Technical analysis of BTC/USD for 09/07/2019:

Crypto Industry News:

The self-proclaimed creator of Bitcoin Craig Wright allegedly provided falsified court documents to prove a trust deed with his reasons, according to the documents disclosed on Twitter by court lawyer Stephen Palley.

According to Palley, the self-proclaimed Satoshi Nakamoto did not prove his case by presenting court documents that Palley considers false because they contain many chronological discrepancies.

Among the evidence filed with the South Florida District Court on July 3, there is a trust document submitted as evidence of collaboration between Wright and David Kleiman, now whose lawyers filed a case against Wright in February 2018. Kleiman's lawyers accuse Wright of stealing hundreds of thousands of Bitcoins - with a present value of over USD 5 billion - after Kleiman's death in April 2013.

While the submitted trust document is dated October 23, 2012, the file metadata indicates that the document was created after Kleiman's death, as Palley said. The trust document apparently uses the copyright notice from 2015 regarding Calibri, the Microsoft Word font, thus indicating that the document can not come from an earlier period.

At the end of June, Wright declared that he could not comply with the court order to provide a list of all of his first Bitcoin protocols, claiming that he had given Kleiman key information about funds and portfolios before his death.

Technical Market Overview:

The BTCU/USD pair has broken above the technical resistance located at the level of $12,363 and a new local high was made at the level of $12,687. The ABC correction seems to be completed now and the market might be ready for another wave up. The next target is seen at the level of $13,293 and if this level is clearly violated, then the next target for bulls is this year high at the level of $13,698.

Weekly Pivot Points:

WR3 - $14,886

WR2 - $13,428

WR1 - $12,616

Weekly Pivot - $11,119

WS1 - $10,237

WS2 - $8,716

WS3 - $7,123

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger ABC correction might have been completed and the market might be ready for another impulsive wave up.


The material has been provided by InstaForex Company -