Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 21 September 2020

Crypto Industry News:
Daily transactions on the Ethereum blockchain have just hit a new all-time record. On September 17, the number of daily transactions on the Ethereum network was 1,406,000, according to data from Ethereum's main browser, Etherscan. This is the highest number of daily transactions ever recorded on the Ethereum network.

According to Etherscan, the previous all-time record was on January 4, 2018, reaching around 1,350,000 transactions during the day.

A new historic peak in Ethereum's daily transactions comes amid the ongoing boom in decentralized finance. The DeFi industry grew at a rapid pace in 2020, with the total value locked in the market reaching $ 9 billion in August 2020. Amid the apparent hype of DeFi, many of the world's major exchanges such as Binance and OKEx were in a rush to replace DeFi tokens.

As most DeFi applications to date are built on the Ethereum network, the exponential growth in the DeFi industry has created significant levels of congestion as well as scalability issues. As a result, Ethereum's network commissions or gas fees soared, resulting in Ethereum miners earning a record $ 500,000 in fees in one hour on September 1. After Uniswap launched the UNI token, Ethereum's transaction fees rose to nearly $ 1 million per hour today.


Technical Market Outlook:
The ETH/USD pair has fallen out of the ascending channel and made a fresh new low at the level of $371.34. The level of $375.52 will now act as a technical resistance for the price and the level of $362.60 will be a technical support. The momentum has decreased as well and now is negative and weak according to the RSI indicator. This kind of price action might be the beginning of a deeper pull-back, but the weekly trend remains up.

Weekly Pivot Points:
WR3 - $426.36
WR2 - $409.08
WR1 - $387.32

Weekly Pivot - $370.45
WS1 - $348.67
WS2 - $331.18
WS3 - $309.49


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 21 September 2020

Crypto Industry News:
Renowned entrepreneur and author Jeff Booth has backed Bitcoin as a "must" investment at a time when central banks are exacerbating the escalation of the debt problem. Comments appeared on Twitter in a thread discussing the notion that central banks believe they can somehow avoid the massive debt problem by increasing their debt exponentially.

Jeff Booth, author of The Price of Tomorrow, pointed out that even before the COVID-19 pandemic added fuel to the fire, global debt was $ 250 trillion in a global economy worth around $ 88 trillion, of which $ 185 trillion was added to the fire over the past 20 years. According to statistics, the United States ranks first on the list of public debt with over 10% of global total debt and a steadily growing amount of $ 26.7 trillion.

Booth thinks the only two options left are grim. The first is the government default on global debt as a result of a deflationary depression, which would mean a collapse of the banking system, or the default as a result of hyperinflation, which seems to begin with mass printing of money:

"In my humble opinion, Bitcoin is a must. Not only for its wealth, but also as a lifeboat."

Booth's publication is a sharp warning of two dangerous economic trends that he believes are largely ignored. He argues that technology and price deflation will result in persistent and widespread unemployment, while the world economy is supported by an unstable mountain of debt. With that in mind, Bitcoin may be one of the few remaining lifeboats available.


Technical Market Outlook:
The BTC/USD pair has been trading inside of the ascending channel for all the weekend and is still hovering around the level of $10,940 which is a local technical resistance for a price. The upside momentum has clearly decreased ahead of the supply zone and if the bearish pressure intensify, the market might make a correction towards the level of $10,703 (intraday support) or $10,586 (technical support). The weekly trend remains up.

Weekly Pivot Points:
WR3 - $12,186
WR2 - $11,616
WR1 - $11,271

Weekly Pivot - $10,739
WS1 - $10,293
WS2 - $9,807
WS3 - $9,393


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 corrections 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 $10,000.






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

[IFX_Selena]

Technical Analysis of BTC/USD for 18 September 2020

Crypto Industry News:
In 2020, there was a sharp increase in the number of ATMs that handle digital coins. As of today, the total number of Bitcoin ATMs has surpassed 10,000 worldwide.

