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Wave Analysis by InstaForex

This is a discussion on Wave Analysis by InstaForex within the Analytics and News forums, part of the Trading Forum category; Technical Analysis of ETH/USD for 08/05/2020: Crypto Industry News: The Commodity and Futures Commission (CFTC) has charged US and Israeli ...

      
   
  1. #661
    Senior Member InstaForex Gertrude's Avatar
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    Technical Analysis of ETH/USD for 08/05/2020:



    Crypto Industry News:
    The Commodity and Futures Commission (CFTC) has charged US and Israeli companies with alleged fraud of $ 15 million, including cryptocurrencies and binary options. Court documents mention two major frauds, the first of which occurred between October 2013 and November 2016 and concerns binary options. The second concerns digital resources such as Bitcoin and Ethereum, which took place from November 2013 to August 2018.

    CFTC charged Tal Valariola and Itayea Baraka of Digital Platinum Limited for helping the American company All In Publishing (AIP) to create and promote numerous misleading investment programs among US and foreign investors.

    During the allegedly misleading marketing campaign, as many as 51.917 users opened a binary options account and deposited a total of almost $ 13 million. In addition, 8,043 users opened a digital asset trading account, depositing a total of over $ 2 million.

    Technical Market Outlook:
    The ETH/USD pair has again bounced from 38% Fibonacci retracement located at the level of $195.94 and violated the short-term trend line resistance around the level of $205.23. The bulls are continuing the rally towards the level of $214.67, but so far were rejected from this level. There is a Bearish Engulfing pattern made around this level, so the rally might be temporary postponed. The nearest technical support is now seen at the level of $209.89.

    Weekly Pivot Points:
    WR3 - $296.61
    WR2 - $243.36
    WR1 - $224.05
    Weekly Pivot - $205.69
    WS1 - $188.49
    WS2 - $168.64
    WS3 - $150.80

    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    Analysis are provided byInstaForex.
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  2. #662
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    Technical Analysis of ETH/USD for 11/05/2020:



    Crypto Industry News:
    Vitalik Buterin believes that Ethereum can play a role in the future global crisis as a glue that helps unite nations.

    Ethereum co-founder was interviewed at Ethereal Summit 2020. Describing the current global crisis as more than financial, Buterin said that levels of political discord and distrust between countries highlighted the need for a network like Ethereum.

    "I strongly believe that the role of Blockchain chains - in particular Ethereum - is to play the role of a neutral global player for systems, currencies and applications for interaction. I think that anything created and maintained by nation states cannot play this role" - he said

    Describing the current situation as financial only "one-third", co-founder Ethereum also discussed the current situation compared to the global financial crisis in 2008 and whether the event could help fuel a new wave of cryptocurrency. Buterin said that cryptocurrencies like Ethereum could grow this time, solving "non-financial problems" in the world.

    Technical Market Outlook:

    The ETH/USD pair has dropped significantly towards the level of $177.50, which is a 61% Fibonacci retracement for the price and is currently hovering around this level. The momentum remains weak and negative, so the next target for bears is seen at the level of $164.45. The immediate technical resistance is seen at the level of $188.86 and $193.78. Please bear in mind, that there is only 13 hours left to the halving, which is highly anticipated event for all cryptoenthusiasts.

    Weekly Pivot Points:
    WR3 - $241.59
    WR2 - $228.78
    WR1 - $204.66
    Weekly Pivot - $191.03
    WS1 - $168.45
    WS2 - $154.83
    WS3 - $130.49

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets, nevertheless the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    Analysis are provided byInstaForex.
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  3. #663
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    Technical Analysis of BTC/USD for 12/05/2020:



    Crypto Industry News:
    The South Korean government plans to create a blockchain-based platform for storing and verifying the identity of digital independent vehicles in the city of Sejong, which is a testing ground for the introduction of new technologies.

    Asian media has announced that South Korea's Ministry of Science and ICT, along with the national internet technology supervisory body, Korea Internet & Security Agency, will guide the development of an identity management and verification platform. Although autonomous vehicles are still far from the mainstream, Sejong has already started preparing to fight the crimes associated with these advances.

    The LG Group technology wing, LG CNS and the Korean independent vehicle manufacturer will work with the authorities of the city of Sejong to develop a blockchain-based encrypted identifier, called a decentralized identifier or DID. This can help prevent illegal identity copying or hacking into independent vehicles. The report explains that the identity verification system will implement multiple layers of data encryption shared between cars and road objects using vehicle-to-everything or V2X communication.

