21st May - Crypto Technical & Market Watch
Crypto and Forex Scam Reports Tripled in the UK Last Year, Watchdog Says
Citing data from Action Fraud, the Financial Conduct Authority (FCA) announced Tuesday that, although the number of reported cases has increased, total reported losses actually fell from about £38 million ($48 million) to £27 million ($34 million). The average individual loss has also dropped to £14,600 ($18,575) from £59,600 ($75,827).The majority (81 percent) of the reported cases were related to cryptocurrency scams, the regulator added.Scammers have increasingly been using social media platforms to promote their “get rich quick” schemes, often using fake celebrity endorsements, the watchdog said. Investors were often led to believe that their first investment would turn a profit.
The bears are mounting a strong defense at the resistance of $8,496.53. A breakdown can drag the price down to the next critical support of $5,900. We expect this level to hold.if the bulls scale above $8,496.53, the BTC/USD pair can rally to the next target of $10,000.However, we do not find any reliable buy setups yet, hence, we are not suggesting a trade in it.
ETH took support at $225.39. This is a positive sign.The bulls have the upper hand. The digital currency will now try to move up to the $300–$322 resistance zone.If the ETH/USD pair falls below $225.39, it will lose momentum.if the traders hold some long positions, they can raise the stop loss to $210. They can keep trailing the stops.We have already closed the long positions can wait for a new buy setup to form before entering again.
If the bears sink the XRP/USD pair, a drop to $0.27795 is probable. Therefore, traders can keep the stop loss on the long positions at $0.2750.If the pair bounces and scales above $0.45, it is likely to pick up momentum and move up to $0.60. Though there are minor resistances at $0.50 and $0.55, we expect them to be crossed.
If the BCH/USD pair breaks out of the channel @ $478, it can pick up momentum and rally to $600. It can be @ range bound between $404.17 and $346.90. Wait for some trends for some trade confirmation.
Disclosure: The author holds no cryptocurrency at the time of writing.
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