Technical analysis of BTC/USD for 11/03/2020:

Crypto Industry News:

As reported by the financial media, Bitcoin now has official money status in France. This is the result of a court verdict that appeared at the end of February but has only been made public now. The media now expects that this court decision will improve the situation regarding transactions concluded using Bitcoins and increase the liquidity of the cryptocurrency market in the country. Earlier, almost three years ago, on April 1, 2017, a similar decision was made by the Japanese authorities, which recognized BTC as the official means of payment. The abovementioned judgment was issued by the commercial court in Nanterre. In the documents you can read that BTC was considered to be a “exchangeable component of intangible assets similar to fiat currency”.

Lawyer Hubert de Vauplane from Kramer & Levin says that this decision now allows you to legally use Bitcoin as money. This should stimulate cryptocurrency transactions space and increase the number of products and services that are sold in exchange for the digital currency, and thus turn this market into a more liquid one. However, what was the matter about the case that ended in such a good way for the French cryptocurrency community? The court made such a favorable decision, working on a dispute between the French cryptocurrency exchange Paymium and the English investment company BitSpread, which also operates on the blockchain currency market. In 2014, Paymium borrowed a certain amount of BTC to BitSpread. When Bitcoin Cash appeared on the market in 2017 as a result of hardfork, and all BTC owners received BCH in a 1: 1 ratio, the question arose whether BitSpread should give back Paymium also obtained as a result of the “hard fork” of the BCH unit

Technical Market Overview:

After a new swing low was made at the level of $7,640, Bitcoin trades around the level of $7,830 as it is trying to bounce higher. The recent bounce towards the level of $8,120 was very shallow and this is an indication the bear market is not terminated yet. 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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