Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 24 November 2020

Crypto Industry Outlook:
PayPal's CEO believes that cryptocurrencies are on the verge of widespread adoption as more and more businesses and consumers are using "digital payments and digital forms of currency". In an interview with CNBC, PayPal CEO Dan Schulman said the COVID-19 pandemic has accelerated the transition to digital payment methods. PayPal wants to be a leader in the ongoing digital transformation.

Schulman said "cash consumption has plummeted" during the pandemic, adding that "40 to 70 percent of consumers no longer want to deal with cash."

PayPal doesn't just make it easier for people to buy and store cryptocurrencies; the service will be integrated with existing merchant payment platforms, enabling businesses to accept digital payment methods.

PayPal consulted global regulators and central banks before launching its crypto service. Schulman said it was only a matter of time before these monetary authorities release their own central bank or CBDC digital currencies:

"It's not a question of whether, but when and how we'll start to see more and more central banks issuing digital currencies. I think you'll have more and more utility for cryptocurrency."

PayPal launched its US cryptocurrency trading services earlier this month, just weeks after the first announcement of the new initiative. The services will be rolled out worldwide early next year.

A global payment merchant with over 300 million active users is rapidly buying Bitcoin and other cryptocurrencies. PayPal has bought almost 70% of all new Bitcoins in circulation. The supply shortage has been cited as the main reason for Bitcoin's rapid growth in the past month.


Technical Market Outlook:
The BTC/USD pair has been seen trading inside of the ascending channel, but the bulls are struggling to rally higher above the $19,000. The yearly high has been made at the level of $18,895, so the target for bulls is seen at least at the level of $19,000 first, and then $20,000. The nearest technical support is seen at the level of $18,000 and $17,644. Please notice, the momentum is strong and positive as the market approaching the all time high.

Weekly Pivot Points:
WR3 - $23,175
WR2 - $21,060
WR1 - $20,074

Weekly Pivot - $17,904
WS1 - $16,917
WS2 - $14,683
WS3 - $13,761


Trading Recommendations:
Bitcoin is trading close to the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $20,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $15,000 is broken.






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

[IFX_Selena]

Technical Analysis of 24 November 2020

Crypto Industry Outlook:
Ethereum 2.0 needed at least 16,384 validators who blocked a total of 524,288 ETH in order to run the blockchain in the proof of stake consensus. Yesterday morning, practically an hour before the deadline, this condition was met.

Not so long ago, there were fears that Ethereum 2.0 will not be able to achieve the goal, the fulfillment of which will enable the change of the network consensus from December 1. To take off, Ethereum 2.0 needed at least 16,384 validators who would block a total of 524,288 ETH on the deposit contract by November 24th.

Yesterday the deposit contract included "only" 50% of the required funds. Only in the last 24 hours, the last required amount of more than 150,000 ETH has been deposited.

The last 25% of the ETH needed to run the contract, on the other hand, was deposited within four hours. Yesterday at 23:45, there was 385 440 ETH on the contract.


Technical Market Outlook:
The up trend on ETH/USD continues and the new yearly high has been made at the level of $618.62 (at the time of writing the article), so the target for bulls is seen at the level of $700. The nearest technical support is seen at the level of $600, but the key technical support is located at the level of $548.50. Please notice, the momentum is strong and positive and the market is continuing the up trend, but the bulls has hit the 38% Fibonacci retracement located at the level of $587.87, so a pull-back is welcome.

Weekly Pivot Points:
WR3 - $774.30
WR2 - $671.20
WR1 - $638.87

Weekly Pivot - $538.52
WS1 - $503.53
WS2 - $403.18
WS3 - $366.96


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.






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

[IFX_Selena]

BTC analysis for November 23.2020 - Bearish divergence and potential for downside rotation towards $17.330

Further Development



Analyzing the current trading chart of Gold, I found that BTC got rejected of the main resistance at $18,700 and that we might see the downside rotation towards the levels at $17,330 and $15,820.


Key Levels:

Resistance: $18,800

Support level: $17,330 and $15,820.



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

[IFX_Selena]

Technical Analysis of ETH/USD for 23 November 2020

Crypto Industry Outlook:
In the final step towards full recovery from the devastating hacker attack in September, the KuCoin cryptocurrency exchange announced yesterday in a blog post that it "has restored all token deposit and withdrawal services."

