Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 03 December 2020

Crypto Industry News:
The US dollar index plunged sharply, prolonging the 10-month loss streak that puts it at its lowest point since April 20. Reuters celebrated this with the headline: "The dollar plunges sharply on hopes for US stimulus; Bitcoin is reaching its all-time high. "

The article noted that the collapse coincided with reports of a second COVID relief discussed in Congress and the re-opening of negotiations between U.S. Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi. The article contrasted the falling dollar with the rising price of Bitcoin, which recently briefly broke past highs.

"Looks like a 2024 headline." - noted Erik Voorhees, CEO of ShapeShift and longtime advocate of Bitcoin. "... But I think we should assume that it won't be one headline, but a lot in the years to come."

Some bitcoiners have compared the Reuters headline with the The Times headline embedded in Bitcoin's genesis block, "Chancellor on brink of second bailout for banks," noting the significance of the changes that have occurred since then.

Historically, Reuters is not known to have positive reports on Bitcoin. Paradoxically, last week the news agency published an article analyzing the probability of a hypothetical increase in Bitcoin's price to $ 100,000 by the end of 2021. A week earlier, a story appeared about how this year's "bubble" differs from the one in 2017.


Technical Market Outlook:
The BTC/USD pair had made a new all time high (ATH) at the level of $19,891, but then reversed quickly towards the level of $18,211, so the big Pin Bar candles was made at the H4 time frame chart. The market might be developing a triangle price pattern and any breakout from this pattern will determine the further BTC direction. The levels of $18,388, $18,000 and $17,644 will now act as a key technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $20,000 and then continue the up trend towards the new all time highs. Please notice, there is no indication of up trend termination on a daily, weekly and monthly time frame chart yet.

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 just made a new ATH 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 03 December 2020

Crypto Industry News:
Senior Bank of Russia officials spoke out against the issue of private stablecoins linked to the Russian ruble.

Sergei Shvetsov, Russia's first deputy chairman of the central bank, said the bank intends to ban private companies from offering stablecoins backed by the domestic fiat currency.

Russian cryptocurrency developers will only be able to use the digital ruble of the Bank of Russia, Shvetsov said. According to a report by the local news agency, Prime said this approach is in line with the "uniqueness of means of payment philosophy".

Shvetsov referred to the Chinese digital Yuan laws that criminalize the issuance of Yuan-backed stablecoins by third parties:

"China has imposed a blanket ban on any Yuan-linked stablecoin. I think we are not far from that. The bank will stop anything that is positioned as tender. We assume that the ruble is the currency of the Russian Federation," he says.

Olga Skorobogatova, another first vice president of the Bank of Russia, noted the technical difficulties associated with the issuance of the digital ruble:

"So far, no regulator has figured out how, for example, to restore the rubles in case of losing a smartphone, but precisely because [...] technologies are developing, we ourselves understand that this problem can be solved in a second stage. [...] Technologically, this problem will be had to be resolved, "she said.

The Bank of Russia officially released its plan for the digital ruble in October 2020. According to the bank, the digital ruble should become an additional form of money alongside cash.


Technical Market Outlook:
The ETH/USD pair has hit the level of $635.46 before it was capped and reversed towards the level of $561.91. Since then the market is trading inside of a narrow consolidation zone located between the levels of $578.09 - $600. The momentum is still strong and positive, so the up trend might be still continued. The level of $548.16 will now act as temporary technical support for the price. The nearest technical resistance is seen at the level of $600 and $620.52. The is no indication of the up trend reversal on the higher time frames like weekly and monthly.

Weekly Pivot Points:
WR3 - $771.53
WR2 - $696.42
WR1 - $633.11

Weekly Pivot - $557.97
WS1 - $496.01
WS2 - $420.20
WS3 - $358.90


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, 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 $587.53 on the weekly time frame chart, but the current up trend is still valid. 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 December 02,.2020 - Potential for the upside continuation and test of $20.400

Further Development



Analyzing the current trading chart of BTC, I found that that BTC is in contraction and there is potential for the upside continuation.

My advice is to watch for buying opportunities on the dips with potential upside target at the price of $20,400.

Stochastic oscillator is starting to flip to the upside with potential test reject of the middle Bollinger band, which is sign that buyers are still in control.

Key resistance is set at thge price of $20,000


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

[IFX_Selena]

Technical Analysis of ETH/USD for 02 December 2020

Crypto Industry News:
According to the information on the websites, the first part of the new version of ETH based on proof-of-stake (PoS) was launched several hours ago. So officially Ethereum 2.0 has already been launched. This is a milestone not only for the Ethereum project itself, but also for the entire cryptocurrency community.

Yesterday's premiere ends the opening act, or "Phase 0", of the transition of the Ethereum consensus mechanism, under which the network - whose native cryptocurrency, Ether, worth $ 70 billion by market capitalization - will fundamentally change the way payments are settled.