According to Norwegian financial services company AksjeBloggen, the number of Bitcoin ATMs (BTMs) increased by 87% last year from 5,336 registered in September 2019. In 2020 alone, almost 3,900 new ATMs were added. Monitoring the CoinATMRadar asset shows that there are currently 10,014 ATMs in 71 countries that allow users to buy and sell Bitcoin and altcoins for cash.

Today, the United States leads the world market with a significant lead, with over 7,800 BTM. Canada ranks second with 869 machines. Depending on the device, crypto holders can buy and withdraw, among others Bitcoin, Ethereum, XRP and others.

However, adoption is not growing everywhere. CoinATMRadar data shows that Austria was one of the few countries with negative installation growth since 2019. The country currently has 149 BTMs, up from 244 in September 2019. This decrease may be related to the regulatory atmosphere, namely the new regulations in neighboring Germany, which only has 27 BTMs. Machine owners are now required to obtain a license from the national financial regulator, BaFin, to operate. German companies can be held liable for unlicensed Bitcoin ATMs on their premises, regardless of who owns them.


Technical Market Outlook:
The BTC/USD pair has reversed back to the channel after the quick breakout and rally to the level of $11,039. The momentum behind the move up was visible lower than usual momentum, so not so many bulls participated in the breakout. The zone located between the levels of $11,062 - $11,222 is still seen as the supply zone and if there is no breakout higher above this zone in the coming days, then the market might be moving sideways for some time and event reverse lower again. The nearest technical resistance is seen at the level of $10,890 and $10,940 and the key short-term technical support is seen at the level of $9,922. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $11,302
WR2 - $10,908
WR1 - $10,609

Weekly Pivot - $10,206
WS1 - $9,887
WS2 - $9,466
WS3 - $9,157


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 corrections 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 $10,000.

Attachment 3436



Attachment 3437
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

Technical Analysis of ETH/USD for 18 September 2020

Crypto Industry News:
The US Department of Justice announced sanctions against two Russians and the arrest of two Malaysians for separate seven-figure crypto frauds.

On September 16, the United States Department of Justice, the United States Department of Homeland Security, and the Office of Foreign Assets Control of the Department of the Treasury announced that they had imposed sanctions on two Russian citizens who used a sophisticated phishing campaign to steal at least $ 16.8 million from customers of three crypto exchanges in 2017 and 2018 years, including two in the United States.

Danil Potekhin and Dmitrii Karasavidi have created many websites pretending to be legitimate cryptocurrency exchanges to steal login credentials from unsuspecting victims. This happened before they used verified accounts with stolen identities to move crypto assets through various brokers and run pumping and dump programs targeting low-cap altcoins.

On the same day, the US Department of Justice announced that two hackers had been arrested in Malaysia in connection with hacking campaigns targeting more than 100 companies, universities, governments, and non-profit organizations around the world.

The fraudsters mentioned in the article face a sentence of up to 77 years in prison. Five Chinese citizens are still at large, including one who claims to have ties to the Chinese Ministry of State Security. The group penetrated computer infrastructure to steal source code and other proprietary business information, customer account data, and to launch ransomware and cryptojacking programs.


Technical Market Outlook:
After the ETH/USD pair had bounced from the lower channel line around the level of $355.24 the market slowly moved up and hit the local high at the level of $389.90. The bulls are testing the level of $389.90 and if this level is violated, the next target for bulls is seen at the level of $407.03 (technical resistance). The key technical support is seen at the level of $332.28 (outside of the channel). The key demand zone is seen between the levels of $305.20 - $321.95 and if violated, then the next key long term support is seen at the level of $288.

Weekly Pivot Points:
WR3 - $460.14
WR2 - $422.13
WR1 - $395.03

Weekly Pivot - $357.60
WS1 - $326.67
WS2 - $291.16
WS3 - $261.17


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 17,.2020 - Rejection fo key pivot level at $11.000 and potential for further drop towards $9.855

Further Development



Analyzing the current trading chart of BTC, I found tthat there was the rejection of the key pivot level at $11,000 that I mentonied yesterday, which is very good sign for the further downside continuation.


