Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 30 November 2020

Crypto Industry News:
The Ukrainian Ministry of Digital Transformation has released an online series aimed at educating citizens about cryptocurrencies, Blockchain and Bitcoin.

The program premiered on Wednesday and was created in cooperation with Binance, Hacken and Crystal Blockchain as part of the "Diia.Digital Education" program of the Ukrainian government.

The program consists of eight six to 12-minute episodes that explain the basic concepts of Cryptocurrency and Blockchain. The program is hosted by Andriy Onistrat, an entrepreneur and former banker who interviews guests working in the Blockchain industry.

The first episode, available on YouTube, introduces the concept of cryptocurrencies as a license-free transaction ledger that cannot be kept. Particular attention is paid to the concept of asset audibility, with Onistrat noting that the National Bank of Ukraine can always decide to significantly increase the supply of the hryvnia, the national currency of Ukraine. Ivan Paskar, Marketing Manager, Binance Ukraine, explains how Bitcoin maintains an unchanging, auditable asset.

The duo also talked about more complex ideas, mentioning Ethereum, smart contracts, and decentralized exchanges. Despite the beginner-friendly format of the program, Onistrat continued to ask Paskar a few more difficult questions - for example, how can the ideals of decentralization and freedom be reconciled with the identification requirements seen in many centralized exchanges.

Viewers receive a certificate of completion after reviewing all episodes. This initiative is in line with the Ukrainian government's drive to achieve digital competences in this country. Other programs offered by the ministry include 'Digital Teacher Lessons' and 'How to Become a YouTube Blogger'.


Technical Market Outlook:
The BTC/USD pair has bounced above all Fibonacci levels and the new local high is seen at the level of $18,592. The levels of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $19,000 again and then continue the up trend towards the new all time highs.

Weekly Pivot Points:
WR3 - $22,987
WR2 - $21,189
WR1 - $19,745

Weekly Pivot - $17,922
WS1 - $16,614
WS2 - $14,848
WS3 - $13,390


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 BTC/USD for 27 November 2020

Crypto Industry Outlook:
Russia's Prime Minister Mikhail Mishustin seems to have expressed support for the further development of the local cryptocurrency market.

At a recent government meeting on November 26, Mishustin proposed legal protection for cryptocurrency holders in the country to help develop a new industry. According to Mishustin, such a framework would develop the industry in "a civilized way so that the owners of such assets can protect their rights and interests" while preventing "hidden patterns".

As part of the plan, Mishustin proposed to amend the Russian Tax Code to recognize cryptocurrencies such as Bitcoin as the property of:

"Let's make a number of changes to the Tax Code so that digital financial assets can be considered property, and their owners can count on legal protection in the event of any illegal activities, as well as defend their property rights in court" - he said.

Mishustin replaced former Russian Prime Minister Dmitry Medvedev in January 2020, after which he called on the country to prioritize the development of the digital economy. However, the current status of the local crypto ecosystem remains in doubt as the government plans to officially ban cryptocurrency payments in January 2021. Russian authorities also want to impose prison sentences for failing to report annual crypto transactions of around $ 600,000.


Technical Market Outlook:
After making the local low of the first wave of the correction at the level of $16,260, the BTC/USD pair has bounced to 38% retracement level of the last wave down seen at $17,475. The levels of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a technical resistance. The momentum is still weak and negative. Please notice, that the Bitcoin is now out of the main acceleration channel as well, so the further losses might be more dynamic that the recent ones. After the corrective cycle is completed, the up trend should be continued towards the new all time highs.

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 ETH/USD for 27 November 2020

Crypto Industry Outlook:
The user complained that PayPal temporarily blocked his account after using it for cryptocurrency day trading.

It turns out that PayPal users who use this service to trade high-frequency cryptocurrencies should expect their account to be blocked. One trader learned this lesson quite recently when the payment giant suspended his account for 180 days, which still has around $ 462. In addition to the likelihood of PayPal cryptocurrency trading accounts being suspended or closed, this situation also reveals some operator-side customer service shortcomings that could pose problems for cryptocurrency owners.

