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In the latest chapter of Telegram’s legal battle with the United States Securities and Exchange Commission (SEC), the firm’s founder Pavel Durov will give a deposition along with two Telegram employees. 

On Nov. 25, District Judge P. Kevin Castel of the New York Southern District Court ruled that the deposition will take place on Jan. 7 or 8, 2020, at a location agreed upon by the relevant parties.

Ilya Perekopsky, vice-president of Telegram, will testify as well. Perekopsky’s deposition is set for Dec. 16, 2019.  The deposition of Shyam Parekh, a Telegram employee engaged in the $1.7 billion Gram (GRAM) sale, will be held on Dec. 10, 2019. 

Durov will testify regarding the SEC’s claims that Telegram engaged in the sale of unregistered securities when it sold its Gram tokens to vetted investors. Following the SEC’s accusations, Telegram filed a counterclaim on Oct. 16, where the firm argued that its native crypto is not a security and a request for a preliminary injunction against the firm should be denied. 

Launch delayed

As a result of the SEC’s injunction against Telegram, the Telegram Open Network’s (TON) long-anticipated launch on Oct. 31 was delayed. 

Purchase agreements for the Gram token sale stipulated that if the network failed to launch by that date, investors in the token would be eligible for a refund, following a vote. 

Telegram thus sent them a proposal to formally postpone the network launch or to return a portion of their funds. Eventually, investors in TON and the GRAM token sale voted against a refund, which pushed back the tentative launch date to April 2020. 

Telegram’s court appearance — which was initially scheduled for Oct. 24 — was postponed until late February 2020, as both the firm and the SEC explore the complexities of the case and whether there is one. In a letter to investors published on Oct. 19, Telegram said that the rescheduling of recent hearings until Feb. 18–19, 2020 is a positive step toward its regulatory issues being resolved.

Cointelegraph By Ana Alexandre , 2019-11-26 17:36:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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