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Technical Analysis of BTC/USD for July 9, 2020
Crypto Industry News:
The Bolivarian National Guard in Puerto Ordaz, Venezuela, seized 315 Bitcoin mining machines manufactured by Bitmain. The owners of mining platforms were told that they did not have the necessary permits to own and operate machinery. They were also not authorized to transport machines during the COVID-19 quarantine.
Under current regulations, Venezuelan citizens who are interested in mining operations related to cryptocurrencies must obtain appropriate permits from a government office called the National Crypto Surveillance Authority. Owners who do not obtain these permits face fines and seizure of equipment.
Technical Market Outlook:
The BTC/USD pair has retraced 61% of the last wave down and is currently trading around the level of $9,375. The local high was made at the level of $9,430 and it is a third consequtive higher high during the rally. The momentum remains strong and positive, so the next target for bulls is seen at the level of $9,530. The local technical support is seen at the level of $9,240 and $9,154. Only a sustained breakout below the level of $9,154 would put the bears back into control over the market.
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