It seems that although PayPal recently introduced cryptocurrencies, the purpose of the service is turning into a source of funding for online purchases. As the company uses the no-charge model, day trading on the platform can cause the payment giant to bear a huge burden to cover transaction costs.


Technical Market Outlook:
After making the the yearly high at the level of $620.52, the market broken out of the acceleration channel and started the corrective cycle. During the first wave of correction the local low was made at the level of $483.10. The next target for bears is seen at the wall of support and the levels of support are: $487.79, $476.29, $472.42, $459.44 and $438.00. Please notice the weak and negative momentum supports the short-term bearish outlook.

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]

Forex Analysis & Reviews: BTC analysis for November 26,.2020 - Both downside targets reached at $17.528 and potential for further drop towards $15.825

Further Development



Analyzing the current trading chart of BTC, I found that BTC reached both my yesterday's targets at $18,647 and $17,260.

Anyway, the momentum is very strong to the downside and my advice is still to watch for selling opportunities with the new downside targets at $15,825 and $15,150.

The main cause of the stronger downside movement was the lack of buyers and overbought/extended condition prior to the drop.


Key Levels:

Resistance: $17,570 and $18,00

Support levels: $ 15,825 and $15,150




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

[IFX_Selena]

Technical Analysis of ETH/USD for 26 November 2020

Crypto Industry Outlook:
After failing to obtain SEC approval in 2019, the investment management firm finally gets Bitcoin ETP to market. VanEck spent most of 2019 unsuccessfully lobbying for the approval of its ETF, approved by the US Securities and Exchange Commission, the VanEck investment management fund finally launched a Bitcoin-based exchange product.

However, according to a November 25 tweet from the company's digital asset strategist Gabor Gurbacs, the product is a stock exchange, not an ETF, and is not listed on the US stock exchange, but on Germany's Deutsche Borse Xetra. Rather than being a mutual fund, the ETN is essentially a debt instrument that tracks the sometimes hard-to-reach market, which in this case is Bitcoin.

VanEck Vector Bitcoin ETN is 100% physical Bitcoin backed and offers investors direct exposure to the Bitcoin market in the trusted format of other regulated, listed products. Product manager Dominik Poiger explained:

"Our ETN Bitcoin is fully secured. This means that the money invested in the ETN is actually used to buy Bitcoin. Thus, each ETN represents a certain amount of Bitcoin."

The bitcoin will be deposited and stored in the freezer by the Liechtenstein-based cryptocurrency of the Frick bank.

VanEck went to great lengths to convince the SEC to approve its Bitcoin ETF through the first part of 2019, but to no avail. The Chicago Board Options Exchange withdrew the proposal in September, one month before its final decision. The company recently released research showing Bitcoin is less volatile than many stocks traded on the S&P 500.


Technical Market Outlook:
The ETH/USD pair has started the widely expected correction. After the yearly high was made at the level of $620.52, the market broken out of the acceleration channel and entered the main ascending channel. Nevertheless, it looks like this channel will be broken as well as the Ethereum already probe into the lows of the level of $502.96. The next target for bears is seen at the level of $500. Below this level is the wall of support and the levels of support are: $487.79, $476.29, $472.42, $459.44 and $438.00. Please notice the weak and negative momentum supports the short-term bearish outlook.

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 BTC/USD for 26 November 2020

Crypto Industry Outlook:
On November 24, Bitcoin surpassed $ 19,000 for the first time since December 2017. At the same time, it also set a record in its market capitalization. At the time of writing this article, the Bitcoin market cap is $ 352 billion. This means that it has increased by $ 7 million in the last 48 hours.

The new capitalization record was set even though BTC itself did not hit a record price. There is a simple explanation for this - the growing supply of Bitcoin. While around 16.746 million Bitcoins existed on December 16, 2017, more than 1.8 million new coins have been mined since then (supply increased by 10.75%). This means that Bitcoin may have higher capitalization despite the current price.

According to Macro Trends, on November 23, JPMorgan's capitalization closed the market at $ 349 billion. Earlier this year, the JPMorgan market cap fell to $ 258 billion.

Despite JPMorgan's CEO skepticism about BTC, in October 2020, the bank told investors that "BTC's potential long-term growth could be substantial," suggesting that in the long term, the price of BTC could even double or triple.


