Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for September 24,.2020 - Bear flag in creation on the hourly time-frame. Potential for drop towards the level of $9.850

Further Development


Analyzing the current trading chart of BTC, I still see potential for the new downside leg towards the levels at $10,140 and $9,854.

Based on the hourly time-frame, I found that there is the bear flag pattern in creation.

Watch for selling opportunities on the rallies with take profits at $10,140 and $9,855

Stochastic oscillator is looking overbought, which is another sign for the potential downside rotation....


Key Levels:

Resistance: $10,500

Support level: 10,140 and $9,855




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

[IFX_Selena]

Technical Analysis of ETH/USD for 24 September 2020

Crypto Industry News:
Catherine Coley, CEO of the US cryptocurrency exchange Binance, says the adoption of cryptocurrencies may be one of the only ways for companies to be "pandemic-proof" in the future.

In an online interview, Coley said cryptocurrencies may offer "uses beyond speculation" where investors can engage in e-commerce transactions, run new businesses, and other real-world uses such as mortgages:

"If you build a business in the next five years and don't treat digital assets as an ingredient, you are unconsciously stepping in. It's a pandemic-proof case."

The president continued that in the future, companies should draw inspiration from cryptocurrencies, which made talking about money more accessible to the average person, but also more accessible to professionals dealing with traditional finance.

"It's an industry that reaches a much different audience than finance. (...) there are so many benefits to it that people don't appreciate."

Coley has been CEO of Binance.US since 2019. Last month, the stock market announced that it had overcome regulatory hurdles to expand into Florida, Alabama and Georgia.


Technical Market Outlook:
The ETH/USD pair has broken out from a Triangle pattern as anticipated and hit the technical support located at the level of $321.95. The zone located between the levels of $321.95 - $305.20 is the key mid-term demand zone, so traders should expect some price reaction from this area. The key short-term technical resistance is seen at the level of $332.38 and $355.24.

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 24 September 2020

Crypto Industry News:
Speaking at an online meeting of the Franco-German Parliamentary Assembly, Lagarde said the bank was analyzing the "benefits, risks and operational challenges" of the European Central Bank's Digital Currency (CBDC), but that fiat currency is likely to continue to play a role in this digital future:

"The digital euro could be a complement to, not a substitute for cash. This could be an alternative to private digital currencies and ensure that sovereign money remains at the center of European payment systems."

On September 10, the ECB president said the Eurosystem had yet to decide whether to introduce the digital euro, but said a task force set up to investigate the potential impact of CBDC on Europe would be announced "in the coming weeks".

Lagarde has long supported the central bank in developing the digital euro to meet the steps towards digitization. In September last year, when she was the head of the International Monetary Fund, the ECB president announced that she would focus on ensuring that the EU institutions adapt to the changing financial environment through openness to cryptocurrencies.


Technical Market Outlook:
The BTC/USD pair has made another lower low at the level of $10,092 and the bounce was very short-lived. The nearest technical resistance is seen at the level of $10,343. The upside momentum had clearly decreased and if the bearish pressure intensify, the market might extend a correction towards the level of $10,000 (intraday support, psychological level) or $9,863 (lower 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]

BTC analysis for September 23,.2020 - Broken bear flag pattern and potential for the drop towards the $9.875

Further Development


Analyzing the current trading chart of BTC, I found that there is still more potential for the downside and potential test of $9,873. Two days ago we got the breakout of the bear flag, which is the good cause for the further drop.

Watch for selling opportunities on the rallies with the targets at $9,873 and $9,045.

Stochastic got the fresh flip to the downside, which is another confirmation for the downside.


Key Levels:

Resistance: $11,000

Support levels $9,873 and $9,042




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

[IFX_Selena]

Technical Analysis of BTC/USD for 23 September 2020

Crypto Industry News:
According to reports, the EU intends to introduce new regulations by 2024, thanks to which cross-border payments will be faster and cheaper thanks to the use of blockchain technology and cryptocurrencies. Moreover, he hopes that they can increase the potential value in this sector by EUR 27-55 billion.

The EU will present a bill clarifying how the existing rules apply to cryptocurrencies and, in addition, laying down new rules in case of gaps, Reuters reports.

The Union also wants to facilitate the exchange of data in the financial sector to encourage competition and a wider range of services, while respecting the principle of "same risk, same rules, same rules".

Brussels also plans to introduce new rules that will enable new clients to quickly start using financial services after the anti-money laundering and identity checks are over.

Meanwhile, a separate report by the European Parliamentary Research Service concluded that a number of legislative proposals could strengthen the digital operational resilience of EU financial sector actors, including their ICT security, by streamlining and updating existing rules and introducing requirements.

"The potential added value in this sector would increase by EUR 55 billion compared to the baseline scenario. A more cautious scenario points to a lower limit for the estimate of the value added increase of EUR 27 billion," the EPRS report reads.


Technical Market Outlook:
The BTC/USD pair has reversed the local bounce at the level of $10,536 after the Doji candlestick pattern was made at the H4 time frame chart. The intraday support is seen at the levels of $10,343 and $10,248. The upside momentum had clearly decreased and if the bearish pressure intensify, the market might extend a correction towards the level of $10,000 (intraday support, psychological level) or $9,863 (lower 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 ETH/USD for 23 September 2020

Crypto Industry News:
The People's Bank of China places great emphasis on the geopolitical importance of the development of the central bank's digital currency in this country.

