Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for August 05,.2020 - Watch for the potential breakout of the ascending triangle to confirm further upside continuation towards the level $12.000

As I discussed in the previous review, the BTC is very close for the upside breakout of the ascending triangle pattern in the background.

There is potential for test of $12,150



Further Development
Analyzing the current trading chart, I found that we got test of the major resistnace at $11,450 and that the upside breakout can confirm further upside movement towards the $12,150

Watch for the breakout of the ascending triangle to confirm further upside continuation


Key Levels:

Resistance: $11,500

Support level: $11,000




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

[IFX_Selena]

Technical Analysis of BTC/USD for 05 August 2020

Crypto Industry Outlook:
Among the uptrend in the cryptocurrency markets, Bitcoin's market capitalization has surpassed some large publicly traded companies such as Intel and Coca-Cola.

In the wake of the market boom in late July 2020, Bitcoin's market capitalization increased significantly, exceeding the $ 200 billion threshold. The market capitalization of the largest cryptocurrency is currently over $ 211 billion.

Consequently, Bitcoin is currently worth more than the stocks of the world's largest companies such as Intel and Coca-Cola in terms of market capitalization. On July 31, Intel and Coca-Cola shares hit market capitalization of $ 203 billion and $ 202 billion, respectively, according to Macro Trends.

Intel has experienced a significant drop in market share in recent days. After the company released disappointing third-quarter earnings forecasts on July 22, the company's market capitalization fell below $ 259bn and then lost as much as $ 45bn by July 24, Macro Trends said.

Faced with uncertainty caused by the coronavirus, the Coca-Cola beverage giant suffered a major sell-off earlier this year. In March 2020, Coca-Cola lost more than $ 90 billion in market capitalization in a month as a result of a global pandemic. The decline ultimately led to the largest decline in the company's quarterly revenue in at least 30 years. In contrast, Bitcoin has seen multiple gains this year of over $ 80 billion, or around 40%, in market capitalization from January 1, 2020.


Technical Market Outlook:
The BTC/USD market sentiment is clearly bullish, but currently, the price trades around the level of $11,000 in a narrow zone located between the levels of $10,895 - $11,317. Any violation of either of those levels will indicated a possible direction for the nearest future. The volatility is now subdued, but it might increase again once any important technical level is tested and broken. Please notice the neutral momentum that support the sideways view for the market for some time.

Weekly Pivot Points:
WR3 - $14,325
WR2 - $13,003
WR1 - $12,116

Weekly Pivot - $10,976
WS1 - $9,784
WS2 - $8,681
WS3 - $7,717


Trading Recommendations:
Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 05 August 2020

Crypto Industry Outlook:
Chinese tech giant Tencent has unveiled its plan to create a Blockchain-based wine traceability platform in partnership with Changyu, China's largest and oldest wine producer, local news reports.

According to Changyu, the platform is designed to track every step of the wine production and sale process, including planting, brewing, distribution and management. It issues a unique certificate, traceable to each wine bottle produced.

The entire process will be registered on the Blockchain network. The company's scannable QR codes for bottles would allow consumers to verify the authenticity of the wine. The QR code will also contain a whole set of data, such as plantation information, grape types, origin, rainfall, temperature information.

The Blockchain network is said to help distributors and retailers catch counterfeit bottles and identify bottles that have not passed quality control testing.


Technical Market Outlook:
The ETH/USD pair volatility has decreased as the pair had been seen trading in a narrow range located between the levels of $379.59 - $392.79. This is a good range for the intraday traders, so any level violation might indicate a possible direction for the future. For now the price is trading close to the recent ATH, around the level of $388 and the up trend is still being continued. The next target for bulls is seen at the level of $500. The key short-term support is seen at the level of $300. The momentum is still strong and positive, which supports the short-term bullish outlook.

Weekly Pivot Points:
WR3 - $532.98
WR2 - $470.84
WR1 - $423.16

Weekly Pivot - $365.99
WS1 - $312.04
WS2 - $255.55
WS3 - $208.47


Trading Recommendations:
Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.






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

[IFX_Selena]

BTC analysis for August 04,.2020 - Watch for the potential breakout of the contraction to confirm further direction



As I discussed in the previous review, the BTC is still in contraction and waiting for the breakout mode. The Bollinger bands started to contract and we got defined trading range between the $11,500 (resistance) and $10,900 (support)


Further Development

Analyzing the current trading chart, I found that there is potential for the range expansion to happen and the breakout.

Upside breakout of resistance woudl lead us to $12,140 and the downside breakout of support at $10,930 may lead so ut $9,800




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

[IFX_Selena]

Technical Analysis of ETH/USD for 04 August 2020

Crypto Industry Outlook:
Another YouTube channel dedicated to cryptocurrencies appears to have violated the platform's community rules.