Technical Market Outlook:
The BTC/USD pair has started the corrective cycle and dropped towards the level of $17,000 with a low made at the level of $17,218. The level of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a technical resistance. The momentum is now entering the sub fifty zone, so it is no longer positive and starts to weakening. Please notice, that the Bitcoin is now out of the main acceleration channel as well, so the further losses might be more dynamic that the recent ones.

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]

Forex Analysis & Reviews: BTC analysis for November 25,.2020 - First downside target reached at $18.650 but potential for another re-test of that level due to upside exhaution

Further Development



Analyzing the current trading chart of Bitcoin, I found that BTC tested and rejected our first target from yesterday at $18,630.

I still see potential for the downside movement due to test and reject of resistance at $19,390.

Watch for selling opportunities on the rallies using the intraday chart...

The downside target at the price of $18,650

Stochastic oscillator is in overbought zone, which is another sign of weakness.


Key Levels:

Resistance: $19,390

Support level: $18,650



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

[IFX_Selena]

Technical Analysis of ETH/USD for 25 November 2020

Crypto Industry Outlook:
The world's first live streaming platform dedicated to cryptocurrencies will be launched in 2021. Ran Neuner, host of the CNBC Crypto Trader program, launched the first media channel devoted exclusively to cryptocurrencies. Named Crypto Banter, the station features a mix of news, opinion, interviews and live discussions with industry leaders.

Crypto Banter aims to be the world's first crypto-based streaming platform, available 24 hours a day, 365 days a year. The new service aims to provide viewers with an alternative source of "trustworthy live information" that can be accessed at any time without having to look into the Crypto Twitter rabbit hole.

Crypto Banter, which is available on YouTube, is featured as a mix of CNBC, Joe Rogan Experience, and talk radio. Neuner has been educating the public about cryptocurrencies and blockchain since 2017, when it first launched Crypto Trader on CNBC. He also led a debate between Peter Schiff and Anthony Pompliano. At that time, Bitcoin was trading for less than $ 10,000.


Technical Market Outlook:
After making a new yearly high at the level of $620.52, the ETH/USD started a pull-back that reached the levels below $600 already. The nearest technical support is seen at the level of $573.30, 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. The next target for bulls is seen at the level of $700.

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 BTC/USD for 25 November 2020

Crypto Industry Outlook:
Today we see Bitcoin's second highest daily price ever, and November is already the best month in terms of profits. Bitcoin currently has its second largest trading day in history as BTC / USD hits a new high of $ 19,330 in many years.

The market data gives cause for celebration after Bitcoin broke the $ 19,000 resistance. In the face of rapid gains and the temptation to break all-time highs of $ 20,000, the achievement did not go unnoticed in the BTC figures.

Ryan Selkis, founder of the Messari data resource, noted that on just one day of its existence, Bitcoin trading exceeded $ 19,000. By comparison, the largest cryptocurrency spent 283 days above $ 10,000 - including the longest period in history in 2020.

Meanwhile, Bitcoin has gained more in US dollars than in any other month in its history, the data show. In a tweet on November 24, PlanB analyst emphasized that the last three and a half weeks did not resemble any other period in Bitcoin's life.

The largest cryptocurrency continued to rise Tuesday after the $ 18,000 retested, adding over $ 1,300 to its USD price within 24 hours.

According to PlanB, the performance indicated that Bitcoin was not only breaking records, but would bring even greater profits in the near future. This was due to the Relative Strength Index (RSI) that began to enter the zone signaling a prolonged rise in Bitcoin prices.


Technical Market Outlook:
The BTC/USD pair has broken above 19,000 USD and made a swing high at the level of $19,345. However, the Doji candlestick pattern was made at the top of this rally, so the market might start a local pullback. The nearest technical support is seen at the level of $18,388 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]

BTC analysis for November 24,.2020 - Bearish divergence on the 30 minute time-frame and potential for the downside rotation

Further Development



Analyzing the current trading chart of BTC, I found that the BTC got exhaustion today and bearish divergence on the Stochastic oscillator on the 30 minute time-frame, which is sign that sellers might join today.




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