Technical analysis of BTC/USD for 11.07.2019

Tags: 

Fortress Investment Group buys the claims of creditors of the Mt. Gox regarding Bitcoins, according to a report published in the financial media.

Japanese cryptocurrency market Mt. Gox filed for bankruptcy in 2014 after losing Bitcoins with a total value of $ 473 million due to a hacker attack. Bitcoin reportedly experienced a subsequent decline in value, dropping by 36% during the month in which the attack took place.

According to the report, the executive director of Fortress Michael Hourigan sent a letter to the creditors, in which he specified the buyout offer. According to a public copy of this letter, Fortress offered to buy back Bitcoin claims of around twice the value of bankruptcy.

The value of claims at the time when the stock exchange Mt. Gox was declared insolvent, supposedly amounted to 451 dollars for Bitcoin, while Hourigan says that Fortress can offer $ 900 for Bitcoin. The letter also noted that redemption can be made in Bitcoins or Fiduciary currencies, and the offer lasts until July 31.

Technical Market Overview:

The BTCU/USD pair never made it to the recent swing highs located at the level of $13,698 as at the level of $13,121 the market reversed and broke through the technical support levels located at $12,362, $12,008 and $11,664. All of those levels will act as a resistance for the price now. The local low was made at the level of $11,103, but there is no sign of bounce yet. The next technical support is seen at the level of $10,721.

Weekly Pivot Points:
WR3 - $14,886
WR2 - $13,428
WR1 - $12,616

Weekly Pivot - $11,119
WS1 - $10,237
WS2 - $8,716
WS3 - $7,123

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger ABC correction might have been completed and the market might be ready for another impulsive wave up.

Technical analysis of BTC/USD for 11.07.2019