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Crypto Industry News:
The Federal Bureau of Investigation (FBI) has warned that fraudsters intend to trigger a wave of cryptocurrency fraud related to coronavirus.
According to the FBI, the threat is universal, tenacious, opportunistic and extremely dangerous. The problem is complicated by the fact that a growing number of buyers now accept crypto, we read about sharpening.
"Fraudsters are using increased fear and uncertainty during the COVID-19 pandemic to steal your money and wash it in a complex cryptocurrency ecosystem," and attack victims of all ages, says the FBI.
Agents are convinced that fraudsters will adapt their offer to the current situation, perhaps pretending that they are new remote employees collecting "donations" via email, equipment suppliers working outside of established e-commerce, and even as "charities" that accept cryptocurrencies, which is a significant red flag.
Scams can also occur in more traditional methods, such as blackmail, but with a "twist": the scammer threatens to "infect you and / or your family with a coronavirus, unless payment is sent to the Bitcoin wallet."
Agents advise Internet users to use common sense, verify the legality of suppliers, stay away from their bank accounts and report blackmail and extortion attempts by law enforcement agencies.
It is not known if these pandemic scams are more or less effective than their traditional counterparts. Chainalysis research has shown that cryptocurrency scammers operate as often as they did before the crisis, although their earnings were significantly reduced by the sharp fluctuations of Bitcoin prices.
Technical Market Outlook:
The BTC/USD pair has keeps trading inside a narrow range between the levels of $6,796 - $6,908 for some time now as the liquidity evaporates form markets. The supply zone located between the levels of $6,796 - $6,908 is now the key short-term zone for both bulls and bears, so only a clear breakout of one of the levels will give the market participants the direction. Any breakout above this level would also mean a channel breakout as well, so it would be a strong signal for bulls. The larger time frame trend remains down, but the short-term momentum is slowly increasing, so the odds for an upwards breakout might be high.
Weekly Pivot Points:
WR3 - $8,127
WR2 - $7,746
WR1 - $7,416
Weekly Pivot - $7,017
WS1 - $6,690
WS2 - $6,300
WS3 - $5,960
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
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