Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 21 December 2020

Crypto Industry News:
A recently released US Department of Justice audit of the practices of the Federal Bureau of Investigation (FBI) in relation to Darknet criminal investigations found law enforcement in a mess - with an overarching "cryptocurrency support strategy."

According to the public version of the audit released on Thursday, the FBI's current efforts to investigate the Dark Web are - perhaps ironically - hampered by a "decentralized" set of practices, policies and training programs, and fragmented intelligence leading to "redundant" efforts.

In particular, the audit found that there are two separate virtual currency teams to assist with investigations into the Dark Web, both of which are funded by the Department of Justice's Asset Forfeiture Fund. In addition, "rising costs and continued funding from the Fund caused a dispute between the two Virtual Currency Teams on resource prioritization" and many felt the teams were carrying out overlapping work.

The fund receives a portion of its funds by seizing and selling property and assets, including cryptocurrencies, related to criminal investigations. The Department of Justice has issued five recommendations to streamline investigations and policies on the Darknet, many of which focus on centralizing procedures to reduce "ambiguous or overlapping investigative obligations". This includes the recommendation to "develop a timeframe to obtain feedback from the rest of the FBI and complete the development of cryptocurrency support strategies across the FBI." The report also indicated that such a schedule was approaching.


Technical Market Outlook:
After the ETH/USD pair had made a new swing high at the level of $673.52, the bulls experienced slight problems with momentum. The market has made a Pin Bar candle at the top of the rally at the H4 time frame chart, so now the local pull-back is in progress. The bearish have managed to push the price to the level of $620.52 before the bounce. The momentum has declined, but is still strong and positive, so the bulls might attack the level of $700 again soon. The next technical resistance is seen at the level of $673.52 and the technical support is located at $635.46 and $620.52.

Weekly Pivot Points:
WR3 - $777.02
WR2 - $722.62
WR1 - $678.76

Weekly Pivot - $626.41
WS1 - $580.02
WS2 - $527.98
WS3 - $482.35


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 ETH/USD for 18 December 2020

Crypto Industry News:
A country hailed as one of the most cryptocurrency-friendly in the European Union in 2020 has revoked the licenses of more than 1,000 crypto companies.

According to the Postimees news site, the Estonian Financial Intelligence Unit (FIU) has revoked the licenses of around 70% of the country's virtual currency companies this year. Veiko Tali, deputy secretary general of the Government Committee on the Prevention of Money Laundering and the Financing of Terrorism, said the remaining crypto firms also needed "close attention" given the potential risks:

Following these changes, the media said there are 400 cryptocurrency service providers in Estonia with the appropriate licenses. The financial supervision authority said that 900 such companies operated in the country last year.

Serious action took place in June when the FIU revoked the licenses of 500 crypto companies in response to the $ 220 billion money laundering scandal. Regulators withdrew the permits because crypto firms had failed to get started within six months of obtaining a license.


Technical Market Outlook:
The ETH/USD pair has been seen moving up along with Bitcoin and made a new swing high at the level of $673.52 (at the time of writing the article). The market has made a Pin Bar candle at the top of the rally at the H4 time frame chart, so now the local pull-back is in progress. The momentum has increased as well and is strong and positive, so the bulls might attack the level of $700 again soon. The next technical resistance is seen at the level of $673.52 and the technical support is located at $635.46 and $620.52.

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 18 December 2020

Crypto Industry News:
Both Binance and Coinbase had technical problems yesterday - the same day Bitcoin first broke the $ 20,000 mark. Binance linked its problems to the number of people browsing the stock exchange.

Changpeng Zhao, aka CZ, CEO of Binance, wrote on Twitter:

" #Bitcoin just jumped. There were scaling problems. It should work for now. Underestimated demand. We're still adding MUCH more 'servers'. "

CZ posted another update about half an hour later, revealing improvements as well as a drastic increase in the number of users on the platform. "There are still lag issues here and there. We're working on it, everyone on board, "he wrote on Twitter, adding:" Bitcoin is up 5%, traffic is up 30 times. By 14:56 UTC the situation had been resolved.

Bitcoin surpassed $ 20,000 for the first time on December 16 at 13:42 UTC, reaching close to $ 20,800 by 14:14. At 14:45 UTC, Coinbase also reported issues via its status page. "Coinbase.com is having connectivity issues," the exchange said. The issue was fixed at 4:27 PM.

Coinbase has a history of technical issues during periods of heavy traffic, often citing "connectivity issues" as the cause.


Technical Market Outlook:
The BTC/USD pair has made the new ATH at the level of $23,581, so the up trend is being continued. The market is consolidating the recent gains in a narrow zone after the three Pin Bar candles were made around the recent ATH. The nearest technical support is seen at the level of $22,000 and the next technical resistance (and target) is located at $24,000. The momentum is strong and positive, so the higher time frame trend remains up, but breakout below the level of $22,000 will open the road towards the next technical support seen at $21,000.

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 another 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 $30,000, 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 17,.2020 - BOth upside target reached at $21.200 and $23.500. Potential for the downside correction...

Further Development



Analyzing the current trading chart of BTC, I found that BTC reached both our upside targets from yesterday based on the Fibonacci expansion work at $22,000 and $23,500.


Key Levels:

Resistance:$23,700

Support levels: $22,300 and $20,500



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

[IFX_Selena]

Technical Analysis of ETH/USD for 17 December 2020

Crypto Industry News:
The hacker, who stole $ 8.3 million from the private wallet of Nexus Mutual CEO Hugh Karpa, sent a ransom note of $ 2.66 million on Ethereum.

In the published announcement, the hacker addresses Karp directly and seems to suggest that he will stop selling the stolen NXM until the price goes up or Karp sends 4,500 ETH.