According to a tweet posted from members of the cryptocurrency community and brothers Aaron and Austin Arnold, their Altcoin Daily channel with 214,000 subscribers was shut down by YouTube for "encouraging illegal activities."

"We are a news / opinion channel. We have never promoted anything illegal. The appeal was sent," they both said on Twitter.

The brothers reached out to Altcoin Daily's 27,700 Twitter followers, urging them to contact YouTube and request a reinstatement using hashtags.

After more than two days with the channel's content completely unavailable to subscribers, Altcoin Daily announced on August 3 that YouTube lifted the ban.

YouTube was aggressively removing videos with cryptocurrency-related content in December 2019 on channels with tens of thousands of subscribers or more, including Chris Dunn's videos, while the Crypto Beadles website was completely removed. YouTube called one of these deletions a "bug" during the review process.


Technical Market Outlook:
After the Flash Crash event, the ETH/USD pair has bounced towards the level of $400.74, but did not make a new ATH yet. For now the price is trading close to the recent ATH, around the level of $388 and the up trend is still being continued. The next target for bulls is seen at the level of $500. The key short-term support is seen at the level of $300. The momentum is still strong and positive, which supports the short-term bullish outlook.

Weekly Pivot Points:
WR3 - $532.98
WR2 - $470.84
WR1 - $423.16

Weekly Pivot - $365.99
WS1 - $312.04
WS2 - $255.55
WS3 - $208.47


Trading Recommendations:
Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 04 August 2020

Crypto Industry Outlook:
Americans are relinquishing the safety of the dollar in favor of more speculative assets like stocks, gold, and Bitcoin.

Due to the COVID-19 situation, the personal savings rate in the US is at a historically high level. The profitability offered by financial institutions on savings accounts, however, is close to zero. Meanwhile, assets such as Bitcoin, stocks and gold have posted double-digit gains since March. This makes them an attractive option for investors.

Financial journalists report a 28-year-old Californian who told a reporter that he intends to convert his $ 15,000 savings into a high-yield savings account at one of the commercial banks to Bitcoin. He says he is doing this as he expects a long-term economic stagnation. Of course, there are many more such people in the USA.

The reality is even worse. It's no secret that the dollar is depreciating rapidly against other major fiat currencies. In fact, July is the worst month for the dollar in a decade, according to the financial media.

With the next stage of tightening that seems inevitable and most countries still suffering from severe restrictions due to COVID-19, it is possible that this problem will only get worse. Americans may possibly have a more depreciating decree in the short term and may seek to turn their resources into more profitable assets. However, there is no such thing as a "free lunch". In the investment world, high return comes with high risk.


Technical Market Outlook:
The Flash Crash is now a history and the level of $12,035 is the new yearly ATH on BTC/USD pair. The market sentiment is clearly bullish. Currently, the market trades around the level of $11,000 in a narrow zone located between the levels of $10,895 - $11,317. Any violation of either of those levels will indicated a possible direction for the nearest future. Please notice the neutral momentum that support the sideways view for the market during the next 24 hours.

Weekly Pivot Points:
WR3 - $14,325
WR2 - $13,003
WR1 - $12,116

Weekly Pivot - $10,976
WS1 - $9,784
WS2 - $8,681
WS3 - $7,717


Trading Recommendations:
Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.






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

[IFX_Selena]

BTC analysis for August 03,.2020 - Symmetrical triangle in creation, watch for the breakout to confirm furher direction

Further Development


Analyzing the current trading chart on the 4H time-frame, I found that there is still symmetrical triangle chart formation in creation, which is sign that BTC is in period of contraction and that breakout should happen in next period.

Watch for the breakout to confirm further direction.

The key resistance is set at $11,400

Support is seen at the price of $10,900

Projected up target is set at $12,140

Projected down target is set at $9,800




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

[IFX_Selena]

Technical Analysis of ETH/USD for 03 August 2020

Crypto Industry Outlook:
On July 30, Twitter released a note revealing how hackers gained access to its internal network and account management tools during the recent attack.

It also gave details of the additional measures taken to improve security since the hack resulted in 12 Bitcoins being obtained by attacking the accounts of celebrities and crypto companies on the portal. The news confirms that Twitter was the victim of a social engineering attack, which led to voices that the hack may have been an internal act.

According to the report, the July 15 incident started with a spear-phishing attack to obtain network access credentials:

"Not all of the employees initially targeted were authorized to use the account management tools, but the attackers used their credentials to gain access to our internal systems and obtain information about our processes."

The attackers then used this knowledge to attack other employees who had access to the account maintenance tools.

