Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for October 14,.2020 - Bull flag pattern on the 4H time-frame and potential for the rally towards $12.000

Further Development



Analyzing the current trading chart of BTC, I found that buyers are still in control and that there is the bull flag pattern in creation based on the 4H time-frame.

My advice is to watch for potential buying opportunities with the take profit at the price of $12,000

The main cause of the most recent upside cycle on BTC was the breakout of the contraction and symmetrical triangle in the background.


Resistance: $12,000

Support level: $11,300




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

[IFX_Selena]

Technical Analysis of ETH/USD for 14 October 2020

Crypto Industry News:
The Russian financial authorities have confirmed the government's plans to issue a digital currency of the central bank, i.e. the CBDC.

The Bank of Russia released yesterday a consultation document on the digital development of the Russian ruble. In a press release, the central bank said the digital ruble could become "an additional form of money alongside cash and non-cash". The bank said the creation of the Russian CBDC project will require the creation of additional payment infrastructure.

The bank also said the digital ruble will have "all the properties necessary to perform the functions of money." In addition, he noted that the project schedule will be determined by the authorities in the near future.

According to the document, the digital ruble aims to speed up, simplify and make payments more secure. The bank also noted that a CBDC such as the digital ruble will reduce the risk of capital outflow, stating:

"The domestic digital currency will also reduce the risk of reallocation of funds to foreign digital currencies, contributing to macroeconomic and financial stability."

The bank further claims that users will be able to access the digital ruble on their e-wallets and mobile devices and be able to use it both online and offline.

The digital ruble will be available to "all actors in the economy" such as citizens, businesses, financial market participants and the government. The bank added that the digital ruble will have three functions of money, including a custody, unit of account and medium of exchange.


Technical Market Outlook:
The ETH/USD pair has bounced from the technical support seen at $375.52 and got back to the middle of the range. It has been consolidating in a narrow range for some time now as the market participants await for the important breakout. The target for bulls is still seen at the level of $400 and due to the strong and positive momentum they might hit this level soon. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95.

Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440

Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61


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. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so 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 14 October 2020

Crypto Industry News:
Blocktower Capital co-founder Ari Paul believes PayPal will show support for Bitcoin before the end of this year. This follows the recent investment by Jack Dorsey and MicroStrategy's Square, who bought Tens of millions of dollars in BTC.

PayPal has repeatedly emphasized that it is closely monitoring what is happening in the cryptocurrency sector. The first signals regarding the interest of the online payment giant in blockchain technology date back to 2018. We recently informed you that PayPal is very actively looking for blockchain and cryptocurrency specialists to join its ranks.

Ari Paul comments on the matter as follows:

"The news of Square's buying BTC is great, but PayPal has ten times as many users. I think PayPal will announce bitcoin support by the end of this year."

Tyler Raynolds, who once worked with Google Payments, seems to share a similar attitude. He believes that Paypal is most geared to becoming a pillar of retail BTC payments:

It is estimated that nearly 325 million users around the world use PayPal's services. If the American payment giant really decided to fully enter cryptocurrency retail, bitcoin would be immediately available to an extremely wide range of investors.

It can also be assumed that such a move by PayPal would have a significant impact on the liquidity and trading volume of BTC. This, in turn, with a high degree of certainty, could have a significant impact on accelerating the global adoption of the cryptocurrency.


Technical Market Outlook:
After the BTC/USD pair had made a new local high at the level of $11,679, just above the technical resistance seen at $11,646, the bears took temporary control over the market and push it back towards the technical support located at $11,223. The BTC/USD pair has been consolidating in the narrow zone for the last 24h, still below the supply zone. Please notice, Bitcoin is now trying to enter the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

Weekly Pivot Points:
WR3 - $12,712
WR2 - $12,078
WR1 - $11,737

Weekly Pivot - $11,125
WS1 - $10,786
WS2 - $10,156
WS3 - $9,820


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 October 13,.2020 - Strong progress on our long position from few days ago and potential for test of $12.000

Further Development

Attachment 3591

Analyzing the current trading chart of BTC. I found that our analysis from yesterday is doing good progress and that the upside breakout from symmetrical triangle was the main reason for the current rise.

I would advice you to still watch for buying opportunities on the dips with targets at $12,000 and $12,400.

The strong momentum kicked in and and the condition is very bullish....


Key Levels:

Resistance levels: $12,070 and $12,450

Support level: $11,400




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

[IFX_Selena]

Technical Analysis of ETH/USD for 13 October 2020

Crypto Industry News:
Asic Jungle has launched a beta version of what it calls "the first ever mining market." Company president Artem Bespaloff said he has created a trusted platform for used mining equipment that works without intermediaries:

"[This is] the first and only online marketplace where buyers can interact directly with sellers through the platform, and they don't need to use Telegram brokerage services or channels as so many different things are happening there. We set out to create this ecosystem where buyers and sellers trade with each other.