The Beacon Chain will be the backbone of the new Ethereum blockchain, a network that is expected to keep pace with PayPal and Visa in terms of transaction processing speed while competing with them for payment transparency.

Ethereum 2.0 has at least two technical hurdles to achieve its ever-changing timeline: dynamically splitting the Ethereum PoS chain into multiple datasets called "shards" and implementing Rollups, a bandwidth solution for decentralized applications (dapps).


Technical Market Outlook:
The ETH/USD pair has hit the level of $635.46 before it was capped and reversed towards the level of $561.91 The momentum is still strong and positive, so the up trend might be still continued. The levels of $600, $578.89 and $548.16 will now act as temporary technical support for the price. The nearest technical resistance is seen at the level of $600 and $620.52. The is no indication of the up trend reversal on the higher time frames like weekly and monthly.

Weekly Pivot Points:
WR3 - $771.53
WR2 - $696.42
WR1 - $633.11

Weekly Pivot - $557.97
WS1 - $496.01
WS2 - $420.20
WS3 - $358.90


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, 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 $587.53 on the weekly time frame chart, but the current up trend is still valid. 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 02 December 2020

Crypto Industry News:
Nicolas Maduro's regime continues to rely on cryptocurrencies to maintain economic solvency.

Via Instagram, the Engineering Brigade of the Venezuelan Army has launched the new 'Bolivarian Army of Venezuela Digital Assets Production Center'. As the video shows, at the center are various ASIC miners used to crack proof-of-work algorithms.

The new mining operation was presented by General Lenin Herrera. He said that the stated purpose of the mining operation was to "strengthen and self-sustain our Bolivarian Army units", later adding that the mining centers would generate an "unblockable source of income" and an alternative to "a system of trust blocked and controlled by colonial interests," referring to The United States, which imposed sanctions on many associates of the Maduro regime.

Venezuela has experienced historic inflation in recent months as oil prices plunged and the political turmoil took its toll before COVID-19. According to September reports, Maduro proposed the use of cryptocurrencies in order to avoid sanctions and gain access to financing from international allies. These intentions are not new. The Maduro administration has even gone so far as to launch and promote its own cryptocurrency Petro, which has had limited success.

On the other hand, the U.S. military is also keeping a close eye on Venezuela's cryptocurrency. Recently, Admiral Craig Stephen Faller referred to Maduro's use of cryptocurrencies and even went so far as to link their use to drug trafficking and terrorism, adding that the armed forces watch over all such operations.


Technical Market Outlook:
The BTC/USD pair had made a new all time high (ATH) at the level of $19, 891 (at the time of writing this article), but then reversed quickly towards the level of $18,211, so the big Pin Bar candles was made at the H4 time frame chart. The levels of $18,388, $18,000 and $17,644 will now act as a key technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $20,000 and then continue the up trend towards the new all time highs. Please notice, there is no indication of up trend termination on a daily, weekly and monthly time frame chart yet.

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 just made a new ATH 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 December 01,.2020 - Balancing mode on BTC and potential for the imbalanced regime

Further Development



Analyzing the current trading chart of BTC, I found that the price is trading sideways at the important pivot level at $19,500.

My advice is to watch carefully the price action around key pivot at $19,500.

The downside movement and strong momentum can lead us for test of $17,500

The upside breakout of the the key pivot at $19,500 can lead us for test of $20,800.

Key Pivot: $19,500



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

[IFX_Selena]

Technical Analysis of ETH/USD for 01 December 2020

Crypto Industry News:
Several experts from various European banks agreed that we are even four or five years away from the proof of the digital euro concept.

In today's panel entitled "Upgrading money to the digital age: bringing the digital euro", participants agreed that the current task is primarily to familiarize everyone with the specifics of the digital euro, postponing real implementation for the future.

Central bank digital currencies, or CBDC, have been an extremely popular topic of debate in recent years, but especially since the onset of the COVID-19 pandemic.

Austeja Sostakaite from the European Central Bank said the ECB would not make a decision on whether to pursue the digital euro by mid-2021, which contradicts the ECB president's estimates earlier this month. The question for now, he said, is: "How do you introduce the euro into the ecosystem and how does it work with commercial bank money?"

Swedish Riksbank advisor Carl Andreas Claussen said the central bank was finalizing its e-krona concept review in February, but similarly estimated that the real launch would be "in four or five years".

"There are several legal issues and it is such a big issue that we cannot make a decision. We need political support. We proposed to the parliament that it set up a committee of experts to take care of it," he said.

Sweden is part of the European Union but not the euro area, which means it keeps its own currency. The internal use of cash in Sweden is among the lowest in the world.


