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Technical Analysis of BTC/USD for July 3, 2020
Crypto Industry News:
The Russian criminal court rejected the claim for compensation to the victim of what would be a crime in many jurisdictions, arguing that Bitcoin, as a virtual currency, does not enjoy the same protection of property as other assets.
The case dates back to 2018, when two men pretending to be agents of the Federal Security Service and their associates kidnapped the victim and forced her to hand them over 5 million rubles or $ 90,000 in cash and 99.7 BTC – with a value of about $ 900,000 at that time. The kidnappers were sentenced to eight and ten years in prison.
As part of the criminal proceedings, the victim asked the court to force thieves to return the money they had stolen. The court partly issued a ruling in favor of the victim, claiming that thieves must pay back 5 million rubles. However, as far as cryptocurrencies are concerned, the court stated that it is not able to satisfy the claim because virtual currencies are not recognized by Russian law as legal tender or its surrogate.
The victim can still try his luck in a civil court. Regardless of future court proceedings, this court decision is extraordinary – in fact, it stated that the theft of Bitcoins is not a crime.
Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $9,240, but bulls had hit the technical resistance located at the level of 9,238, so the price pulled-back and finally hit the intraday support located at the level of $8,971. The momentum is still weak and negative, but keeps hovering around the level of fifty, which is a neutral level for the momentum indicator. The odds for another wave down are high. The next target for bears is seen at the level of $8,565, but in a case of an upside breakout, the next target for bulls is seen at the level of $9,290 (technical resistance level).
Weekly Pivot Points:
WR3 – $10,465
WR2 – $10,072
WR1 – $9,509
Weekly Pivot – $9,126
WS1 – $8,593
WS2 – $8,191
WS3 – 7,623
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. The key mid-term technical support is located at the level of $7,897.
The material has been provided by InstaForex Company – www.instaforex.com
