Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 30 June 2020

Crypto Industry News:
The Hong Kong Cryptocurrency Instrument Exchange BitMEX is introducing a new program with benefits for its corporate clients, including improved security support and accounting.

According to the announcement published on the BitMEX support website, the stock exchange is launching a new program for corporate clients called BitMEX Corporate. Accounts on the cryptographic exchange that are not owned and not operated by a natural person can now guarantee that their BitMEX resources are the legal property of the corporation.

BitMEX said the new features were created for customers who need "different ownership structures for their accounts," account access and management, and security requirements. However, the announcement also states that options such as multi-user login and instant transfers between accounts will be available later in 2020.

Although BitMEX remains one of the largest derivative exchanges in the world, many members of the cryptographic community claim that they are losing confidence in it.

According to previous reports, the stock market went offline in March for almost 25 minutes during a crypto blood-bath, many users were not happy about the BitMEX explanation of "a hardware problem with the cloud service provider." In addition, the derivatives giant must face a new lawsuit in which executives are accused of extorting money, laundering money, banking fraud and transferring money without a license.


Technical Market Outlook:
The ETH/USD pair has retraced 38% of the last wave down and made a new local high at the level of $229. Nevertheless, the is a Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. If the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $273.84
WR2 - $260.74
WR1 - $240.04

Weekly Pivot - $227.40
WS1 - $206.35
WS2 - $194.36
WS3 - $173.30


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 ETH/USD for 29 June 2020

Crypto Industry News:
Tokai Tokyo Financial Holdings, one of the main traditional Japanese financial institutions, has presented a plan to develop a security tokens exchange. Tokai Tokyo is already an investor in Huobi Japan.

According to Nikkei, the first step on this journey was for Tokai Tokyo to invest in Hash Dash Holdings to use the company's knowledge to develop the stock market. Hash Dash's mission is to use Blockchain technology in the financial industry to issue digital securities and provide commercial services on smartphones.

The planned stock exchange will trade in tokenized real estate, and Tokai Tokyo, Hash Dash and ICHX TECH will explore this sector by digitizing Japanese real estate and trading them in iSTOX, the Singapore digital stock exchange. They also investigate the digitization of IP addresses and corporate bonds.

Tokai Tokyo hopes to connect the planned Japanese stock exchange with iSTOX so that investors can seamlessly buy and sell digital assets on both stock exchanges, enabling Japanese corporations to raise money on the Singapore stock exchange.

Last December, Tokai Tokyo invested 500 million yen (around $ 4.7 million) in Huobi Japan, a licensed cryptographic exchange in Japan. It was also planned to start an IEO to help corporations raise money. The company was also considering trading some social currencies at IEO Huobi.


Technical Market Outlook:
The ETh/USD pair has made a new local low at the level of $215.17, which means the key short-term technical support located at the level of $217.65 had been violated. The bounce has been continued for some time now, but so far it was rather shallow and the price is starting to reverse again. If the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $273.84
WR2 - $260.74
WR1 - $240.04

Weekly Pivot - $227.40
WS1 - $206.35
WS2 - $194.36
WS3 - $173.30


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 June 2020

Crypto Industry News:
Over the past few years, cryptocurrencies have attracted a lot of interest from institutional investors. Encryption has become quite popular due to more rules on the digital asset market. However, since most economies work with digital resources, there has also been pressure to strengthen regulations so that cryptocurrencies do not become a safe haven for money laundering and other illegal activities. Recent AML regulations and FAFT guidelines aimed to strengthen cryptography regulations.

However, as digital assets are gaining popularity in the world of finance, traditional financial institutions such as banks have now come under the eye of dealing with cryptocurrency users and stock exchanges regarding virtual assets. A recent Ciphertrace report looked at how virtual asset laws can affect banks. The report notes that 57% of these Virtual Asset Providers (VASPs) had weak or porous KYC processes. This is a greater threat because a weak KYC can lead to bad entities being able to launder virtual assets through stock exchanges operating as fiat off-ramps according to the report.

It is not clear, however, whether large banks are willing or willing to cope with exposure to crypto assets and at the same time ensure that there is no illegal activity in space. Although the number of cryptocurrencies has increased significantly over the years, mainstream banks still have reservations about users and cryptographic transactions. In the recent past, Bank of America raised concerns and kept customers from using debit cards to buy cryptocurrency. However, at the beginning of the Fifth Anti-Money Laundering Directive or AMLD5 it was pointed out that banks cannot refuse to provide services to sectors and must analyze cryptocurrencies on a case-by-case basis.