Technical Market Outlook:
The ETH/USD pair is approaching the level of $620.52. So far the local high was made at the level of $592.29, because it hit the 38% Fibonacci retracement on the Weekly time frame. The momentum is strong and positive, so the breakout back above the $620.52 is just a matter of time. The levels of $600 and $578.89 will now act as temporary technical support for the price. The is no indication of the up trend reversal on the higher time frames like weekly and monthly.

Weekly Pivot Points:
WR3 - $771.53
WR2 - $696.42
WR1 - $633.11

Weekly Pivot - $557.97
WS1 - $496.01
WS2 - $420.20
WS3 - $358.90


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, 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 $587.53 on the weekly time frame chart, but the current up trend is still valid. 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 01 December 2020

Crypto Industry News:
Cryptocurrency fraud and theft are likely to rise in the post-COVID-19 world, according to a new report from Kaspersky Lab.

Securelist, Kaspersky's cyberthreat research division, has released a report on cyber threats to financial organizations that predicts certain types of financial attacks that are likely to increase in 2021. Securelist predicted that the poverty wave triggered by the COVID-19 pandemic will inevitably lead to "more people resorting to crime, including cybercrime." It could also mean an increase in Bitcoin crimes.

According to Kaspersky's research department, Bitcoin is likely to be the most attractive resource for cybercriminals as it is the most popular digital asset.

"We can see some economies collapsing and local currencies plummeting, which would make Bitcoin theft much more attractive. We should expect more scams, mainly targeting BTC, as this cryptocurrency is the most popular" - we read.

Securelist researchers also suggested that internet perpetrators could switch to more privacy-focused digital assets such as Monero. According to the company, the change would come due to an increase in "the technical capabilities to monitor, de-anonymize, and hijack Bitcoin."

"[...] We should expect cybercriminals to switch to transit cryptocurrencies in order to charge victims. There is reason to believe that they may switch to other privacy-enhancing currencies such as Monero to first use them as a transition currency, and then convert the funds to any other selected cryptocurrency, including BTC "- the company says.


Technical Market Outlook:
The BTC/USD pair had made a new all time high (ATH) at the level of $19, 792 (at the time of writing this article). The levels of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a key technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $20,000 and then continue the up trend towards the new all time highs. Please notice, there is no indication of up trend termination on a daily, weeky and monthly time frame chart.

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 just made a new ATH 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 30,.2020 - Watch the price action around key pivot level at $19.450

Further Development



Analyzing the current trading chart of BTC, I found that tBTC is close to important pivot level at $19,450.

My advice is to watch for the price action around key pivot level to see the further direction.



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

[IFX_Selena]

Technical Analysis of ETH/USD for 30 November 2020

Crypto Industry News:
The market capitalization of Tether (USDT), a US dollar-anchored stablecoin, has increased in recent weeks, potentially fueling Bitcoin's recent rise that has pushed prices to near-historic highs.

Paolo Ardoino, who works as a dual CTO at Bitfinex and Tether, tweeted on Thursday that USDT's supply had increased by 1 billion in nine days, marking the second fastest expansion in its history. The record was set on September 4, 2020, when the supply of USDT in circulation increased by 1 billion in eight days.

Tether has a market capitalization of nearly 19 billion dollars, which means there are approximately $ 19 billion in circulation at a price of $ 1.00. According to CoinMarketCap data, Tether's market capitalization has almost quadrupled since the beginning of 2020.

With the current supply in circulation, Tether has the fourth largest market cap of any cryptocurrency. USDT and other so-called stablecoins offer fiat bridges to the cryptocurrency markets, thus minimizing price volatility and ensuring ease of redemption after the sale of digital assets. While USDT is purportedly backed by real dollar reserves, Tether has never fully audited its bank accounts. In 2019, it was found that the USDT was not entirely pegged to the dollar, but rather that the supply in circulation was only 74% hedged by cash and short-term securities.

Tether is also managed by the same management group that oversees Bitfinex, one of the largest cryptocurrency exchanges in the world. It is alleged that Tether and Bitinex manipulated the 2017 bull market, although proving such a claim is difficult due to the complex nature of decentralized cryptocurrency markets.


Technical Market Outlook:
The ETH/USD pair has bounced from the level of $483.30 and now is approaching the level of $600. So far the local high was made at the level of $592.29, because it hit the 38% Fibonacci retracement on the Weekly time frame. The momentum is strong and positive, so the breakout back above the $600 is just a matter of time. After the corrective pull-back is made, the market participants should continue the up trend and test the recent swing high located at the level of $620.52. The is no indication of the up trend reversal on the higher time frames and the monthly close looks very bullish.

Weekly Pivot Points:
WR3 - $771.53
WR2 - $696.42
WR1 - $633.11

Weekly Pivot - $557.97
WS1 - $496.01
WS2 - $420.20
WS3 - $358.90


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, 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 $587.53 on the weekly time frame chart, but the current up trend is still valid. This scenario is valid as long as the level of $360 is broken.






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