Crypto Industry News:
The US Securities and Exchange Commission (SEC) and the Term Contract Commission (CFTC) have jointly issued a warning to investors about fake websites allegedly engaged in consulting and trading.
The warning states that employees of both agencies have recently observed false investment projects related to cryptography, in which scammers advertise "cryptocurrency consulting and trading companies", which in some cases claim that they can invest clients' funds in special cryptographic or pseudo-trading systems mining farms.
Fraudsters often claim that their programs can guarantee lucrative returns - e.g. 20-50% - with little or no risk to customers. Both agencies specified six warning signals, which often characterize unfair operations and urged investors to carefully examine cryptographic investment offers.
Technical Market Overview:
The BTC/USD pair has reversed down after hitting the level of $5,666 and violated the technical support at the level of $5,500 as well. Moreover, during the last 8 hours, the market has made a new local low at the level of $5,044 after a big down candle was made. It might indicate, that the top for the wave 5 is in place and now the market has started a larger degree correction.
Weekly Pivot Points:
WR3 - 5,847
WR2 - 5,603
WR1 - 5,428
Weekly Pivot - 5,161
WS1 - 4,996
WS2 - 4,735
WS3 - 4,564
Trading recommendations:
The wave 5 might have been completed sooner than expected so all buy orders should now be closed. Any new low below the level of $5,044 will be considered bearish.