Key Levels:

Resistance: $11,000

Support levels: $9,855 and $8,921




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

[IFX_Selena]

Technical Analysis of ETH/USD for 17 September 2020

Crypto Industry News:
The Bahamas are aiming to become the first country in the world to introduce a nationwide state-supported virtual currency, while announcing that it will happen in October this year. The deputy head of eSolutions at the Central Bank of the Bahamas, Chaozhen Chen, told the media that the digital currency, dubbed "Sand Dollars", aims to increase the financial integration of remote islands in the archipelago.

Many of the inhabitants of these more remote islands do not have access to digital payment infrastructure or banking infrastructure. Really, we had to adapt efforts and solutions in this area, which we need as a sovereign nation.

Sand dollar transfers are made by mobile, and as of 2017, around 90% of the Bahamas population uses mobile phones.

Chen noted that the central bank's digital currency, or CBDC, would be subject to the same rules as the Bahamian dollar, with anti-money laundering protection and other "Know Your Customer" safeguards that apply to account creation to use virtual currency.

The Central Bank of the Bahamas first announced its intention to pilot a CBDC in June 2018, noting that many of the smaller islands experienced "a reduction in the size of commercial banks and their withdrawal from their communities, leaving them without banking services."


Technical Market Outlook:
The ETH/USD pair has bounced from the lower channel line around the level of $355.24. Currently, the market is slowly moving up and the local high was made at the level of $384.90. Due to the fact, that the last move inside the channel is corrective in nature, more weakness is expected in ETH/USD pair. The key technical support is seen at the level of $332.28 (outside of the channel). The key demand zone is seen between the levels of $305.20 - $321.95 and if violated, then the next key long term support is seen at the level of $288. On the other hand, the next target for bulls is seen at the level of $389.90 (swing high) and $407.03 (technical resistance).

Weekly Pivot Points:
WR3 - $460.14
WR2 - $422.13
WR1 - $395.03

Weekly Pivot - $357.60
WS1 - $326.67
WS2 - $291.16
WS3 - $261.17


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 17 September 2020

Crypto Industry News:
Robert Kiyosaki calls the United States "bankrupt" because the country's public debt is $ 27 trillion, while listing Bitcoin as one of the top three long-term investments. The author of "Rich Dad Poor Dad" also predicts that when the world finds an effective vaccine against the coronavirus, Bitcoin will collapse.

In a tweet yesterday, Kiyosaki warned that the functional solution for Covid-19 would destroy the so-called Safe assets. Continuing, Kiyosaki argued that the virus masks "real" problems, particularly in the US economy. The country, with $ 26.7 trillion in debt according to the US National Debt Clock's monitoring resources, most of which came from stimulus measures since the Covid-19 hit, is now "bankrupt."

The argument for long-term investment in Bitcoin has become increasingly public since the asset market crash in March. Despite its current strength, the US dollar is widely viewed as in a downturn that will only worsen thanks to the Federal Reserve's policies also purported to counter the effects of the coronavirus.

The weakness of the US dollar index has pushed Bitcoin and gold up in recent months, highlighting the inverse correlation that remains the main factor for investors to consider.


Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $11,043 recently, but the rally was capped at this level. The zone located between the levels of $11,062 - $11,222 is the supply zone. If there is no breakout higher above this zone in the coming days, then the market might be moving sideways for some time and event reverse again. The nearest technical resistance is seen at the level of $10,890 and $10,940 and the key short-term technical support is seen at the level of $9,922. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $11,302
WR2 - $10,908
WR1 - $10,609

Weekly Pivot - $10,206
WS1 - $9,887
WS2 - $9,466
WS3 - $9,157


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 corrections 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 $10,000.






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

[IFX_Selena]

BTC analysis for September 16,.2020 - Watch for selling opportunities due to lack of buyers and strong resistance

Further Development



Analyzing the current trading chart of BTC, I found that there is potential for the downside movement again towards the $9,700.

Key pivot resistance is set at the price of $11,150. I would watch for selling opportunities on the rallies with the downside target at $9,710

Additionally, there is divergence on the Stochastic oscillator, which is good sign that buyers are losing power.


