Technical Analysis of BTC/USD for July 7, 2020

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Crypto Industry News:

The Philippines Securities and Exchange Commission has warned the public about individuals and groups involved in unauthorized cryptographic investments and transactions, adding that those involved in cryptographic programs can be fined, 21 years in prison or both, explaining:

“A maximum fine of P5 5 million, imprisonment up to 21 years or both are waiting for those who act as sellers, brokers, dealers or agents of entities involved in unauthorized investment programs […] The Bayanihan to Heal As One Act, also punishes participating in cyber incidents that exploit the current crisis as a result of the COVID-19 explosion to rob the public through fraud, phishing, fake emails or other similar activities. ”

The Philippine authorities also listed three unauthorized Ponzi cryptographic programs, one of which uses the Ethreum blockchain protocol: Forsage, RCashOnline and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc.

According to the Philippine SEC, both Forsage and RCashOnline do not have the necessary licenses to operate. Therefore, they cannot accept investment from the public or issue investment agreements or other forms of securities. All three projects have one thing in common: they are Ponzi diagrams by nature. According to the statement, in addition to the lack of necessary licenses, the Forsage compensation plan resembles the Ponzi program, in which investors are paid from the contribution of new investors. RCashOnline relies heavily on recruiting members for high cash prizes, not selling products. The SEC warned that in the event of cancellation of a company such as The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc, for purposes other than liquidation, all other activities are illegal.

Technical Market Outlook:

The BTC/USD pair has retraced over 50% of the last wave down and made a local high at the level of $9,329. Only a sustained breakout above the $9,400 would put the bulls back in control over the market again. This level is very close to the 61% Fibonacci retracement located at the level of $9,375, so breakout will require a lot of momentum, which for now is strong and positive. The local technical support is seen at the level of $9,240 and $9,154.

Weekly Pivot Points:

WR3 – $9,487

WR2 – $9,346

WR1 – $9,113

Weekly Pivot – $8,999

WS1 – $8,779

WS2 – $8,645

WS3 – $8,425

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

Source:: Technical Analysis of BTC/USD for July 7, 2020:

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