The announcement followed a partial reopening in October where users were able to move their BTC, ETH and USDT off the exchange. The latest step opens withdrawals and deposits for all coins and tokens, although some tokens may have withdrawal limits due to "pending lawsuits".

The reopening is a promising step towards normality following the paralyzing burglary on September 26. The stock market initially reported losses of $ 150 million, but the cryptanalyst Chainalysis estimated this figure to be closer to $ 275 million.

The hack mobilized a massive reaction across the cryptocurrency world. Many projects have decided to freeze their tokens, get them back from hackers, and even initiate hard forks to help the exchange recover user funds.

The stock exchange further said it had both identified the suspect attacker and recovered over $ 200 million in stolen funds by October 1.


Technical Market Outlook:
The ETH/USD pair has been rallying higher after the level of $500 had been violated. The yearly high has been made at the level of $584.57 (at the time of writing the article), so the target for bulls is seen at the level of $600. The nearest technical support is seen at the level of $548.50. Please notice, the momentum is strong and positive and the market is continuing the up trend, but the bulls has hit the 38% Fibonacci retracement located at the level of $587.87, so a pull-back is welcome.

Weekly Pivot Points:
WR3 - $774.30
WR2 - $671.20
WR1 - $638.87

Weekly Pivot - $538.52
WS1 - $503.53
WS2 - $403.18
WS3 - $366.96


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.






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

[IFX_Selena]

Technical Analysis of ETH/USD for 20 November 2020

Crypto Industry Outlook:
The three largest Japanese banks, part of a group of 30 private sector entities, are to collaborate on the digital yen experiment. According to the media report, the group consists of banks, various Japanese brokerage houses, utilities and telecommunications companies, and retailers.

For the purposes of the experiment, private banks will be responsible for the currency issue, although the prospect of involving other third parties in the issue has not been ruled out, says the president of the new group, Hiromi Yamaoka. Yamaoka is a former director of the Japanese central bank, who has spoken more and more about the development of the digital yen in recent months.

Japan is well known for its slow acceptance of cashless payments. Cash still accounts for about 80% of total domestic settlement, compared to 55% in the US and just 30% in China.

Leading Japanese banks, Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, have previously developed individual digital payment systems, including digital tokens.


Technical Market Outlook:
The ETH/USD pair is in the up trend and there is no indication of any kind of reversal yet. The nearest technical resistance is seen at the level of $493.30. If the price will break out above this level, then the nearest target is seen at the level of $500. The strong and positive momentum support the short-term outlook for ETH. Only if a daily candle closes below $400 level, then the bears will have full control of the market and might push the prices deeper below this level.

Weekly Pivot Points:
WR3 - $507.71
WR2 - $490.25
WR1 - $463.71

Weekly Pivot - $448.80
WS1 - $421.33
WS2 - $405.66
WS3 - $377.90


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $360 is broken.





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

[IFX_Selena]

Technical Analysis of BTC/USD for 20 November 2020

Crypto Industry Outlook:
A study by the consulting company DeVere Group was conducted on over 700 millionaires. It showed that almost three-quarters (73 percent) of them either already own or want to invest in cryptocurrencies before the end of 2022. In 2019, 68 percent of the respondents gave such positive answers to the same survey.

The participants in the study were people who owned over £ 1 million, or about $ 1.32 million. Millionaires came from several regions of the world: the United States, Great Britain, Asia, Africa, the Middle East, Australia and Latin America.

The CEO and founder of the DeVere Group, Nigel Green, wrote in a company report that Bitcoin was once again one of the best performing assets of the year and it was certainly a 125% increase in the rate.

It is worth remembering that the decision of PayPal, for example, could also drive wealthy investors to this market. Recall that the company is starting to allow its clients to pay BTC.

In addition, Wall Street companies invest in BTC. An example is Jack Dorsey's Square or Microstrategy. Both companies bought cryptocurrencies as a security for their capital.


Technical Market Outlook:
The BTC/USD pair keeps moving higher, so the up trend and the way to $20k remains intact. The market volatility has increased as the Bitcoin trades in the upper boundary of the ascending channel. Any violation of the level of $18,389 will accelerate the next wave up. The intraday technical support is seen at the level of $17,000 and the technical resistance is now a swing high located at $18,389. As long as the market trades above the level of $15,000 the mid-term outlook remains bullish.

Weekly Pivot Points:
WR3 - $18,219
WR2 - $17,297
WR1 - $16,656

Weekly Pivot - $15,563
WS1 - $14,969
WS2 - $14,056
WS3 - $13,330


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $20,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $15,000 is broken.





