Technical analysis of BTC/USD for 09/03/2020:

Crypto Industry News:

A French commercial court classified Bitcoin as a currency during a recent trial.

Local media reported that the commercial court in Nanterre decided on February 26 to qualify Bitcoin as an exchangeable resource that cannot be individualized like fiat money.

The ruling was part of the dispute between the French cryptocurrency exchange Paymium and the BitSpread investment company dealing with alternative assets. According to a report, Paymium granted BitSpread in 2014 a loan of 1,000 Bitcoins.

Holding a leased 1,000 BTC, BitSpread also obtained 1,000 Bitcoin Cash when a hard fork creating altcoin was carried out in 2017. Now both sides are questioning BCH rights worth over $ 350,000.

To resolve the dispute, the court had to deal with the legal nature of Bitcoin, and after defining it as a convertible asset, it identified a Bitcoin loan as a consumer loan. This type of loan transfers ownership to the borrower during the loan period.

For this reason, the court stated that Bitcoin Cash belongs to the borrower, as dividends belong to shareholders. The article suggests that because of this court ruling, future cryptocurrency loan agreements may contain a clause regarding the return of additional assets created by the fork.

Technical Market Overview:

The BTC/USD pair has been falling lower during the weekend and all the technical support levels had been violated. Currently, the Bitcoin trades around the level of $7,930 after the swing low has been made at the level of $7,670. 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.

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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