According to data provided by Ciphertrace, almost 74% of Bitcoins transferred in "from exchange to exchange" transactions have been transferred cross-border and pose a significant risk of money laundering. Given this scenario, FATF noted that illegal users of virtual assets (VAs) may, for example, benefit from the global reach and transaction speed that VA provides, as well as from inadequate regulation or supervision of financial activities and VA suppliers in various jurisdictions, resulting in inconsistent legal and regulatory rules of the game in the VA ecosystem.


Technical Market Outlook:
The BTC/USD pair has made a new local low at the level of $8,795, which means the key short-term technical support located at the level of $8,858 had been violated. The bounce has been continued for some time now, but so far it was rather shallow and the price is starting to reverse again. If the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $8,565.

Weekly Pivot Points:
WR3 - $10,465
WR2 - $10,072
WR1 - $9,509

Weekly Pivot - $9,126
WS1 - $8,593
WS2 - $8,191
WS3 - 7,623


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 BTC/USD for 26 June 2020

Crypto Industry News:
The Italian Banking Association (ABI) has revealed that it wants to support the implementation of the digital currency from the European Central Bank.

According to information on the ABI website, the association approved guidelines governing its position on the digital currency and digital currencies of the central bank (CBDC).

ABI - representing a group of banks in Italy - stated that it is ready to "participate in projects and experiments on the digital currency of the European Central Bank [...] to accelerate the implementation of the initiative at European level".

ABI listed 'monetary stability' and compliance with the provisions related to the digital Euro as two main priorities.

The association said that the creation of a European CBDC could allow for more cross-border P2P transactions, reduce the impact of interest rates and exchange rates, and generally simply reduce the size of the bureaucratic payment process.

According to ABI, developing a digital currency in the European Union could replace cryptocurrency demand.

"The existence of [European CBDC] could at the same time reduce the attractiveness of instruments with comparable applications but issued by private individuals or (in the case of total decentralization) which cannot be identified, characterized by an internally higher risk profile," reads in a statement.


Technical Market Outlook:
The BTC/USD pair has been seen trading in a narrow range after a bounce from the level of $8,952. Moreover, the recent rally turned out to be a fake one and the price has returned below the short-term trend line resistance again. Please keep an eye on the key short-term technical support located at the level of $8,858 as any violation of this level might accelerate the drop towards the level of $8,565. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


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 26 June 2020

Crypto Industry News:
A terrorist organization known as the Islamic State of Iraq and Syria, or ISIS, is beginning to switch to Monero to accept donations from the public.

As the intelligence company Whitestream reports, an information website related to the terrorist organization and the jihadist movement updated its donations page on June 21 to accept Monero only. According to the tutorial page published by Monero, the payment method is more secure and cannot be traced. The site then explains how users can buy and ship Monero while providing the XMR address.

Previously, the site accepted donations in Bitcoin. According to Whitestream, the organization has consolidated the received Bitcoins at one address, which currently contains 0.295 BTC worth approximately $ 2,700.

The site publishes news about the reported "successes" of the organization, which since its expulsion from Syria, Iraq and Libya, operates primarily underground in the Egypt region of Sinai and Northern Nigeria.

While many regulatory steps taken for cryptocurrencies are aimed at limiting this exact type of activity, the recent Chainalysis report refutes the widespread belief that cryptocurrencies play a significant role in terrorist financing. Among speculations about ISIS war chests hidden in Bitcoins, Chainalysis said less than $ 10,000 was collected for cryptocurrency terrorism, and it is unlikely that they would use cryptocurrencies to store their oil revenues.


Technical Market Outlook:
The ETH/USD pair has been consolidating in a narrow range after a bounce from the level of $226. Any sustained violation of the nearest technical support located at the level of $225.84 might accelerate the drop towards the next support seen at the level of $217.42. This is the key short-term technical support for bulls, so it might be well defended and some kind of a price bounce should be expected if the price hit this level.

Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53

Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98


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 shor







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

[IFX_Selena]

BTC analysis for June 25,.2020 - Strong downside movement in the background and poitential for new down wave towards the $8.890

Corona virus summary:


Israel is experiencing an alarming surge in new coronavirus cases which has prompted the government to approve reimposing a controversial tracking system administered by the country's domestic security agency, the Shin Bet.

Cases in the country have rocketed again after Israel eased restrictions at the end of May, a move that coincided with the Shavuot holiday and saw crowded beaches on both the Mediterranean and around the Sea of Galilee.


Technical analysis:
BTC has been trading downwards. As I expected, the price tested the level of $8,990 and almost met our main target at $8,890. Anyway, I still see downside movement due to strong downside momentum in the background. The target is set at $8,890.