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

[IFX_Selena]

BTC analysis for November 19,.2020 - Both targets met from yesterday but symmetrical triangle in creation and potential for the breakout

Further Development



Analyzing the current trading chart of BTC, I found that BTC both our yesterday's targets and that market entered contraction mode.

I found that symmetrical triangle is in creation on the 1H time-frame, which is sign of the balance and warning to watch for the breakout.

The downside breakout of the support at $17,300 will confirm downside movement towards $16,200


Key Levels:

Resistance: $18,000

Support levels: $17,300 and $16,200



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

[IFX_Selena]

Technical Analysis of BTC/USD for 19 November 2020

Crypto Industry Outlook:
In a thread posted on Twitter, Ray Dalio stated that he believes that Bitcoin is not an effective medium of exchange or a means of custody due to its volatility. He also assured that governments could ban crypto assets if they became a threat to fiat currencies. However, he also admitted that he "may have missed something" and invited others to join their explanations.

I can't imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin]," said Dalio. "If I'm wrong about these things I would love to be corrected."

Dalio's comments came after Bitcoin's price soared as its price exceeded $ 17,500 in less than 24 hours. The booming news has led many collaborators in space to share their views with the billionaire.

Dalio said last Thursday that he believes governments are likely to step up their efforts to curb cryptocurrencies if they see significant increases. His comments came when Bitcoin's price was about $ 2,000 lower than it is today.


Technical Market Outlook:
The BTC/USD pair has made another yearly high at the level of $18,389 and the way to $20k remains intact. The market volatility has increased as the Bitcoin trades in the upper boundary of the ascending channel. The market might be developing a Triangle pattern, so the break out of it might be up. The intraday technical support is seen at the level of $17,000 and the technical resistance is now a swing high located at $18,389. As long as the market trades above the level of $15,000 the short-term outlook remains bullish.

Weekly Pivot Points:
WR3 - $18,219
WR2 - $17,297
WR1 - $16,656

Weekly Pivot - $15,563
WS1 - $14,969
WS2 - $14,056
WS3 - $13,330


Trading Recommendations:
Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $20,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $15,000 is broken.





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

[IFX_Selena]

Technical Analysis of ETH/USD for 19 November 2020

Crypto Industry Outlook:
Crypto provider Bitcoin Suisse expects to offer its Ethereum staking services ahead of Christmas, highlighting the company's expectations for the imminent launch of Ethereum 2.0.

In a statement released through Trustnodes, Bitcoin Suisse said:

"The escrow deal for Ethereum 2 is now active. This means that the new version of the second largest protocol in terms of market capitalization is likely to become a reality by Christmas."

Bitcoin Suisse was founded in 2013, making it one of the first cryptocurrency-focused financial service providers.

The Ethereum 2.0 Deposit Agreement is open-ended meaning anyone wishing to become a validator can deposit the 32 ETH minimum stake. On Wednesday, the deposit agreement covered over 101,700 ETH deposits worth nearly $ 48.2 million.

According to a blog post on the Ethereum Foundation earlier this month, the first phase of ETH 2.0 is expected to launch on December 1. The developers have set a minimum total threshold of 524.288 ETH as a trigger for the main network. The target must be achieved at least seven days in advance, which is November 24.


Technical Market Outlook:
The ETH/USD pair might have been developing the Triangle pattern at the H4 time frame around the level of $470. The nearest technical resistance is seen at the level of $487.70. If the price will break out from the potential Triangle pattern to the upside, then the nearest target is seen at the level of $500. Only if a daily candle closes below $360 level, then the bears will have full control of the market and might push the prices deeper below this level.

Weekly Pivot Points:
WR3 - $507.71
WR2 - $490.25
WR1 - $463.71

Weekly Pivot - $448.80
WS1 - $421.33
WS2 - $405.66
WS3 - $377.90


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $360 is broken.





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

[IFX_Selena]

BTC analysis for November 18,.2020 - Balancing mode on BTC and potential for the downside rotation towards $17.700

Further Development



Analyzing the current trading chart of BTC, I found that BTC is trading flat last 4 hours and I see potential for the downside rotation.

Stochastic oscillator is in the overbought zone and the BTC is on the extended run.

The breakout of support at $18,000 will confirm further downside movement.


Key Levels:

Resistance: $18,300 and $18,465

Support levels: $1,850 and $1,820.




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