Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 15 December 2020

Crypto Industry News:
Sygum, a leading cryptocurrency bank in Switzerland, has successfully tokenized its blockchain shares in preparation for the upcoming public sale. According to the official announcement on December 14, the bank tokenized its shares in the Ethereum Blockchain chain using the proprietary Desygnate tokenization platform.

Blockchain-based platform emits digital representations of stocks and related rights and bonds in a distributed ledger, providing an alternative to traditional capital-raising options such as Initial Public Offering or IPO. At the end of November 2020, the platform is to be fully compatible with the new Swiss law on distributed ledger technology, which enters into force from February 2021. Mathias Imbach, co-founder of Sygum and CEO at Desygnate, said that Sygum is the first bank in the world to tokenize its own shares:

"We are delighted to be the first bank in the world to tokenize our shares. This is an important step towards fulfilling our mission of creating more direct and efficient access to property and value. This includes new models of engagement with our clients and partners and ultimately ensures liquidity for our trusted shareholders "- he said.

By means of tokenization, Znakum wants to simplify a number of processes related to the company's shares, such as the need for buyers to inform Sygum about a manual update of the shareholder register. Tokenization also reduces the administrative burden of written form requirements when transferring shares between buyers and sellers.


Technical Market Outlook:
The ETH/USD pair has retraced 61% of the last wave down and hit the level of $595.49 before the Bearish Engulfing pattern had been made. Please notice, the level of $587.87 is the 38% Fibonacci retracement on the weekly time frame as well. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $600 again soon. The next technical resistance is seen at the level of $620.52 and the technical support is located at $558.85.

Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59

Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34


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. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. 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 15 December 2020

Crypto Industry News:
The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to the former governor of the People's Bank of China (PBoC).

Zhou Xiaochuan, president of the Chinese Financial Association and former governor of the PBoC, said the Chinese digital yuan is not intended to replace global fiat currencies like the US dollar and the Euro, Chinese media reported.

Also known as electronic payment in digital currency or DCEP, Chinese digital yuan was designed with the sole purpose of transforming cross-border trade and investment, Zhou said. He contrasted the Chinese digital currency with the Facebook-backed cryptocurrency project previously known as Libra. Zhou added that China has learned from global regulatory opposition to the Libra project, and regulators fear it will disrupt financial systems and monetary sovereignty.

"Some countries are worried about the internationalization of the yuan [...] We cannot push them on sensitive issues and we cannot impose our will," he added.

Zhou noted that one of the main advantages of DCEP is that it allows both payments and real-time currency conversion. "If a currency exchange occurs at the time of a retail transaction, and there is supervision of the exchange [...], this opens up new interconnection possibilities," he said.

Zhou also stressed that most retail cross-border payments involving Chinese consumers are already cashless and settled via credit cards or payment services such as Alipay and WeChat Pay, however, digital yuan has additional benefits such as real-time processing and transparency.


Technical Market Outlook:
The BTC/USD pair has bounced from the level of $17,579 and went straight up. The local high was made at the level of $19,517 where was capped after the Bearish Engulfing candlestick pattern occurred. The nearest technical support is seen at the level of $19,000 and the next technical resistance is located at $19,625. The momentum is strong abd positive, so the higher time frame trend remains up, but breakout below the level of $19,000 will open the road towards the next technical support seen at $18,571.

Weekly Pivot Points:
WR3 - $21,188
WR2 - $20,624
WR1 - $20.024

Weekly Pivot - $18,707
WS1 - $18,177
WS2 - $16,940
WS3 - $16,341


Trading Recommendations:
Bitcoin 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]

BTC analysis for December 14,.2020 - BTC is aproaching our first upside target at $19.530. Chance for test of $19.880

Further Development



Analyzing the current trading chart of BTC, I found that BTC did have strong upside run as we expected lat week.

My analysis from last week is still active and the BTC is going to test first upward target at $19,530 and eventual second target at $19,880.

My advice i still to watch for the buying opportunities on the pullbacks using the intraday charts 15/30 minutes....


Key Levels:

Resistance: $19,530 and $19,880

Support level: $17,660




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

[IFX_Selena]

Technical Analysis of BTC/USD for 14 December 2020

Crypto Industry News:
Russian Federation is the latest country to officially require its government officials to report their cryptocurrencies. President Vladimir Putin signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021, the local news agency reported on December 10.

The decree, which was officially released on Thursday, provides for new measures related to Russia's federal cryptographic law "On Digital and Financial Assets" (DFA). The form requires officials to disclose information such as the name of the digital asset, the date of acquisition, the total amount of assets held, and information about the issuer of the asset such as the country of registration.

