Bitcoin Price Analysis – March 6

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $11,750, $11,700, $11,650

Support: $11,450, $11,500, $11,550

Yesterday, we have BTCUSD pair in a bullish market with a bullish trend lines showing the support levels of the market where you can take a long position. Presently, the pair is trading above $11,000 support level. The price of bitcoin is presently falling and if the support levels are breached then the price will fall to as low as $10,000.Meanwhile, 50-day moving average and 20-day moving average are below the candlesticks.

Also, the RSI period 14 is level 63 indicates the price is in the bullish trend zone.

BTCUSD Short-term Trend: Sideways

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the daily chart shows bitcoin oscillating between the levels of $11,600 and $11,450 in sideways movement. The price at $11,600 is the resistance level whereas the price at $11,450 is the support level. If you are at beginning of  the sideway trend from its inception you would have three trading opportunities. That is you take a long trade at the support and exit near the resistance zone.

Also you take a short trade at the resistance and exit near the support zone and do according to the number of arrows.Meanwhile,the moving averages are trending sideways.

Israeli Courts: Bitcoin Is a Taxable Financial Asset, Not a Currency

A central district court in Israel has reportedly ruled in favor of the nation’s tax collection department, which has categorized bitcoin (BTC) as a financial asset - but not a medium of exchange (MoE).

According to the court’s ruling, the Israeli tax department may impose and collect taxes on transactions involving bitcoin, the world’s most dominant cryptocurrency. The court’s decision on the matter was announced on Monday (May 20, 2019).

Bitcoin Is a Taxable Financial Asset

As confirmed by Israel’s central district court, bitcoin-related transactions are subject to a capital gains tax as the pseudonymous cryptocurrency is considered a financial asset by the country’s central bank.

Notably, the matter was brought before court Judge Shmuel Bornstein by the founder of a crypto startup that argued bitcoin should be treated as a currency, or medium of exchange. The entrepreneur said that transactions involving the cryptocurrency should not be taxed because it’s a currency, not a financial asset.

Bitcoin's Status Hasn't Yet Been Established

As noted by local news outlet Globes: 

The Central District Court in Lod accepted the tax authority’s interpretation, and held that bitcoin is an asset and not a currency, and that the transaction in question is therefore taxable.

Going on to mention that Israeli financial regulators have not yet established a comprehensive regulatory framework for cryptoassets, Judge Bornstein said that it was “hard to envisage a result whereby Bitcoin would be considered a currency for tax purposes in particular.”

According to Globes, the case involving bitcoin-related transactions could reach Israel’s Supreme Court.

Commenting on the status of Bitcoin, Itay Bracha, Managing Partner at Israel-based law firm Bracha & Co., remarked:

The ruling is a signal to all those who have yet to report cryptocurrency-related [capital gains] or based their actions on differing legal advice.

Building Decentralized Infrastructure for the Transportation Sector

Per the legal specialist, the recent ruling is “unequivocal” and that it is only a “judicial interpretation”, not a “new legalization.” Therefore, the current ruling on the status of bitcoin would only “apply retroactively.”

As noted by local sources, the latest BTC-related case involves Noam Copel, the founder of blockchain startup DAV. As stated on the crypto firm’s official website:

We’re building a decentralized infrastructure to revolutionize the transportation industry on the blockchain.

In 2011, Copel reportedly purchased BTC and sold it in 2013 for a profit of around $2.3 million. Arguing that his profits, or capital gains, were not taxable, the crypto entrepreneur stated (in court):

Bitcoin should be classified as a foreign currency, and that his profits should be seen as exchange rate differences received by an individual not in the course of a business, and therefore should not be taxed.

As explained, the Israeli courts ruled in favor of the nation’s central financial institution by categorizing Bitcoin as a financial asset - which is subject to taxes.