An article published in the media this weekend said Beijing should "accelerate [CBDC development] to take the lead" in the global race to issue digital currencies. In addition, it was argued that China should seize the advantage of becoming the first player in the digital currency arena it describes as the "new battleground" of interstate competition. At stake would be significant changes in the geopolitical status quo in international finance, and a chance to break the dollar's hegemony and internationalize the yuan.

In addition, feedback from the digital currency data issued by the PBoC would be beneficial for domestic monetary policy, which is all the more important in the post-pandemic situation. The article indicates that by the end of April 2020, the PBoC research unit filed 130 patent applications related to cryptocurrencies, which cover a range of issuing, circulation and implementation.

The central bank's research unit was first established in 2015, and the project moved forward in 2020. Digital wallet testing for currency is ongoing under the responsibility of Chinese state-owned commercial banks.

In August, Beijing announced the trial launch of its digital yuan in Shanghai, Beijing, Guangzhou and Hong Kong, involving 400 million people, or about 29% of the country's population.

PBoC also plans to use digital yuan at the 2022 Winter Olympics. A senior management member recently indicated that the currency would be "primarily positioned" as M0 and as such would have to comply with cash management laws and regulations.


Technical Market Outlook:
The ETH/USD pair has been consolidating in a narrow range that looks like a Triangle pattern. The high of the triangle was made at the level of $349.13 and the low was made at the level of $336.83. In a case of a brakout lower, the first target for bears is seen at the level of $332.28 and the next one is located at the level of $323.87. The key short-term technical resistance is seen at the level of $355.24.

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]

BTC analysis for September 22,.2020 - Breakout of the daily bear flag and potential for bigger drop towards $9.000

Further Development


Analyzing the current trading chart of BTC, I found that my analysis from yesterday is still valid and there is potential for further drop towards the levels at $9,873 and $9,050

My advice is to watch for selling opportunities on the rallies in order to catch the downside cycle.

Stochastic oscillator is showing the fresh downside cross, which is another confirmation for the downside continuation...


Key Levels:

Resistance: $11,000

Support levels:$9,873 and $9,050




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

[IFX_Selena]

Technical Analysis of ETH/USD for 22 September 2020

Crypto Industry News:
Ethereum Classic Labs is struggling with multiple security breaches and has partnered with ChainSafe and OpenRelay in hopes of increasing protection against 51% of attacks. Ethereum Classic and its Core Dev Team will work with both ChainSafe and OpenRelay to develop and test security responses.

James Wo, founder and president of Ethereum Classic Labs, said the partnership made sense:

"OpenRelay and ChainSafe are well versed in Ethereum Classic, working together will have some of the brightest minds in blockchain, solving 51% of the problem in tandem. The team will bring additional knowledge of Proof-of-Work security systems and test environments."

OpenRelay will assist Ethereum Classic in "developing practical simulations and models for proposed features, establishing a test network infrastructure, and designing and implementing test network tests," while ChainSafe is working on reviewing many security proposals to ensure network security.

Ethereum Classic saw at least three 51% attacks in August alone. These attacks caused, among others exchanges like OKEx to warn Ethereum Classic that it will remove ETC if it doesn't improve its security. The company, determined to improve its security, said regulation could be key to stopping future attacks by restricting hashpower rentals. Apparently, at least two attacks were caused by hashing power borrowed from NiceHash.


Technical Market Outlook:
The ETH/USD pair has extended the down wave and made a fresh new low at the level of $331.26. The level of $355.24 will now act as a technical resistance for the price and the level of $323.87 will be a technical support. The momentum has decreased as well and now is negative and weak according to the RSI indicator. Moreover, the price is now getting closer to the key demand zone seen between the levels of $305.20 - $321.95. 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 22 September 2020

Crypto Industry News:
Hackers have been trying for years to crack a Bitcoin wallet containing 69,370 BTC. Unsuccessfully. Many have tried (and are still trying) to get in in hopes of snagging more than $ 750 million worth of BTC. The question is, does this address actually have any balance?

A bitcoin wallet with just over 69,000 BTC is of interest to many who might be interested in its potential content. Anyone who is able to take the challenge has the opportunity to try to get inside. The problem is that no one has "become happy" in the last two years.

It just so happens that this bitcoin wallet contains the seventh largest BTC address in the world. According to cybersecurity expert Alon Gal, who works on Twitter under the pseudonym "UnderTheBreach", hackers have recently tried to get in. The Gaul reported that no one had announced "success" in the case.

According to another assumption, it may be almost impossible to break this wallet. It is quite possible that the wallet is protected by a long, unique and hard-to-break password. In addition, the wallet.dat file can be encrypted using a combination of AES-256-CBC and SHA-512. They are very slow to process, which makes applying brute force to them much more difficult.


Technical Market Outlook:
The BTC/USD pair has felt out of the ascending channel and made a new local low at the level of $10,262, just ahead of the key short-term support seen at the level of $10,227. The upside momentum had clearly decreased and if the bearish pressure intensify, the market might extend a correction towards the level of $10,000 (intraday support, psychological level) or $9,863 (lower 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]

BTC analysis for September 21,.2020 - Broken bear fllag pattern on the daily time-frame and potential for bigger drop towards $9.875

Further Development


Stochastic oscillator got the fresh downside cross, which is very good sign for the downside continuation


Key Levels:

Resistance: $11,000

Support levels:$9,875 and $9,050




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