Cryptocurrency Analysis

[IFX_Selena]

BTC. Bearish flag in creation
30 July 2019

Industry news:
Announced by Pundi X in a blog post on Monday, the firms have entered a symbiotic relationship regarding their wallet tech, with Pundi X integrating with Samsung's Blockchain Wallet and making its XWallet available to the Galaxy S10 phone's blockchain app options.

"This presents a unique opportunity to push blockchain technology and blockchain-based digital assets into the mainstream, reaching the millions of Samsung smartphone users around the world," firm says in the post.


Technical view:

BTC is trading sideways at the price of $9.550 and it seems like it is building a bear flag for more downside. Pat attention on important resistance levels at $9.600 and $9.700.

Technical picture:

Red rising line – Bear flag pattern in creation

Gray rectangle – Resistance 1 ($9.600)

Blue rectangle – Resistance 2 ($9.700)

Orange horizontal line – Main swing low ($9.101)

Stochastic oscillator is showing bearish divergence, which is sign for potential buyers exhaustion near the level of $9.600. My advice is to watch for selling opportunities with the downward target at $9.101.



Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Analysis of BITCOIN for July 30, 2019

Bitcoin consolidation has been expanding since the price reached the $9,400 support after impulsive bearish pressure. After breaking below $10,000 with a daily close, the price is expected to push towards $8,500 observing the momentum. In light of the recent price correction, a counter-move to push towards $10,000 is more probable.

After a sharp decline, the bitcoin price found support near $9,120. There has been a very little movement in Bitcoin prices over the past 24 hours. It has ranged between $9,600 and $9,430 in a very tight channel with little indication of a breakout in either direction. A trade volume is dropping off, currently down to $13 billion. BTC is holding on to support at the moment as the two-day consolidation rolls into a third one. From its peak of $13,800 last month, BTC has declined 31 percent to current prices. This would be a perfectly normal reaction from the parabolic price rise in recent weeks. In fact, BTC has experienced greater corrections of up to 40 percent, so further losses could be imminent.

The key thing to note on the larger time frame charts is the lower lows. The bull market remains established, provided that Bitcoin does not plunge below $6k which could mean a major trend reversal. A drop to $8k would still mean that BTC has surged 100 percent in four months this year. This volatile week has marked an extension of the downward pressure that Bitcoin first incurred in late-June when BTC sharply moved to $13,800. This move has significantly bolstered bears and has jeopardized the upwards momentum that Bitcoin has faced since earlier this year. Additionally, this choppy price action over the past several weeks has allowed BTC to establish a new price range roughly between $9,350 and $9,650 which is likely to persist in the near future.

To sum it up, Bitcoin still has chances to push higher as it remains above $8,500-9,000 with a daily close in the coming days. Currently trading above $9,400 indicates further upward pressure and consolidation explains the volatility and indecision in the Bitcoin market. Ahead of Fed's rate cut tomorrow, the crypto market is set to trade under higher volatility. Nevertheless, Bitcoin has a greater probability to surge higher in the short term.


TECHNICAL OVERVIEW:
The price is currently trading at the level slightly above $9,400 being held by dynamic levels as resistance. The price is trading inside the Kumo Cloud dynamic resistance which is needed to be broken above for further upward pressure to push the price to $10,000 or higher in the coming days. The price also formed Bullish Divergence along the way which also signals upward pressure. As the price remains above $8,500-9,000 with a daily close, BTC is likely to extend further upward pressure.





Performed by Rocky Yaman
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Forecast for Bitcoin and US dollar on July 30. The United States is preparing to tax Bitcoin owners

Bitcoin – 4H.


As seen on the 4-hour chart, Bitcoin remains under the correction level of 38.2% ($9558) and left the limits of the "narrowing triangle" through its lower border. This moment allows traders to count on the continuation of the fall in the direction of the correction level of 127.2% ($8744). Given the nature of the latest news from the US that the government wants to tax all cryptocurrency owners and requires them to provide income reports, Bitcoin could indeed continue to fall. In recent years, the "bubble" is often inflated due to the actions of large investors on cryptocurrency exchanges, the growth of the "cue ball" is often artificial, unconfirmed by fundamental data or any changes in this area. But after periods of unjustified growth, Bitcoin quotes begin to fall, and often these drops are completely logical. In general, the behavior of Bitcoin is very much like certain segments of oil. Also, do not forget that Bitcoin is valued in dollars, and this currency shows a long and steady growth, and after summing up the results of the Fed meeting tomorrow, July 31, the dollar may strengthen even more, which will lead to the fall of the "cue ball". However, much will depend on the Fed, Jerome Powell and his psychological resilience to attacks and criticism of Donald Trump.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.


Forecast for Bitcoin and trading recommendations:
Bitcoin has complied with the rebound from the retracement level of 38.2% ($9558). Thus, I recommend selling the cryptocurrency with the target of $8744, with the stop-loss order above the level of 38.2%. I recommend buying Bitcoin with a target of $10478, and with a stop-loss order under the level of $9558, if the closing above the correction level of 38.2% is performed.



Performed by Samir Klishi
Analytical expert
InstaForex Group © 2007-2019

[IFX_Selena]

Greetings!

This thread shall provide you with up-to-date market analyses on cryptocurrency. We hope that you could use them to guide you in your trading activities.

Thank you and have a productive trading experience!