" The company's solution to these problems is a two-way marketplace that connects ASIC buyers and sellers in a safe and transparent environment. According to Bespaloff, ASIC brokers currently charge high premiums that take advantage of the lack of price sensing mechanisms on the market. He believes that these brokers create an information asymmetry by concealing relevant information.

Bespaloff said Asic Jungle maintains a number of security features to ensure that transactions take place in a trusted environment, including an emphasis on AML compliance. As the Canadian-based company will serve global customers, it intends to comply with both local laws and regulations and the compliance regulations of the United States.

Although mining equipment becomes progressively less efficient over time, Bespaloff ensured that there is a great demand for equipment used in locations with very cheap or free energy sources, such as some areas of Canada and Venezuela - although residents of the latter may be excluded from participating in an effort to comply with US sanctions.

Both Bitcoin and Ethereum have experienced a large increase in hashrate recently, indicating there will be plenty of interest in mining hardware in the near future.


Technical Market Outlook:
The ETH/USD pair has broken out of the Triangle pattern and made a new local high at the level of $394.75. The momentum is still strong and positive, so there is still a chance that after the pull back is terminated, the level of $400 will be hit again. So far the market had made the Pin Bar candlestick pattern at the top of the breakout and is slowly coming off the highs. The nearest technical support is seen at the level of $369.37 and $375.52.

Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440

Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61


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. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so 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]

Bitcoin & Altcoins: buzz in crypto market reveals robust speculative activity

Greetings to all crypto hamsters and savvy crypto fans!

Two weeks have passed since the review of the crypto market. I'm eager to share good news with you! The crypto market is reviving from a sleeping mode. This buzz is not about optimistic trading expectations but it reveals a strong chance of hitting a new local high.

A slump in the crypto market which took place in early September spooked a crowd of traders. Lots of them went into a panic. We cannot blame them at all. The bitter experience of the recent years highlighted that sometimes the crypto market can enter a protracted losing streak. So, crypto investors have to survive a so-called severe crypto winter. I mean that the crypto asset used to tumble 30%, 50% and even 80% of its value.

You may wonder why the crypto market is going to develop in a different way nowadays.

The year of 2020 is challenging for the global economy. Investors want to play safe. So, they try to diversify their risks as much as possible. This trend is confirmed by regular news on humongous investment in Bitcoin and Altcoins by large investment funds.

*The Tudor Investment hedge fund announced a Bitcoin purchase to the amount of $50 million in June.

*The Grayscale Investments crypto fund sent $1 billion to buy Bitcoin in July.

*In August, MicroStrategy bought 21,454 BTC for $250 million. In September, another deal followed with 16,796 BTC worth $175 million.

*The Square payment firm, established by Twitter CEO, invested $50 million in Bitcoin in October.

The above-said deals have been leaked in the media. There are much more deals which remain a mystery to the public because they are anonymous over-the-counter deals.

In the meantime, decentralized financial apps like DeFi (Decentralized Finance) have launched a mechanism which has been pumping up huge cash into the crypto market. This hype is still going on.

Such buoyant demand for crypto currencies is almost the same like in 2017 when crypto assets were developing a stunning bullish run. Now there is a growing likelihood that we will see soaring prices both of Bitcoin and Altcoins.

Interestingly, the market environment based on the hype looks quite similar in 2017 and 2020. There is something more in common from the point of technical patterns. The recent downward correction of Bitcoin is like the one of 2017 in terms of its structure and dynamic. Besides, everyone knows that the price hits new highs following the correction.

The Bitcoin's advance in the latest days could set the tone for market developments and dispel fears. So, Bitcoin is on track to hit the strongest level of the current year - $12,486 per token.

Besides, the bullish trend of Bitcoin will entail a rally of other Altcoins that suggests lucrative investment opportunities.



Trading prospects

Since October 7, Bitcoin skyrocketed by over $9,000. Isn't it amazing? Persisting this pace of growth, there is a good chance that Bitcoin will be able to rebound to $11,900/$12,300 where the most popular cryptocurrency will enter a crucial stage. In case the price fixes above the level of $12,486 and breaks it, Bitcoin could test the local 2019 high of $13.868.

The crypto market develops in such a way that the market is very sensitive. If there is sharp surge or a tailspin, the market will develop either like a powerful flood tide or ebb tide. This ensures a clear-cut trend.



Overall market environment

Analyzing the overall market capitalization of the crypto industry, we can see that the total market cap gained $42 billion to nearly $365 billion at present.

The steady recovery is evident even in terms of trade volumes. Let me turn your attention to the corridor of $320/$355 billion that has been passed lately. This is a good signal for reviving trading interest.