    Although previously the government was uncertain about crypto, it did show consistent efforts to legitimize cryptocurrencies and develop favorable regulations. It is worth recalling that the Bank of Korea has launched a pilot program for assessing the logistics of the digital currency of the central bank or CBDC

    Technical Market Outlook:
    The BTC/USD pair has dipped 15% just before the halving and now, after the halving is done, there is no sign of the shopping frenzy behavior. Still the key level of support is still seen at $7,943, but the nearest technical support is currently seen at the level of $8,464. Any violation of this level will deepen the correction towards the level of $7,934 which is a key short-term technical support for bulls. Weak and negative momentum supports the short-term bearish outlook about 13 hours before halving.

    Weekly Pivot Points:
    WR3 - $11,485
    WR2 - $10,709
    WR1 - $9,512
    Weekly Pivot - $8,760
    WS1 - $7,652
    WS2 - $6,835
    WS3 - $5,708

    Trading Recommendations:
    The recent rally in Bitcoin was made in anticipation of Bitcoin halving and it is a classic pump and dump scheme. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.

    Analysis are provided byInstaForex.
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  4. #664
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    Technical Analysis of EUR/USD for May 13, 2020:



    Technical Market Outlook:
    The EUR/USD was rejected for the second time at the level of 38% Fibonacci located at 1.0862 after a Shooting Star candlestick pattern was mad around the level of 1.0878. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn't made a new local high yet, so the next target for them is still seen at the level of 38% Fibonacci retracement at 1.0862 and 1.0878. This level must be clearly violated in order to rally towards higher levels. The momentum remains neutral, but might turn negative any time now.

    Weekly Pivot Points:
    WR3 - 1.1136
    WR2 - 1.1058
    WR1 - 1.0936
    Weekly Pivot - 1.0853
    WS1 - 1.0718
    WS2 - 1.0627
    WS3 - 1.0520

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

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  5. #665
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    Technical Analysis of EUR/USD for May 14, 2020:



    Technical Market Outlook:
    The EUR/USD was rejected at the level of 50% Fibonacci located at 1.0892 after a Bearish Engulfing candlestick pattern was made at the end of the wave up. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn't made a new local high yet, so the next target for them is still seen at the level of 61% Fibonacci retracement at 1.0921. This level must be clearly violated in order to rally towards the swing high at 1.1017. The momentum remains neutral, but might turn negative any time now.

    Weekly Pivot Points:
    WR3 - 1.1136
    WR2 - 1.1058
    WR1 - 1.0936
    Weekly Pivot - 1.0853
    WS1 - 1.0718
    WS2 - 1.0627
    WS3 - 1.0520

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

    Analysis are provided byInstaForex.
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  6. #666
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    Technical Analysis of GBP/USD for May 15, 2020:



    Technical Market Outlook:
    The GBP/USD pair has broken below another technical support located at the level of 1.2246 and made a new local low at the level of 1.2165. Despite the oversold market conditions the momentum remains negative well and the odds for another wave down might be higher. The nearest technical resistance is seen at the level of 1.2246 and 1.2297 and the nearest technical support is located at the level of 1.2165. If the level of 1.2165 is clearly violated, then the next target for bears is seen at the level of 1.2012.

    Weekly Pivot Points:
    WR3 - 1.2730
    WR2 - 1.2608
    WR1 - 1.2508
    Weekly Pivot - 1.2380
    WS1 - 1.2283
    WS2 - 1.2157
    WS3 - 1.2054

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the GBP/USD pair the main trend is down, but the reversal will be possible when the coronavirus pandemic is tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

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  7. #667
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    Technical Analysis of ETH/USD for May 18, 2020:



    Crypto Industry News:
    Visa has applied for the creation of a digital currency on Blockchain at the United States Patent and Trademark Office.

    According to the published application, inventors Simon Hurry and Alexander Pierre of the Visa International Service Association in San Francisco applied for a patent for the digital currency registered on Blockchain and controlled by the computer of the central unit. The application cites Ethereum as a possible network, and the cryptocurrency itself would be a stablecoin. The application lists two points, one of which would indicate that "a digital currency was created for the amount associated with the denomination for the public key associated with the digital wallet." The second entry is about "removing physical currency from circulation in the currency system."

    While the US dollar is specifically mentioned as one of the fiat functional currencies to be used, the application said that the patent could apply to other central bank digital currencies such as pounds, yen and euros: "The physical currency of the central bank anywhere in the world can be digitized. "

    Technical Market Outlook:
    The ETH/USD pair has broken through the short-term trend line resistance around the level of $205 and made a new local high during the rally at the level of $216 (at the time of writing the article). The momentum behind the move up is strong, but the market conditions are extremely overbought on the daily time frame chart, so the rally might be short-lived. Nevertheless, the next target for bulls is seen at the level of $217.65 and $225.84.