It is unclear whether the hacker offered to return the remainder of the stolen NXM in the latter scenario, although that would likely be a precondition for Karp if he decided to send the ransom.

Any negotiation should be routed via the attacker's Ethereum address, and the message ends with a list of three wallet addresses that are allegedly owned by Karp, along with an assertion that he is "rich". The hacker managed to install an infected version of Metamask, which prompted Karp to sign a deal that transferred all of his NXM 370,000 to the attacker's wallet.

In an online tweet, Karp praised the attacker with the words "next level stuff", noting that it would be difficult to withdraw so much NXM and then offered a reward of $ 300,000 if the tokens were returned in full. However, the undaunted hacker has reportedly washed up to $ 2.7 million of the stolen NXM, and is now demanding a similar amount so as not to sell the rest.


Technical Market Outlook:
The ETH/USD pair has broken above the technical resistance seen at the level of $635.46 and made a new swing high at the level of $648.78 (at the time of writing the article). The momentum has increased as well and is strong and positive, so the bulls might attack the level of $700 again soon. The next technical resistance is seen at the level of $652.52 and the technical support is located at $635.46 and $620.52.

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 17 December 2020

Crypto Industry News:
In the end, what we've been waiting for a long time has happened. Bitcoin has managed to surpass its desired $ 20,000 and establish a new ATH. Aside from a very short period in 2017 on one particular stock exchange, the coin has never crossed this magical barrier.

The last few months have undoubtedly been exciting for the crypto community. The oldest cryptocurrency achieved huge price increases, which was also followed by the capitalization of the entire market. However, the situation has stagnated in the last few weeks, which has caused concern among investors.

Since breaking its previous ATH of 2017 in November, Bitcoin has made several unsuccessful attempts to break $ 20,000, but withdrew after each attempt. This led several analysts to consider the possibility that perhaps a full tank of the last rally was empty.

BTC, however, decided to try again and finally broke the important psychological barrier of 20,000. Dollars, hitting the peak at $ 22,200. This is how the new ATH was noted (at the time of writing the article).


Technical Market Outlook:
The BTC/USD pair has made the new ATH at the level of $22,200 (at the time of writing the article). The nearest technical support is seen at the level of $22,000 and the next technical resistance is located at $23,000. The momentum is strong and positive, so the higher time frame trend remains up, but breakout below the level of $22,000 will open the road towards the next technical support seen at $21,000.

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 $30,000, 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.





Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2020

[IFX_Selena]

BTC analysis for December 16,.2020 - First target at $19.900 has been reached and potential for second target at $21.200

Further Development



Analyzing the current trading chart of BTC, I found our major upside target at the price of $19,885 has been reached.

I still see further upside movement due to strong upside momentum and potential test of next upside target at $21,200 (Fibonacci expansion 100%).

Watch for buying opportunities on the dips with the upside target at $21,200.


Key Levels:

Resistance: $19,885 and $21,200

Support level: $19,000




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

[IFX_Selena]

Technical Analysis of BTC/USD for 16 December 2020

Crypto Industry News:
According to strategists from a large investment bank JPMorgan, MassMutual's purchase of Bitcoins for $ 100 million shows that the demand for the cryptocurrency will continue to grow.

In a December 11 investor note, JPMorgan strategists, including Nikolaos Panigirtzoglou, reportedly suggested that Bitcoin adoption is spreading from family offices and wealthy investors to larger investors such as insurance companies and pension funds. As reported by financial media, experts said insurance companies and pension funds are unlikely to invest large amounts in Bitcoin, but even a small shift towards cryptocurrencies can be significant.

Strategists have calculated that if retirement funds and insurance companies in the United States, the Eurozone, the United Kingdom, and Japan allocate 1% of their assets to Bitcoin, demand will increase by an additional $ 600 billion. That's almost double the market capitalization of Bitcoin.

JPMorgan's strategists wrote: "The purchase of MassMutual's Bitcoins is another milestone in the adoption of Bitcoin by institutional investors. [...] There is a potential demand that may arise in the coming years as other insurance companies and pension funds follow MassMutual's example. "

Massachusetts-based insurance company MassMutual announced on December 11 that it had purchased $ 100 million in Bitcoin into its general investment account. MassMutual said the investment is part of a broad strategy designed to achieve "measurable but meaningful exposure to the growing economic aspect of our increasingly digital world."


Technical Market Outlook:
The BTC/USD pair has made the local high at the level of $19,517 where was capped after the Bearish Engulfing candlestick pattern occurred. The market is now consolidating the recent gains in a narrow zone located between the levels of $19,000 - $19,625. 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 and 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]

Technical Analysis of ETH/USD for 16 December 2020

Crypto Industry News:
Binance, the world's largest cryptocurrency exchange, has started shipping its physical Binance Visa cards in the European Economic Area. Coupled with the debut of its physical cards in the EEA region, Binance has also added Ethereum support to its cryptographic debit card, allowing customers to now pay with altcoin.

"Just move Ethereum to your card wallet and move it over other coins to make it your preferred means of payment" - writes Binance.

The physical Binance Visa card has a daily spending limit of 8,700 euros, while daily ATM withdrawals are 290 euros. According to the announcement, the cards offer up to 8% cashback and zero fees until 2021. Binance officially announced its cryptographic debit card in the EEA region in July 2020, initially offering Binance Visa virtual cards.

Since the Binance Visa Card plans were announced in April 2020, Binance has been actively promoting the new product. Following the card's introduction in the EEA, Binance announced its intention to expand worldwide and launch a cryptocurrency debit card in countries like Russia.


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. The market is still trading around this level as the consolidation continues. 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]

BTC analysis for December 15,.2020 - BTC is aproaching our first upside target at $19.530. Chance for test of $19.880

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



My analysis from yesterday 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