Market Cap: $365,365,274,357

BTC Dominance: 58.2%

The emotional index (or the fear and euphoria index) for the crypto market added another 10 points to 52. It does not indicate that overwhelming fear flying over the market in early September.



Market Cap: $ 365 365 274 357

BTC Dominance: 58,2%

Indicator analysis

Various timeframes show that technical indicators signal buying opportunity. This is true about a 4-hour, daily, and weekly timeframes. This sentiment is confirmed by the BTC uptrend.






Performed by Gven Podolsky
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for October 12,.2020 - Strong breakout of symmetrical triangle in the background and potential for test of $12.000

Further Development



Analyzing the current trading chart of BTC, I found that my previous analaysis is progressing good since the breakout of the symmetrical triangle last week.

Key pivot support is set at 1,1785


Key Levels:

Resistance: $12,068, $12,465

Support level: $11,100





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

[IFX_Selena]

Technical Analysis of ETH/USD for 12 October 2020

Crypto Industry News:
The Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report on central bank digital currencies on October 9, focusing on the founding principles and fundamental features of CBDC.

The Bank of Japan, as one of the group members, has published a document presenting its own specific approach to CBDC from a Japanese-focused perspective.

According to the BoJ report, in 2021 the first of several phases of testing its own CBDC will begin. The tests will include development of a test environment for the currency. The BoJ report notes that a fundamental characteristic of a digital currency must be resilience in the face of infrastructure disrupted by "force majeure", stating:

"Offline use in times of system and network failures and power outages is also important for Japan, given the high frequency of natural disasters."

Due to its geographic location, Japan is exposed to many natural disasters, including earthquakes, tsunamis, floods, typhoons, cyclones, and volcanic eruptions.

The report does not provide details on how to protect against such events, although there are solutions that fix potential electrical or network failures for Bitcoin and other blockchain-based cryptocurrencies. These include the development of mesh networks based on longwave radio transmitters, and the Blockstream satellite network that transmits Bitcoin transactions in space.

The BIS research group on digital currencies was announced in January 2020 and included central banks from Japan, Canada, UK, Sweden, Switzerland and the European Central Bank. Since then, United Stated Federal Reserve has also joined the group.


Technical Market Outlook:
The ETH/USD pair has been consolidating in a Triangle price pattern around the level of $375 after an impressive rally from the level of $342.30. The nearest technical support is seen at the level of $369.37 and $362.60. The momentum is still strong and positive, so the bulls might want to break out of the Triangle and continue the rally towards the level of $389.90 and then $400.

Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440

Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61


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. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so 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 12 October 2020

Crypto Industry News:
According to of the latest Bloomberg newsletter, the election of Joe Biden as President of the United States would contribute to more widespread adoption of Bitcoin (BTC), including the eventual approval of ETFs. In addition, he referred to the policies of President Donald Trump's administration.

"A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration - to the detriment of the broader crypto market - and nudge the firstborn benchmark toward the mainstream, improving chances for an ETF".

Given that yesterday the Justice Department released a 70-page document, "Cryptocurrency: An Enforcement Framework," the newsletter was likely written before.

The author claims that choosing Biden would also inhibit the development of DeFi. Both conclusions are based on the assumption that a "democratic system" would potentially increase regulatory transparency in the cryptocurrency market. The DeFi space has exploded this year in a completely unregulated environment. It is no coincidence that the culprits of the KuCoin hack are laundering their illicit profits via the largest decentralized exchange, Uniswap.

Bloomberg says Bitcoin's price will continue to rise regardless of the election result. It also states that if BTC continues to grow during the next presidential term - at a rate that is up to half the 2016-2020 rate - it will reach $ 80,000 by 2024:

"Seemingly unstoppable trends in U.S. debt-to-GDP, quantitative easing (QE) and the increasing Bitcoin hash rate indicate a crypto price more likely to keep advancing during the next presidential administration, in our view. About half the 1,400% gain since the 2016 vote would get the Bitcoin price toward $ 80,000 in 2024".


Technical Market Outlook:
The BTC/USD pair has been rallying from the level of $10,568 when the Bullish Engulfing pattern had been made. The pair move up all the weekend and the last high was made at the level of $11,144. The Supply Zone located between the levels of $11,062 - $11,233 had been violated, so now it can be used as a Demand Zone by bull. The market is reacting to this zone already, so the level of $11,233 is now the intraday support as the market is now consolidating in a Triangle pattern. The next target is seen at the level of $11,646 (after the Triangle breakout).

Weekly Pivot Points:
WR3 - $12,712
WR2 - $12,078
WR1 - $11,737

Weekly Pivot - $11,125
WS1 - $10,786
WS2 - $10,156
WS3 - $9,820


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

[Brandonrutle]

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