    Weekly Pivot Points:
    WR3 - $259.01
    WR2 - $231.70
    WR1 - $222.59
    Weekly Pivot - $197.56
    WS1 - $188.48
    WS2 - $163.94
    WS3 - $154.56

    Trading Recommendations:
    The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    Analysis are provided byInstaForex.
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    Learn more about InstaForex Company at http://instaforex.com

  8. #668
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    Forecast for EUR/USD on May 19, 2020

    EUR/USD
    The euro grew by 94 points on several controversial factors yesterday - on the one hand, oil rose by 10.5% to 32.83 dollars and overall risk appetites increased, on the other hand, the EU summit considered a package of assistance to the affected sectors and regions, which is half as much, than expected - 500 billion against the expected 1 trillion. Moreover, it will be a fund, and not direct help, which creates additional bureaucratic difficulties. As often happens, the expected but not realized optimism worked on the market, that is, the euro's growth as a result occurred on speculation. The growth occurred on volumes equal to Friday, which indirectly confirms the speculative nature of yesterday's growth in the thin market.



    The price reached the price channel line just above the MACD line on the daily chart. The Marlin Oscillator is growing in the zone of positive values, so there is still a growth potential. Overcoming yesterday's high may send the euro to the upper border of the 1.5-month trading range of 1.0767-1.0995.

    It is possible to turn down prices directly from current levels, indicators will quickly return to the downward trend, the euro will go to the lower border of the range of 1.0767.



    The situation is not clarified on the four-hour chart. The price is above the indicator lines, Marlin is in the growth zone. All that remains is to wait for speculation to cool and then it will become clear what the market really intended.

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  9. #669
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    Technical Analysis of BTC/USD for May 20, 2020:



    Crypto Industry News:
    Robert Kiyosaki, businessman and author of the book Rich Dad, Poor Dad, again visited Twitter to announce his bullish position to Bitcoin. In a published tweet, Kiyosaki states that fear of a dying economy led him to buy more three assets, which he considers valuable outside of the traditional financial system: gold, silver and Bitcoin. The author's tweet describes how valuable he thinks every resource will be in the coming years.

    "I bought more silver and Bitcoin gold. GOLD [currently] at $ 1,700. I forecast $ 3,000 in 1 year. Silver [currently] at $ 17. I predict $ 40 for 5 years. Bitcoin [currently] at $ 9,800. I anticipate $ 75,000 in three years. "

    In numerical terms, this forecast reflects the expected annual increase of around 76%, 19% and 97% for gold, silver and Bitcoin, respectively. This indicates, at least according to Kiyosaki's calculations, that Bitcoin has the most favorable profit potential out of three.

    This is not the first time Robert Kiyosaki has used his platform to explain the benefits of Bitcoin and Blockchain. In recent months, the businessman has repeatedly talked about his faith in the future of these technologies.

    Technical Market Outlook:
    The BTC/USD pair has been seen hovering around the level of $10,000, which is the key short-term technical resistance for the bulls. The recent local high was made at the level of $9,884, so any violation of this level will lead to the local up trend extension towards the level of $10,227 - $10,430. The nearest technical support is seen at the level of $9,381. The nearest technical support is seen at the level of $9,382. Please notice, the market conditions on daily time frame chart are extremely overbought.

    Weekly Pivot Points:
    WR3 - $12,194
    WR2 - $10,994
    WR1 - $10,553
    Weekly Pivot - $9,337
    WS1 - $8,765
    WS2 - $7,555
    WS3 - 7,013

    Trading Recommendations:
    The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.

    Analysis are provided byInstaForex.
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  10. #670
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    European Economics Preview: Eurozone Flash PMI Data Due



    Flash Purchasing Mangers' survey results from euro area and the UK are due on Thursday, headlining a busy day for the European economic news.

    At 3.15 am ET, IHS Markit is scheduled to issue France's PMI data. Economists forecast the composite output index to improve to 32.0 in May from 11.1 a month ago.

    At 3.30 am ET, Germany's flash PMI data is due. The composite index is seen at 34.1 in May versus 17.4 in the previous month.

    At 4.00 am ET, Eurozone composite PMI data is due. The index is expected to advance to 25.0 in May from 13.6 in April.

    In the meantime, industrial production and producer prices are due from Poland. Economists forecast industrial output to fall 10 percent annually in April, faster than the 2.3 percent decrease in March.

    At 4.30 am ET, IHS Markit/CIPS publishes UK flash composite PMI data. Economists forecast the composite indicator to rise to 25.0 in May from 13.8 in April.

    At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey data. The order book balance is forecast to fall to -59 percent in May from -56 percent in the preceding period.

    At 7.00 am ET, Turkey's central bank interest rate announcement is due. Economists expect the central bank to cut its one-week repo rate to 8.25 percent from 8.75 percent.

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