Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 08 September 2020

Crypto Industry News:
Bitcoin's price has dropped back to below $ 10,000 on major exchanges today. This is the key level testing time. The three factors that likely contributed to the sharp decline in Bitcoin's value are miners, a strong dollar, and profitable whales.

When Bitcoin's price suddenly fell 5% to $ 9,975 on Binance, BitMEX liquidations fell below $ 40 million. Typically, a sharp price movement cancels futures contracts worth over $ 100 million. Futures data suggest that the selling pressure came from the spot market. While this is possible, retail investors are unlikely to start losing aggressively above $ 10,500. The whales are more likely to cash in a profit at the $ 10,500 site that in the past served as a long-standing resistance level for Bitcoin, though the sell-off began since Bitcoin reached $ 12,000.

The gradual sell-off of BTC by miners since mid-August may have exerted significant selling pressure on Bitcoin, which is probably the second reason for the decline. However, vice president of Poolin Alejandro De La Torre stressed that keeping track of miners' inflows is difficult.

And the third reason - the US dollar. A common theme of the last two weeks - after Bitcoin consolidation - has been the strengthening of the dollar. It started to show signs of a rebound after four months of decline, while the euro started to decline. As both Bitcoin and gold are priced primarily in US dollars, and many BTC traders are based in the US, the rising dollar has contributed to a weakening of the BTC pace.


Technical Market Outlook:
The BTC/USD pair has made a new local low at the level of $9,854 and bounced yet back again towards the level of $10,343. The market keeps hovering around the level of $10,000 again as this is very important psychological level for market participants. The nearest technical resistance is seen at the level of $10,248, $10 343 and $10,430 and the nearest technical support is seen at the level of $9,704. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:
WR3 - $13,397
WR2 - $12,625
WR1 - $11,243

Weekly Pivot - $10,566
WS1 - $9,071
WS2 - $8,375
WS3 - $6,978


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463 and $10,000.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 08 September 2020

Crypto Industry News:
With online payments company Wirecard going through bankruptcy this month, major financial services such as VISA, PayPal and Mastercard are in a rush to fill the digital payment void and be among the first to offer cryptographic cards payments, experts in the crypto industry have found.

During a media interview, Jerry Chan, CEO of blockchain service provider TAAL, and Rod Hsu, president and co-founder of the Coincurve virtual currency platform, agreed that competition may be just what the industry needs to change the way digital currencies are used as a method payments.

But Chan goes beyond the need for universal cryptocurrency awareness and points out that blockchain can make payment services even more efficient:

"The payment technology is already quite efficient. (...) Credit cards prevent fraud, and this insurance cost is borne by merchants and their banks. Blockchain platforms that are transparent, immutable, and do not support coin mixing or concealment technologies such as Bitcoin SV, can largely eliminate fraud, thus reducing costs for sellers. "

Hsu of CoinCurve also added that the current payment ecosystem has different roles in this process. This includes clearing houses, banks or intermediaries of payment service providers and increases fees and the efficiency of settlement.


Technical Market Outlook:
After the ETH/USD pair has been capped at the level of $355.24, the bears took control of the market and push it down again. Since then the market is locked in a narrow trading range located between the levels of $316.21 - $362.60 as it awaits the breakout in either direction. The nearest technical resistance is seen at the level of $362.60, $369.37 and $375.62. The nearest technical support is seen at the level of $305.20. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:
WR3 - $614.65
WR2 - $551.18
WR1 - $435.26

Weekly Pivot - $373.02
WS1 - $258.25
WS2 - $194.29
WS3 - $78.24


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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

[IFX_Selena]

BTC analysis for September 07,.2020 - Sellers in control and there is potential for bigger drop towards the $8.230

As I discussed in the previous review, the BTC is in creation of the second down leg in my opinion and our second target at the price of $9,921 has been met.

Further Development


I still see further downside on the BTC with potetnial for test of third and fourth targets at $8,975 and $8.228

I didn't find any reversal pattern yet and the short-term target shifted from bullish to bearish.

The 1H and 4H time-frame combination is serving good for selling on the rallies and from the middle Bollinger band.


Key Levels:

Resistance: $10,800

Support levels: $8,975 and $8.228





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

[IFX_Selena]

Technical Analysis of ETH/USD for 07 September 2020

Crypto Industry News:
The Australian Government Senate Special Committee on Financial Technology and Regulatory Technologies published a report on the project citing blockchain technology more than 50 times.

The report responds to Australia's first recession in 30 years as a result of COVID-19, which was confirmed by negative growth in the June quarter announced on September 2.

The document contains numerous recommendations on how a nation can adopt technology and become globally competitive, as told by Senator Andrew Bragg, chairman of the committee. He also added:

"I hope this periodic report can be seen as a series of successes (...) Most fintech and regtech projects will be built primarily on blockchain technology or will benefit heavily in the next 10 years."

Power Ledger co-founder and executive chairman Dr. Jemma Green said the ICO raised more than $ 26 billion, but Australia captured less than one percent of that value. By introducing new tax laws, she explained, the country could seize the opportunity to capture "a bigger piece of the 26 billion dollar cake", which would employ tens of thousands of people.