The declarations must contain information on cryptocurrencies and tokens belonging to officials, as well as their spouses and minor children. As we read in the decree, the disclosure process will start on January 1, 2021. According to some local crypto players, the new regulatory initiative will have a positive impact on the Russian cryptocurrency ecosystem.


Technical Market Outlook:
The BTC/USD pair has bounced from the level of $17,579 and went straight up towards the $19k target. The local high was made at the level of $19,359 and since then the market is consolidating in a narrow range. The nearest technical support is seen at the level of $19,000 and the next technical resistance is located at $19,625. The momentum is strong abd positive, so the higher time frame trend remains up.

Weekly Pivot Points:
WR3 - $21,188
WR2 - $20,624
WR1 - $20.024

Weekly Pivot - $18,707
WS1 - $18,177
WS2 - $16,940
WS3 - $16,341


Trading Recommendations:
Bitcoin 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 14 December 2020

Crypto Industry News:
The new crypto plugin will allow WordPress publishers to profit from advertising directly to their Ethereum wallets, according to the plugin's description on December 10 posted on the official WordPress site.

A plug-in called "EthereumAds" will allow content publishers to sell ad space to ETH using smart contracts.

"After inserting our widget, your ad space is automatically auctioned using our smart contract every two weeks to the highest bidder," we read in the official description.

According to the EthereumAds website, the WordPress plugin plans to compete with Google AdSense by allowing publishers to monetize ETH through banner ads. EthereumAds promises in particular to provide publishers with lower commissions:

"Google Adsense only pays 68% of your advertising earnings. On the other hand, we pay you as much as 90%."

The new advertising plugin is applicable to all kinds of content such as websites, blogs, billboards and is not limited to cryptocurrency related content. As EthereumAds intends to compete with major ad-monetization platforms like Google AdSense, it remains to be seen how traditional ad platforms handle their cryptocurrencies.

Providing the world's largest ad-monetization platform, Google has had some issues with cryptocurrencies in the past. In April 2020, the media reported that Google AdSense was displaying fake cryptographic ads while banning some legitimate crypto companies from using its services. Google Ads previously blacklisted keywords that mention Ethereum, as reported in January 2019.


Technical Market Outlook:
The ETH/USD pair has bounced from the local low made at the level of $534.46. The bounce has hit the level of $594.80 and currently is consolidating. Please notice, the level of $587.87 is the 38% Fibonacci retracement on the weekly time frame. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $600 again soon. The next technical resistance is seen at the level of $620.52 and the technical support is located at $558.85.

Weekly Pivot Points:
WR3 - $699.05
WR2 - $651.58
WR1 - $626.59

Weekly Pivot - $578.29
WS1 - $553.79
WS2 - $505.49
WS3 - $481.34


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. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. 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 11 December 2020

Crypto Industry News:
Fidelity Digital Assets, the crypto arm of the asset management conglomerate, will allow institutional clients to pledge their Bitcoins as collateral for a cash loan.

As reported Wednesday by Bloomberg, the company worked with the cryptocurrency lender BlockFi to withdraw loans. Institutional clients of the Fidelity fiduciary solution will be able to take out cash loans from stored Bitcoins without having to transfer them, as long as they have an account with BlockFi.

The primary customers for this feature are hedge funds, miners, and OTC outlets. In addition, secured loans are typically used to gain access to liquidity without losing a long position on the underlying assets. Cash can be used to enter leveraged positions and build a hedging strategy or cover the cost of the business.

The loan-to-value ratio will be set to 60%, which means that each $ 1,000 of collateral can pay back a maximum of $ 600. However, this parameter may vary depending on the specific needs of the client. Fidelity explained that it does not play any role in setting the terms of the loan, limiting its contribution to the tripartite agreement to hold Bitcoin.

Fidelity Digital Assets has been providing Bitcoin storage services since October 2019. It has also recently started offering its services to the Asian market.


Technical Market Outlook:
The BTC/USD pair has been capped at the level of $18,571 where the Pin Bar candlestick was made at the H4 time frame chart. This level will now act as a technical resistance for the price. The level of $18,000 is still a valid technical support and any further violation of this level will open the road to the level of $17,579 and $17,000. Please notice the market is finally coming off the extremely overbought conditions as well and the momentum is now weak and negative.

