Crypto Industry News:
According to a report published today, a quarter of suspected fraud investigated by a French financial ombudsman last year related to cryptocurrency investment systems.
This figure, a sharp increase from the 6% recorded in 2020, suggests the sector is ahead of the more traditional currency exchange fraud among prosecution cases, according to a report by Marielle Cohen-Branche.
French crypto investors have also been warned that they will not be able to complain about providers not registered with the French national authority for financial markets, AMF.
"The ombudsman can only act if the entity has actively solicited an investor in France," the report said.
Under French law, cryptocurrency providers wishing to sell in France must register with the AMF, which checks the management and compliance with anti-money laundering standards.
However, French customers who seek foreign cryptocurrency providers on their own initiative may be left without compensation if a problem arises, the spokesman noted.
Cohen-Branche, who works independently at AMF, is responsible for mediating citizens' disputes with financial intermediaries, such as brokers or investment managers, where there is no suspicion of criminal behavior.
Technical Market Outlook:
The BTC/USD pair bounce had been capped at the level of $42,251, which is a 38% Fibonacci retracement level. The Bearish Engulfing candlestick pattern made at the H4 time frame chart pushed the price towards the technical support seen at $40,606. The momentum remains strong and positive, however, the bulls must strongly break through the level of $42,251 in order to hit the next Fibonacci retracement level seen at $43,371.
Weekly Pivot Points:
WR3 - $46,129
WR2 - $44,704
WR1 - $42,258
Weekly Pivot - $40,652
WS1 - $38,302
WS2 - $36,789
WS3 - $34,347
Trading Outlook:
The last push down on the Bitcoin H4 time frame chart was completely retraced as the V-shape reversal was made very quickly. The bulls are temporary in control of the market and they are heading towards the level of $41,579 first, then higher towards $43,371. The key supply zone is located between the levels of $44,785 - $45,826.