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Technical Analysis of BTC/USD for July 10, 2020:

Crypto Industry News:

Paul Grewal, a former American judge in California and deputy general legal adviser on Facebook, joins the legal team of the Coinbase Stock Exchange.

In a published statement on the Coinbase blog, the crypto exchange said that Grewal would help "pave the way to the next stage of awareness and the adoption of cryptocurrencies." The new legal director will also lead the legal team while Coinbase cooperates with financial services regulators and develops and releases new products and services.

According to Coinbase, Grewal oversaw more than a thousand cases in five years of work as a judge and "played a significant role" in Apple v. Samsung and Oracle v. Google, two key legal technology issues.

Coinbase's announcement comes two months after his former general attorney, Brian P. Brooks, left the stock exchange after two years. He is currently the head of the US currency control office, an office in the Treasury Department.

It is unclear whether the decision to choose Grewal was influenced by a recent class action lawsuit against Plaid "data plumber" Coinbase, which was filed after Brooks's departure. The plaintiffs claim that Plaid has violated privacy and data protection by collecting and generating revenue from the financial transactions of millions of users.

Technical Market Outlook:

The BTC/USD pair has retraced 61% of the last wave up and is currently trading around the level of $9,082. The local high was made at the level of $9,430, but since then the momentum turned negative and the bears are now in control of the market. The local technical support is seen at the level of $9,143 has been violated already, so the next target for bears is seen at the level of $9,000. Only a sustained breakout below the level of $9,290 would put the bulls 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 -