Crypto Industry News:
Well-known YouTuber Richard Heart has been targeted by the US Securities and Exchange Commission (SEC). The institution accused him of fraud, claiming that he used the millions of dollars he raised from investors to buy luxury goods.
The SEC filed a lawsuit against Heart in federal court in New York. Regulators accuse him of raising over $1 billion for unregistered cryptocurrency through his companies Hex, PulseChain and PulseX. After that, he was to spend at least 12 million on his personal expenses. Among the most flashy purchases were Rolex watches worth over $2 million.
"Richard urged investors to buy crypto assets in offers that were not registered. He then extorted some of their funds to buy luxury goods," said Eric Werner, director of the SEC's regional office in Fort Worth, Texas.
Among the accusations leveled at Heart is also the public reporting of the sale of Hex tokens in exchange for 2.3 million Ethereum ($678 million) in 2019. In fact, according to the SEC, Heart himself made this investment with the help of other Hex investors. This tactic, known as 'recycling', allowed him to keep control of the currency while creating the appearance of high demand.
Following the allegations, Hex, a little-known cryptocurrency created by Heart, hit its lowest level since 2021.
Technical Market Outlook:
The BTC/USD pair has made another local low at the level of $28,760 and then spiked up towards the level of $30,000. The intraday technical resistance is seen at the level of $30,447, but now the level of $29,623 will act as the technical resistance as well. The momentum is strong and positive on the H4 time frame chart and so far the bulls are bouncing up from the lows, but in a case of a another breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in the sand for bulls).
Weekly Pivot Points:
WR3 - $30,065
WR2 - $39,681
WR1 - $29,562
Weekly Pivot - $29,316
WS1 - $29,148
WS2 - $28,983
WS3 - $28,567
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.