Responding to reports where more than 1,000 employees had access to administrative tools, Twitter explained that it has employed people around the world helping with the accounts. However, access to the tools is strictly restricted and only granted for legitimate business reasons. Since the attack, Twitter has restricted access even further and will continue its ongoing education program on the dangers of phishing attacks.

During the hack, the attackers accessed 130 Twitter accounts, tweeted 45 of them, got into the message inbox of 36 users, and downloaded data from 7 Twitter accounts.


Technical Market Outlook:
The ETH/USD has fell to the level of $324.70 from the new swing high made at the level of $413.89. The reason for this drop was a Flash Crash event on BTC markets performed on various exchanges. After the Flash Crash, the market bounced towards the level of $384.88. For now the price is trading inside of a narrow horizontal range located between the levels of $355.24 - $384.88, but the up trend is still being continued. The next target for bulls is seen at the level of $500. The key short-term support is seen at the level of $300.

Weekly Pivot Points:
WR3 - $532.98
WR2 - $470.84
WR1 - $423.16

Weekly Pivot - $365.99
WS1 - $312.04
WS2 - $255.55
WS3 - $208.47


Trading Recommendations:
Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 03 August 2020

Crypto Industry Outlook:
On Sunday Bitcoin and Ethereum fell 12% and 20% respectively in about 6 minutes during Flash Crash. Over $ 1 billion in positions have been liquidated.

According to Bybt market data, over 72,422 traders have liquidated in the last 24 hours. The largest single $ 10 million liquidation occurred on BitMEX. As Bitcoin and Ether marked new heights, many of the top 20 altcoins saw impressive gains. XRP grew 19.7%, Stellar Lumens (XLM) grew 13.25% and Dogecoin (DOGE) 12.93%.

According to CoinMarketCap, the total cryptocurrency market capitalization currently stands at $ 338.3 billion. Bitcoin's domination index is 61.5%.


Technical Market Outlook:
The BTC/USD pair has dropped from $12,035 to $10,494 during the Flash Crash and then bounced to the level of $11,317. The level of $12.035 is the new yearly ATH, so the market sentiment is clearly bullish. Currently, the market trades around the level of $11,000 in a narrow zone located between the levels of $10,895 - $11,317. Any violation of either of those levels will indicated a possible direction for the nearest future. Please notice the neutral momentum that support the sideways view for the market during the next 24 hours.

Weekly Pivot Points:
WR3 - $14,325
WR2 - $13,003
WR1 - $12,116

Weekly Pivot - $10,976
WS1 - $9,784
WS2 - $8,681
WS3 - $7,717


Trading Recommendations:
Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 July 2020

Crypto Industry News:
Cellebrite has released a new cryptocurrency tracking tool that gives law enforcement and analysts the ability to track illegal crypto transactions. This tool was named "Cellebrite Crypto Tracer". The new offering is powered by CypherTrace and aims to track the illegal crypto world involved in money laundering, terrorism, drugs, human trafficking, arms sales, and ransomware programs.

The toolkit will be available to investigators, analysts, and non-technical agents ho wish to legally obtain evidence and track criminals who use cryptocurrencies like Bitcoin via the darknet. Citing data from an Oxford University study, Cellebrite said $ 76 billion worth of illegal activities also includes Bitcoin.

Cellebrite Crypto Tracer enables investigators to collect and select millions of open and private references, fraud and human intelligence data, resulting in a dataset of over 522 million points that can then be mapped.

Leeor Ben-Peretz, Cellebrite Strategy Director, states that Cellebrite Crypto Tracer is able to assign millions of data such as account type, account holder, contract types, contract owners and more. It can also indicate where the illegal funds went, whether to your wallet or the stock exchange.


Technical Market Outlook:
Since the ETH/USD pair had made a High-Tide Doji candlestick pattern at the top of the last wave up seen at $332.43 the price made temporary pull-back and started to consolidate after the bounce. The current horizontal range is narrow and it is located between the levels of $312.04 - $325.47. The bulls are still in control of the market and will try to continue the up trend soon. The next target is seen at the level of $355 and the nearest technical support is located at the level of $305.20 and $300.00. There is only 2 days until the month's end and the current monthly candle looks bullish.

Weekly Pivot Points:
WR3 - $435.28
WR2 - $378.51
WR1 - $351.41

Weekly Pivot - $292.40
WS1 - $265.43
WS2 - $206.30
WS3 - $178.38


Trading Recommendations:
The volatility on Ethereum is higher than usual, so all the dynamic moves up and down might reverse quickly. The larger time frame trend on Ethereum remains down and as long as the level of $365 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 key long-term technical support is seen at the level of $174.82.






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