Weekly Pivot Points:
WR3 - $21,987
WR2 - $20,958
WR1 - $20,107

Weekly Pivot - $19,077
WS1 - $18,325
WS2 - $17,164
WS3 - $16,350


Trading Recommendations:
Bitcoin 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]

BTC analysis for December 10,.2020 - Balancing mode on BTC and potential for the imbalanced regime to the upside

Further Development



Analyzing the current trading BTC, I found that there is potential for the upside continuation and end of the downside correction ABC.

Watch only for long opportunities on the pullbacks with the potential targets at $19,520 and $19,900


Key levels:

Resistance: $19,520 and $19,900

Support level: $17,700



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

[IFX_Selena]

Technical Analysis of ETH/USD for 10 December 2020

Crypto Industry News:
GrayScale, the US stock provider of ethereum fund exempt from the Securities Act, announced that it has purchased another 105,927.51301273 Ethereum worth $ 62,975,646.

The last report was made by Grayscale exactly one week ago. This means that another 100,000 ETH has been sold this week, up from 78,229.44246893 ETH, which is $ 44,239,108 as of December 1st. In addition, the asset manager appears to remain intent on buying ETH 3 million, making it one of the world's largest ETH custodians.

However, the Grayscale Ethereum Trust (ETHE) is limited to accredited investors, that is, wealthy individuals or institutional investors. This leads GrayScale to currently handle assets of over $ 12 billion.

Demand further led to a significant ETH trading premium of around $ 1,200 in ETHE at 0.1 ETH per share. Consequently, calls for an ETF are rising again. Many expect the new administration to approve them right now, when the cryptocurrency industry is receiving great interest from institutional investors.


Technical Market Outlook:
The ETH/USD pair has moved lower in a corrective slide towards the level of $531.05, way below the key short-term technical support for the price seen at the level of $548.16. If the low is violated again, then the next important technical support is seen at $517.40 and $500. The momentum is now weak and negative, the price is still trading below the short-term trend line, so the corrective cycle still have a room to go lower. Please notice, the market is finally starting to come off the extremely overbought levels as well.

Weekly Pivot Points:
WR3 - $712.54
WR2 - $673.34
WR1 - $636.36

Weekly Pivot - $596.47
WS1 - $560.79
WS2 - $521.20
WS3 - $484.02


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 10 December 2020

Crypto Industry News:
Representative of JPMorgan Chase & Co. Recently stated that bitcoin adoption among institutional investors has only just begun, while for gold its adoption by institutional investors is well advanced.

It has been calculated that only 0.18% of JP Morgan's assets are in bitcoin and 3.3% in gold. JPM suggests that some of this gold may end up in bitcoin. Strategists add that bitcoin's growth is at the expense of gold. Morgan Stanley's chief global strategist, Ruchir Sharma, however, says Bitcoin's rise is more tied to the dollar:

"Printing of the money is likely to continue even after the pandemic is over," Sharma said in a news article. "Trusted or not, bitcoin will benefit from increased distrust of traditional alternatives."

"Don't assume that your traditional currencies are the only store of value or medium of exchange that people will ever trust. Tech-savvy people are likely to continue looking for alternatives until they find or invent them. And intervention to regulate the digital currency boom, which some governments are already considering, can only accelerate this populist revolt, "he says.

Research has shown that another reason for bitcoin's growth is simply because it is a brand new, uncorrelated asset. The May halving of the cryptocurrency king's network also contributed to this, the market capitalization of which has literally increased from zero to $ 560 billion in the last 12 years. These things don't usually last 12 years, so there are good reasons for that.


Technical Market Outlook:
The BTC/USD pair has dropped to the level of $17,682 where the Pin Bar candlestick was made at the H4 time frame chart and the market was able to bounce a little. The bounce has made a local high at the level of $18,578, so just a little above the technical resistance seen at the level of $18,444. The level of 418,000 is still a valid technical support and any further violation of this level will open the road to the level of $17,579 and $17,000. Please notice the market is finally coming off the extremely overbought conditions as well and the momentum is now weak and negative.

Weekly Pivot Points:
WR3 - $21,987
WR2 - $20,958
WR1 - $20,107

Weekly Pivot - $19,077
WS1 - $18,325
WS2 - $17,164
WS3 - $16,350


Trading Recommendations:
Bitcoin 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]

BTC analysis for December 09,.2020 - Completion of the ABC downside correction and possibility for test of $19.500

Further Development



Analyzing the current trading chart of BTCI found that there is potential for the another upside movement due to potential for the completion of the downside correction ABC.

Watch for buying opportunities with the targets at $19,520 and $19,900

Stochastic oscillator is in oversold area which is another confirmation for further upside movement.


Key Levels:

Resistance: $19,520

Support level: $17,500



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