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Crypto Industry News:
The American CFTC Commission has a problem finding Benjamin Reynolds, who is allegedly responsible for the Ponzi cryptocurrency program worth over $ 140 million.
The financial media reported that the CFTC has filed an application with the Southern District Court in New York. More specifically, the supervisory authority has applied for service of Reynolds' pleadings and a sixty-day extension within which the service must be performed.
In mid-June, the CFTC initiated proceedings against the company in connection with the alleged Bitcoin Ponzi scheme worth USD 147 million. The CFTC filed a charge against Reynolds for the alleged fraud of over a thousand investors for at least 22,858 Bitcoins.
In the note attached to the application, the regulatory authority explains that it attempted to deliver the letter to Reynolds to the address given as its "service address" in the founding documents of Control Finance, the program management company. When the delivery man arrived at this address, he discovered that this one does not really exist.
The CFTC also tried to email Reynolds to the only known email address associated with him and his company, but received an error message indicating that the message could not be delivered. The regulator learned from affected investors that the district prosecutor's office in Ulsan, South Korea, is also investigating this program, but similarly has not contacted Reynolds.
Fraudsters have long used the speculative enthusiasm surrounding cryptocurrencies to attract and deceive unsuspecting investors. One of the particularly well-known cryptocurrency scams is OneCoin, which was a $ 4 billion pyramid. The scam was first discovered in May 2015, however, the proceedings are still pending and the OneCoin website was not closed until early December last year.
Technical Market Overview:
The BTC/USD pair has been rallying higher and broke through the technical resistance located at the level of $8,298 just to make a new swing high at the level of $8,403 (in the time of writing the analysis). If the rally persists, then the next target for bulls is seen at the level of $8,836, but it is worth to notice, that Bitcoin has hit 50% Fibonacci retracement located at the level of $8,320 and there might be some kind of bearish reaction before the move up resume. Moreover, the Bitcoin has broken out of a narrow range located between the levels of $6,345 - $7,601, just as other main cryptocurrencies like ETH and BCH done earlier. The larger timeframe trend remains down and there are no signals of any trend reversal just yet.
Weekly Pivot Points:
WR3 - $8,248
WR2 - $7,819
WR1 - $7,642
Weekly Pivot - $7,179
WS1 - $6,988
WS2 - $6,550
WS3 - $6,318
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
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