Crypto Industry News:
Ronaldinho Gaucho was once one of the most characteristic and recognizable football stars. Now the former Paris Saint-Germain, FC Barcelona and AC Milan footballer faces prison. All because of a cryptocurrency fraud investigation.
The player's situation is not improved by the fact that he has already twice failed to appear for a hearing before the Brazilian congress. The last deadline for submitting explanations to law enforcement authorities was set for August 31.
Congressman Aureo Ribeiro confirmed that Ronaldinho did not appear at the hearing before the Brazilian congress, which took place on August 24. The former soccer star cited unfavorable weather conditions as the reason for her absence. Moreover, it turns out that this is the second time when Ronaldinho did not appear to give explanations about the cryptocurrency fraud.
The whole case concerns the company "18kRonaldinho", which promised its clients a daily return on investment in cryptocurrencies of 2%. The company, of course, did not live up to its obligations. As a consequence, the damages claim amounts to more than $60 million. It is worth noting that this case is part of a large investigation by the Brazilian judiciary into cryptocurrency fraud.
Ronaldinho's legal team claims that the footballer was only an ambassador for the company and also fell victim to fraud. The image of the footballer was to be used to increase trust. The project was signed with his name, which is why the Brazilian congress is waiting for its explanations until August 31.
Technical Market Outlook:
The BTC/USD pair has been seen moving away from the high made at the level of $26,779 and now the BTC is back inside the old trading range below the level of $26,265. The level of $25,560 will now act as the technical support, but the key short-term technical support is seen at the level of $24,753. The momentum is back under the level of fifty, so the short-term outlook is bearish again. The whipsaw trading conditions are continuing.
Weekly Pivot Points:
WR3 - $26,936
WR2 - $26,167
WR1 - $26,040
Weekly Pivot - $25,938
WS1 - $25,811
WS2 - $25,709
WS3 - $25,480
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.