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Voyager Digital Freezes Withdrawals, Declares Chapter 11 Bankruptcy

Voyager freezes platform, files chapter 11. Markets continue to trade in lower ranges; and our weekly ETH and BTC analysis.


Technical Tuesdays

  • Voyager Crypto Platform Freezes Trading, Deposits, & Withdrawals
  • Bitcoin/USD – $14k Next Major Support
  • Ethereum/USD – Within a Range

Voyager Crypto Platform Freezes Trading, Deposits, & Withdrawals

UPDATE:

Voyager Digital Files Voluntary Petitions for Chapter 11 Protection

Voyager Digital Faces Delisting From Toronto Stock Exchange (TSE: VOYG)


On Friday July 1st, crypto broker Voyager Digital LTD which offers crypto trading, staking, and yield products announced the suspension of trading, deposits, and withdrawals. Most of the current crypto industry FUD is due to recent liquidity issues stemming from the troubles of Three Arrows Capital LTD, a crypto hedge fund that was ordered for liquidation by a British Virgin Islands court this week and filed for Chapter 15 bankruptcy protection in New York.



CEO of Voyager Digital, Stephen Ehrlich stated “This was a tremendously difficult decision, but we believe it is the right one given current market conditions.” Ehrlic also stated that Voyager needed additional time to explore strategic alternatives. After the Friday announcement, Voyager plummeted as much as 43% making it one of the worst performing crypto assets. Last month, Voyager issued a notice of default to Three Arrows on a loan worth around $675 million and is actively pursuing recovery through the court ordered liquidation process in the British Virgin Islands.




Bitcoin/USD – $14k Next Major Support 


BTC Daily Chart

https://www.tradingview.com/x/NbG82Y1j/




BTC Weekly Chart

https://www.tradingview.com/x/a6qjqdyC/




At the time of writing, Bitcoin is $19,784 and is still battling with the very psychological round number of $20k which it is currently flip flopping back and forth with as support and resistance as traders seem very indecisive about this level. The 200 week MA is just above current price and is still currently acting as resistance as price has not yet reclaimed the moving average.

If price can reclaim this area, I believe there will be more upside to be seen from Bitcoin but for now we will have to wait for confirmation with a weekly close above the level. If the level is not reclaimed very soon, price could be headed to lower levels in my opinion, specifically the $14k monthly support level which is the next major support level after the 2017 $20k all time high.


Bitcoin Bull Scenario

Bitcoin maintains the previous $20k ATH level, while also reclaiming the 200 weekly moving average on a weekly closing basis and a move to $28k is in the cards.



Bitcoin Bear Scenario

Bitcoin does not maintain the $20k level and the next nearest support level falls at or near $14k.



Ethereum/USD – Within a Range


ETH Daily Chart

https://www.tradingview.com/x/Q8lbwIDX/




ETH Weekly Chart

https://www.tradingview.com/x/06Q8ZB4z/




At the time of writing, Ethereum is priced at $1125 and is still trading beneath its 2017 all time high level. ETH has been ranging back and forth between the $1k and $1.2k levels for about 3 weeks as it consolidates before its next big move . A look at the weekly timeframe and similar to bitcoin, ETH’s price is right below the 200 week MA and has not yet broken this level. If price can reclaim this level on the weekly time frame and break out of this range, I believe there is more upside to be seen. 


Ethereum Bull Scenario

Ethereum reclaims the weekly 200MA support level on a weekly closing basis and breaks the range to the upside, and a move to the 2017 ATH or higher is in the cards.



Ethereum Bear Scenario

Ethereum loses the range and a possible push down to its next support level located around the $700-$800 area is in the cards.





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