Trading recommendation:
Resistance is set at $9,315




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

[IFX_Selena]

Technical Analysis of ETH/USD for 25 June 2020

Crypto Industry News:
The Australian Securities and Investment Commission (ASIC) has identified a sharp increase in investment fraud during the coronavirus pandemic and highlighted cryptocurrency fraud as a particular problem.

According to the published ASIC announcement, between March and May 2020, all types of investment frauds were reportedly increased by 20% compared to the same period in 2019.

Criminals seem to be trying to take advantage of the economic uncertainty many citizens face during the crisis. ASIC Executive Director for Evaluation and Intelligence, Warren Day, warned that scammers "use age-old tactics in new and sophisticated ways."

"ASIC is particularly concerned about the risk of losing funds by consumers and investors when purchasing fake cryptographic assets. Most of the options for investing in crypto assets reported to ASIC seem like a scam and there is no real underlying investment," he added.

Although fraud reports have provided "supervisory information" to the supervisory authority, the announcement warns readers that it is difficult to catch fraudsters - especially those who operate abroad. For this reason, consumers and investors may not be able to recover lost funds. However, ASIC encourages victims to report financial and investment fraud. Typical features of suspicious programs include a number of investment offers presented that sound 'safer than they are,' requests to withdraw money from individuals or companies using multiple or ever-changing bank accounts, or false confirmations from celebrities or public agencies, including ASIC .


Technical Market Outlook:
The ETH/USD pair is trading below the short-term trend line support seen at the level of $230. Moreover, any sustained violation of the nearest technical support located at the level of $225.84 might accelerate the drop towards the next support seen at the level of $217.42. This is the key short-term technical support for bulls, so it might be well defended and some kind of a price bounce should be expected if the price hit this level.

Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53

Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98


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 25 June 2020

Crypto Industry News:
The Bitcoin.com forum, one of the most popular cryptographic forums, has suddenly announced the closure.

The bitcoin.com forum, a place of lively debates and thoughtful discussions related to cryptocurrencies, will end services on July 23, 2020. The message was reported by the forum administrator in a thread published on June 24.

In the post, the forum administrator gave some details about the upcoming closure. No reasons were given.

The Bitcoin.com forum is linked to the Bitcoin.com website - one of the oldest and largest cryptocurrency websites in the world. The site, supported by Bitcoin's early supporter and investor, Roger Vera, offers a number of Bitcoin and Bitcoin Cash services, including cryptocurrency exchanges.


Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704 and after a short period of trading inside of a narrow local zone located between the levels of $9,530 - $9,650 the price turned sharply down towards the level of $9,249 (broken already). This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $8,858 as any violation of this level might accelerate the drop towards the level of $8,565. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


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 June 24,.2020 - Strong downbreak as I expected. Watch for more further selling towards the level at $8.890

News:


Available data shows that over the last 16 days Ethereum users have been paying more to move funds on their network than Bitcoin users.


Technical analysis:
BTC has been downwards, extacly what I expected yesterday.Due to confirmed breakout of the Pitchfork upward channel , I still see further downside movement towards the level at $8,890


Trading recommendation:
Watch for sellling opportunities on the rallies using the intraday frames like 15/30 minutes with the target at $8,890.

There is clear breakout of the upward trendline and Pitchfork upside channel, which is good indication for further downside movement.




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

[IFX_Selena]

Technical Analysis of BTC/USD for 24 June 2020

Crypto Industry News:
The logo and name and Bitcoin were registered in Spain by the Spanish Patent and Trademark Office. The process was completed by Ignacio Rubio Menendez, a compliance expert and lawyer specializing in business law. Financial media spoke directly to Menendez's client, who for the time being decides to remain anonymous.

"I have registered the logo and the word" Bitcoin "at the national level in the Spanish Patent and Trademark Office. Everyone can access the registers because they are published daily and for all recipients" - explains the person.

When asked why he took the initiative to protect this intellectual property, he replied: "I am a Bitcoin seller, I have a buy and sell office, and the idea is to protect Bitcoins, at least in Spain. That is why I am in favor of the brand and take responsibility for the fact that every new user can feel 100% safe working with me and away from the scams that use the word "Bitcoin".

It should be noted that the application relates to a logo containing the white letter 'B' in an orange circle that would be the official Bitcoin logo. "In the text, uppercase B refers to code, and lowercase b refers to crypto," he explained.


Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704 and since then had been trading inside of a narrow local zone located between the levels of $9,530 - $9,650. This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $9,530 as any violation of this level might accelerate the drop towards the level of $9,381. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


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