Key Levels:

Resistance: $11,150

Support levels: $9,710





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

[IFX_Selena]

Technical Analysis of BTC/USD for 16 September 2020

Crypto Industry News:
According to Chainalysis, bitcoins are sent to exchanges, but they don't find a place in their order books. This would mean that market participants send their cryptocurrency to exchanges to sell it, but are not yet blocking it on orders. Instead, they wait for the price to rise.

Trading intensity analyzes two variants of stock market data. It is about the number of BTC in the order books of the exchange in relation to the number of coins sent to the exchanges. A high value for trade intensity would mean that many BTC orders are placed on exchanges for a small amount of bitcoins sent to exchanges, while a low value for trade intensity would indicate otherwise. At the time of writing this publication, the median BTC trading intensity was 2.13. This is the lowest level in a year.

Chainalysis data also suggests that the BTC value sent to exchanges is quite high at the moment. According to Chainalysis data, there has been a change of 26.36 BTC in bitcoin held on exchanges, which is not only positive but above the 180-day average. Hence, from the point of view of trading intensity, this makes the number of BTC in exchange order books low or relatively lower than the increase in the number of bitcoins stored on exchanges.

Looking at it in the context of a price scenario can reveal where market participants expect the next price increase. Since a large number of bitcoins are traded on exchanges but have not yet been sold or placed to place an order, the breeder and trader expect the price to rise. When the price rises as there are more inflows to the exchanges than the payouts, a selling frenzy would ensue.

Market Participants therefore seem to be waiting for prices to rise to their preferred level in order to start their sell orders and cash in their profits. However, this may prove to be a problem when prices rise significantly.


Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $10,883 recently, but it does not look like the bulls want to continue the rally as the momentum had decreased significantly. If there is no breakout higher in the coming days, then the market might be moving sideways for some time and event reverse again. The nearest technical resistance is seen at the level of $10,890 and $10,940 and the key short-term technical support is seen at the level of $9,922. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $11,302
WR2 - $10,908
WR1 - $10,609

Weekly Pivot - $10,206
WS1 - $9,887
WS2 - $9,466
WS3 - $9,157


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 corrections 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 $10,000.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 16 September 2020

Crypto Industry News:
The Swiss arm of Russia's largest bank is researching the blockchain-based trade finance process.

Sberbank Switzerland AG, a subsidiary of Russia's largest bank, Sberbank, has just signed an agreement with the Swiss trade finance platform Komgo. The cooperation between the two entities is to involve the use of a trade financing service based on blockchain technology.

Sberbank Switzerland AG told the media that the collaboration with Komgo was about "the increasing digitization of trade finance".

Evgeny Kravchenko, head of trade finance at Sberbank, emphasized that trade finance is a strategic activity of Sberbank Switzerland AG. According to the director, Russia and the Commonwealth of Independent States are the company's key markets. He added that Sberbank Switzerland AG also handles trade flows worldwide.

"In recent years, the digitization of trade finance has accelerated rapidly, in line with the needs of market players" - said Kravchenko, adding that trade financing by Komgo will further increase the effectiveness of Sberbank's operations.

It is worth recalling that Komgo is an innovative startup dealing with trade finance, which is developing a platform for financing trade in goods based on the Ethereum blockchain. One of its goals is to accelerate trade finance transactions as well as allowing interested parties to track the transaction.


Technical Market Outlook:
The ETH/USD pair has been testing the lower channel line around the level of $355.24 after the price had made a Bearish Engulfing candlestick pattern at the level of $389.91 and reversed lower. Currently, the market is consolidating in a narrow zone between the levels of $355.24 - $369.37 and due to the fact, that the last move inside the channel is corrective in nature, more weakness is expected in ETH/USD pair. The next technical support is seen at the level of $332.28 (outside of the channel). The key demand zone is seen between the levels of $305.20 - $321.95 and if violated, then the next key long term support is seen at the level of $288.

Weekly Pivot Points:
WR3 - $460.14
WR2 - $422.13
WR1 - $395.03

Weekly Pivot - $357.60
WS1 - $326.67
WS2 - $291.16
WS3 - $261.17


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