Technical analysis of BTC/USD for 10/03/2020:

Crypto Industry News:

The German financial regulator stops KKT UG from Berlin, which allows consumers to buy and sell cryptocurrencies at ATMs. According to the published BaFin statement, the owner, who runs KKT UG as managing editor, will cease cross-border trade in property rights.

On its website, the company advertises 24 Bitcoin machines for the purchase and sale of cryptocurrencies in Germany. What's more, its activities cover the whole of Europe.

According to BaFin, the company conducts commercial trading of property rights through KKT UG, which requires a BaFin license under the German Banking Act (Kreditwesengesetz, KWG). The operator apparently lacked the necessary permission.

ATMs with cryptocurrencies have so far had uncertain status in Germany. By January 2020, obligations in this area had not been fully clarified. In proceedings on September 25 last year against the Bitcoin-24 Bitcoin exchange operator, which was discontinued, the Berlin Court of Appeal (Kammergericht Berlin) ruled that commercial trading of Bitcoins without the explicit consent of the authorities is not punishable.

In 2020, the German government decided to introduce new anti-money laundering regulations. From next year, cryptocurrency-related companies, such as digital exchanges, trustees and portfolio providers will need a license issued by BaFin.

Technical Market Overview:

The BTC/USD pair has made a new swing low at the level of $7,640 and currently, BTC/USD trades around the level of $7,930 as it is trying to bounce higher. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $7,581 and $7,474.

Weekly Pivot Points:

WR3 - $9,697

WR2 - $9,419

WR1 - $8,697

Weekly Pivot - $8,456

WS1 - $7,720

WS2 - $7,436

WS3 - $6,712

Trading Recommendations:

The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.

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