are set at the price of $8,631 and $8,155.

Stochastic oscillator is showing an overbought condition, which is sign that downside is expected.

Major resistance is set at the price of $9,250

Support levels and downward targets are set at the price of $8,630 and $8,155




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

[IFX_Selena]

Technical Analysis of BTC/USD for 28 May 2020

Crypto Industry News:
The message signed by 145 wallets containing Bitcoins extracted in the first years calls Craig Wright a "liar and cheater."

The message was published on May 25 with a list of 145 addresses and their corresponding signatures. This apparently proves that these addresses actually belong to the person sending the message. The message itself is:

"Craig Steven Wright is a liar and cheater. He doesn't have the keys used to sign this message. Lightning Network is a significant achievement. However, we need to continue working on improving chain performance. Unfortunately, the solution is not simply to change the code constant or allow powerful participants to deny others." - we read.

Financial media were able to verify that all addresses could be found on the list of thousands reported by Craig Wright in the case against Ira Kleiman.

Wright has repeatedly been unable to provide proof of ownership of Satoshi Nakamoto's alleged fortune, which is believed to have extracted over a million Bitcoins. A simple way to do this is to sign the message using the cryptographic private key of the wallet, which you can check with the public key.

Given that Wright tried to avoid every opportunity in which he would be forced to finally prove ownership, many in the community doubt that he owns these Bitcoins - and therefore that he is Satoshi Nakamoto.


Technical Market Outlook:
The BTC/USD pair has broken through the blue trend line resistance and is currently hovering just below the key short-term technical resistance located at the level of $9,249. The nearest technical support is seen at the level of $9,013 and $8,819. The momentum is now slightly positive, but not too strong yet. If the level of $9,249 is clearly violated, then the next target for bulls is seen at the level of $9,381. The larger time frame trend remains down.

Weekly Pivot Points:
WR3 - $10,568
WR2 - $10,245
WR1 - $9,478

Weekly Pivot - $9,098
WS1 - $8,333
WS2 - $7,968
WS3 - 7,231


Trading Recommendations:
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 until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.







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

[IFX_Selena]

Technical Analysis of ETH/USD for 28 May 2020

Crypto Industry News:
Goldman Sachs will host a teleconference entitled "US Economic Prospects and the Implications of Current Inflation, Gold and Bitcoin Policies".

Mike Dundas, founder of The Block, published a screenshot of the invitation, showing that the event will be hosted by Sharmin Mossavar-Rahmani, CIO Goldman's Investment Strategy Group, along with economics professor Harvard Jason Furman and chief economist Goldman Sachs, Jan Hatzius.

The news was announced as a milestone in the institutional acceptance of cryptographic assets, which seems to imply a complete change in Mossovar-Rhami - who said cryptocurrencies fail as a means of exchange, thesaurization and units of measurement, in August 2018.

For many years, the cryptographic community seemed to be awaiting involvement in Goldman Sachs' cryptocurrencies. There were false rumors that the financial giant was planning to open a BTC sales office.

The Goldman Sachs conference call appears among other signals indicating that many of the leading financial institutions may be preparing for cryptocurrencies, as JPMorgan has begun providing banking services for the US Coinbase and Gemini exchanges.


Technical Market Outlook:
After the successful defense of the blue trend line, the ETH/USD bulls had set the target for at the level of $205.05 (already hit) or even higher at the level of $209.89. However the bears have managed to make a Bearish Engulfing candlestick pattern after the level of $205.05 was violated, so the odds for another wave up are now lower. Any violation of the blue trend line will likely result in another wave down towards the levels of $193.78 and $188.86, so please keep an eye on current price developments around this levels .

Weekly Pivot Points:
WR3 - $234.40
WR2 - $228.76
WR1 - $216.85

Weekly Pivot - $204.00
WS1 - $192.21
WS2 - $178.64
WS3 - $166.85


Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.







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

[IFX_Selena]

BTC analysis for May 27, 2020 - Watch for downside rotation towards $8,625

Corona virus summary:


Germany has extended social distancing rules aimed at containing the spread of the coronavirus epidemic to 29 June, Chancellor Angela Merkel's government said on Tuesday. Merkel's government had been embroiled in disagreements with the least-affected states, some of which wanted to ditch the measures and open up entirely. Germany's virus caseload now tops 181,200 with just over 8,372 deaths - much lower than European counterparts such as Britain, France, Spain and Italy.

Technical analysis:
BTC has been trading upwards. The cryptocurrency is testing the level of $9,140. Anyway, I still see potential for the downside rotation towards the levels at $8,265 and $8,155. The short term trend is still to the downside.


Trading recommendation:
Watch for potential downside rotation towards the level at $8,625 Support level is seen at the price of $8,265




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