Technical Market Outlook:
The ETH/USD pair has bounced slightly from the level of $309.73, which was the low made during the last wave down from $487.70. The market has been capped at the level of $355.24 and is turning down again. The nearest technical resistance is seen at the level of $362.60, $369.37 and $375.62. The nearest technical support is seen at the level of $305.20. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:
WR3 - $614.65
WR2 - $551.18
WR1 - $435.26

Weekly Pivot - $373.02
WS1 - $258.25
WS2 - $194.29
WS3 - $78.24


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 07 September 2020

Crypto Industry News:
British multinational security company BAE Systems and the Society for Worldwide Interbank Financial Telecommunication, have published a report revealing how cybercriminals launder cryptocurrencies.

Cryptocurrency laundering is still relatively small compared to the massive amounts of money laundered by traditional methods such as bank transfers, according to a Follow the Money study.

But there are a few notable examples and the report delves into the money laundering methods employed by the Lazarus Group, a well-known hacking gang sponsored by the North Korean regime.

Lazarus typically steals cryptocurrencies from an exchange and then starts relaying transactions through various exchanges using what is called a "tiered technique."

Hackers hire East Asian helpers who receive some of the stolen funds to help with their laundry. These facilitators are transferring cryptocurrencies to multiple addresses they own to "obscure the origins of the funds," the study found.

Facilitators transfer some of the funds received via newly added bank accounts that are linked to their stock exchange account - this allows you to convert the cryptocurrency into a fiat currency. Other stolen funds can be transferred in Bitcoin to prepaid gift cards that can be used on other exchanges to purchase additional Bitcoins.


Technical Market Outlook:
The BTC/USD pair has bounced slightly from the level of $9,865 which was the low made during the last wave down from $12,004. The market is hovering around the level of $10,000 again as this is very important psychological level for market participants. The nearest technical resistance is seen at the level of $10,248, $10 343 and $10,430 and the nearest technical support is seen at the level of $9,704. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:
WR3 - $13,397
WR2 - $12,625
WR1 - $11,243

Weekly Pivot - $10,566
WS1 - $9,071
WS2 - $8,375
WS3 - $6,978


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463 and $10,000.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 04 September 2020

Crypto Industry News:
Blockchain for Europe, the main European association advocating sustainable blockchain regulation, has welcomed the world's largest cryptocurrency exchange by daily trading volume, Binance. Entering the group, the exchange follows major industry companies such as Ripple, developer EOS Block.one, Fetch.ai, and Blockseed Ventures. In addition to welcoming a new member of the association, Blockchain for Europe has appointed the head of Binance UK operations, Teana Baker-Taylor, as its new CEO.

Founded in late 2018, Blockchain for Europe is a major blockchain association in Europe with the goal of promoting education and proactive blockchain regulation across the continent. Initially, the association consisted of four member companies, including Ripple, the NEM Foundation, Fetch.AI, a smart ledger development company, and a Cardano-related start-up, Emurgo.

According to the latest announcements from Blockchain for Europe, the association is currently focusing on responding to the European Union's action plan to combat money laundering, public consultation and the Services Digital Act on smart contracts. The group is also participating in the ongoing discussions on the proposed EU market framework for crypto asset consultation conducted in December 2019.


Technical Market Outlook:
The BTC/USD pair has hit the level of $10,000 during the dynamic sell-off again ( the low was made at the level of $9,931) and keeps hovering around this level. The immediate bounce was rather shallow as the price was capped at the level of $10,248, which is a local technical resistance. The other intraday important levels are $10,343 and $10,430. Please notice, the momentum indicator is very weak and negative, so are the market conditions and this situation favors some kind of rebound.

Weekly Pivot Points:
WR3 - $12,658
WR2 - $12,221
WR1 - $11,935

Weekly Pivot - $11,435
WS1 - $11,232
WS2 - $10,778
WS3 - $10,510


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 04 September 2020

Crypto Industry News:
Swiss Zug, nicknamed "Crypto Valley" for its positive outlook on cryptocurrencies, will start allowing citizens to pay taxes using Bitcoin and Ethereum from next year. According to the media, tax settlement with cryptocurrency will be available to both companies and individuals up to the amount of CHF 100,000, i.e. over $ 109,600.

About 127,000 people live in the region, and they previously took steps to accept Bitcoin payments for selected government services. A new, much wider move to accept taxes on cryptocurrencies has been made possible by a partnership between the canton and the Zug-based crypto broker Bitcoin Suisse AG.

Bitcoin Suisse previously worked with the Swiss authorities in Zermatt to allow taxpayers in the region to use Bitcoin as a means of payment.

Bitcoin Suisse founder Niklas Nikolajsen told reporters that "there is almost nothing controversial in Bitcoin trading anymore. This is totally mainstream. "In his opinion, the strong increase in Bitcoin's value during the coronavirus pandemic is likely to strengthen the arguments for the resilience and longevity of the currency in a rapidly changing economic landscape.

The Swiss federal government recently rejected a request for 100 million francs from the Canton of Zug to help keep local crypto companies afloat.


