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Technical Analysis of BTC/USD for July 24, 2020:

Crypto Industry News:

Steve Wozniak's lawyers and 17 others who have suffered from Bitcoin scams on YouTube have sued the platform and parent company Google for not taking swift action to ban the content.

According to a statement from the law firm Cotchett, Pitre & McCarthy, Google and its subsidiary YouTube have failed to protect users from fraudulent Bitcoin channels featuring photos and videos of Wozniak and other celebrities. Hijacked channels launch giveaway scams stating that anyone who sends cryptocurrencies to a specific address will receive significantly more cryptocurrencies in return when in fact they will not receive anything.

"If YouTube was acting fast to contain it to a reasonable degree, we wouldn't be here right now. YouTube, like Google, appears to rely on algorithms, and no special efforts have been made requiring special software for this type of criminal activity. If a crime is committed, you must be able to reach people who can stop it. Which person will see such posts and not immediately block them as criminal?" - said Wozniak.

According to Joe Cotchett, one of Cotchett's partners Pitre & McCarthy, YouTube "knowingly allowed Bitcoin scams for months, promoted and profited from it by selling targeted advertising."

The lawsuit concerns Wozniak and 17 others from the United States, Canada, Great Britain, Japan, Malaysia, China and Europe who were victims of the fraud.

Technical Market Outlook:

The BTC/USD pair has made another up candle during the move and the local high was made at the level of $9,625, which is above the technical resistance located at the level of $9,530. Currently, the market is consolidating the recent gains around the level of $9,470. The nearest technical support is seen at the level of $9,290. If violated, the next one is located at the level of $9,202. Please notice, that bulls might continue the rally towards the level of $10,000 before any significant pull-back.

Weekly Pivot Points:

WR3 - $9,569

WR2 - $9,411

WR1 - $9,271

Weekly Pivot - $9,117

WS1 - $8,968

WS2 - $8,812

WS3 - $8,862

Trading Recommendations:

The volatility on Bitcoin has been subdued for more than two months now, so 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 -