Crypto Industry News:
The U.S. Securities and Exchange Commission (SEC) has filed a response to Coinbase's claims that the regulator does not have jurisdiction to prosecute the cryptocurrency exchange.
According to a letter sent by the SEC to a district judge on July 7, Coinbase had knowledge of the likelihood of federal securities laws being applied to its business by openly informing its shareholders about the possibility of classifying assets traded on the platform as securities:
"Regarding the state of the public company, Coinbase has repeatedly informed its shareholders of the risk that cryptocurrencies traded on its platform could be considered securities and that its activities could violate federal securities laws," reads the regulator's response.
According to the SEC, Coinbase is a "multi-billion-dollar company, advised by experienced lawyers" that deliberately "ignores more than 75 years of applicable Howey test law" in an attempt to "construct its own test of what constitutes an investment agreement."
The letter is a response to a previous request from Coinbase. On June 28, the exchange notified the court of its intention to file a motion for judgment. According to Cornell University, a motion for judgment is made when a party believes that there is no genuine dispute on material facts.
In a previous letter, Coinbase cited SEC Chairman Gary Gensler's address to Congress in which he allegedly stated, "There is no market regulator for these cryptocurrency exchanges" and "only Congress can authorize the regulation of cryptocurrency exchanges." Coinbase also pointed out that two years after going public, the SEC filed allegations of activities "exhaustively described" to the regulator and the public.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,514 and then pulled-back from the extremely overbought market conditions on the H4 and Daily time frame chart towards a narrow zone seen around $30k. The intraday technical support is seen at the level of $29,729 and the intraday technical resistance is seen at $30,428. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support and the line in sand for bulls. The next target for bulls is still seen at the level of $32,350, but they need to wait for a fundamental event that would trigger more volatility.
Weekly Pivot Points:
WR3 - $30,664
WR2 - $30,370
WR1 - $30,236
Weekly Pivot - $30,076
WS1 - $29,943
WS2 - $29,788
WS3 - $29,490
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.