Technical Market Outlook:
The ETH/USD pair has dropped to the level of $370.87 and this level is a part of the demand zone located between the levels of $362.80 - $375.62. The momentum is weak and negative, so the drop might extend even lower. The strong mid-term bearish signal would be a clear violation of the level of $362.80 and a sell-off continuation towards the level of $288,85. For now, the key intraday technical resistance is seen at the level of $407.03 and the technical support is still seen at the level of $362.80.

Weekly Pivot Points:
WR3 - $507.05
WR2 - $468.00
WR1 - $450.50

Weekly Pivot - $409.09
WS1 - $391.88
WS2 - $350.52
WS3 - $335.87


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.






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

[IFX_Selena]

BTC analysis for September 03,.2020 - BTC is in cretion of the C leg and I see potential drop towards the $10.650

Further Development



Analyzing the current trading chart BTC I found that my yesterday's idea is stil active and I expect further downside movement towards the levels at

$10,650

$9,900


In my opinion, the BTC is in creation of C leg to complete major ABC correction. Most recently I found that BTC is in consolidation but I see it like confrontational for the downside.


Key Levels:

Resistance: 1,1825

Support levels: 1,1760-1,1705




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

[IFX_Selena]

Technical Analysis of ETH/USD for 03 September 2020

Crypto Industry News:
Sygum, Switzerland's major cryptocurrency bank, is gearing up to finally launch digital asset trading after receiving regulatory approval. Yesterday, Sygum announced that it had received approval from the financial market regulator, which allowed the company to extend its services to a digital asset trading platform. This approval enables the Signatory to "cover the full life cycle of collateral", from services such as primary issuance, settlement and custody to secondary trading. As part of the new Signum capabilities, users now have access to instant settlement via digital Swiss franc (DCHF) issued by Signum.

Following news of regulatory approval, Sygum has also revealed its plans to establish two new entities in Switzerland. The new units will focus on promoting the knowledge of the Signum blockchain technology as well as introducing new products and services developed by the regulated branch of Sygum in Singapore.

Zurich-based Signum claimed to be the first Swiss company to become a cryptocurrency bank. The bank is aggressively developing its services, where, after obtaining a Swiss banking license in August 2019, Sygum was also licensed by the Monetary Authority of Singapore the following month.

In addition to providing care for digital assets such as Bitcoin, Sygum is also known to be the first issuer of the digital franc. In late August, Switzerland's largest online retailer, Galaxus, implemented the DCHF Signature stablecoin in its e-commerce payment process.


Technical Market Outlook:
The ETH/USD pair has dropped more than 50% from the last high seen at the level of $487.70 and made a new local low at the level of $418.32. This low is below the 50% Fibonacci retracement of the last wave up, which is located at the level of $428.68. The next target for bears is seen at the level of $414.72, which is a 61% Fibonacci retracement of the last wave up. Any violation of this level will be a first indication the short-term top might be in already. The key technical support remains at the level of $362.60.

Weekly Pivot Points:
WR3 - $507.05
WR2 - $468.00
WR1 - $450.50

Weekly Pivot - $409.09
WS1 - $391.88
WS2 - $350.52
WS3 - $335.87


Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 03 September 2020

Crypto Industry News:
The Vienna stock exchange, or Wiener Borse, has only become the third "official regulated stock exchange" in the world to list a product in the form of Bitcoin.

Thomas Rainer, head of the exchange's development, emphasized that listing allows "seasoned local investors" access to the benefits that the exchange can offer cryptocurrency traders, including "monitored, regulated and transparent real-time information trading and secure settlement through its permanent traders." brokers ".

21Shares CEO Hany Rashwan emphasized that the Wiener Borse quotation means Bitcoin ETP is now available for all three "DACH" countries, namely Germany, Austria and Switzerland:

"We are pleased to announce that Bitcoin is now available everywhere for both retail and institutional investors throughout the DACH region. Except for the DACH region, no other jurisdiction in the world provides such comprehensive and broad access to Bitcoin."

In July, 21Shares's Ethereum and Bitcoin ETP were also admitted to listing on the Deutsche Boerse XETRA reference market, where over 90% of German equities and around 30% of European ETFs are traded. In less than two years of operation, 21Shares has acquired over $ 100 million in assets under its management.

Another impetus for the institutional adoption of cryptocurrency is the Singapore Exchange (SGX), which announced that, in collaboration with the British crypto data company CryptoCompare, it will provide price indices for Bitcoin and Ethereum.


Technical Market Outlook:
The BTC/USD pair had reversed from technical resistance seen at the level of $12,004 and is currently approaching the key short-term demand zone located between the levels of $11,062 - $11,220. Any violation of this zone will be a bearish signal in the near term for Bitcoin. On the other hand, the key supply zone is still located between the levels of $12,269 - $12,429 and only a clear breakout through this zone will be seen at an end of the corrective cycle. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $12,658
WR2 - $12,221
WR1 - $11,935

Weekly Pivot - $11,435
WS1 - $11,232
WS2 - $10,778
WS3 - $10,510


Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.






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