Crypto Industry News:
The New York State Attorney General has filed a lawsuit against cryptocurrency companies Gemini, Genesis and Digital Currency Group (DCG), accusing them of alleged fraud in the Gemini Earn investment program.
An official statement from Attorney General Letitia James' office lays out the basis for the accusations, alleging that the companies defrauded more than 23,000 investors, including 29,000 New York State citizens, of more than $1 billion.
Research by James suggests that Gemini misled investors about its Gemini Earn investment program in partnership with Genesis. It is claimed that despite Gemini's assurances that the investment was low risk, the investigation found that Genesis' financial situation was "risky".
The lawsuit also accuses Genesis, its former CEO Soichiro Moro, parent company DCG and its CEO Barry Silbert of fraud in trying to conceal losses of more than $1.1 billion.
The lawsuit seeks to prohibit Gemini, Genesis and DCG from operating in the financial investment industry in New York State and seek repayment of investments and "ill-gotten gains."
Technical Market Outlook:
The BTC/USD pair has been seen moving higher after the breakout from the consolidation. The new local high was made at the level of $29,437. The intraday technical support is seen at $28,079 and the intraday technical resistance is seen at $28,829. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.
Weekly Pivot Points:
WR3 - $28,998
WR2 - $28,237
WR1 - $27,961
Weekly Pivot - $27,478
WS1 - $27,202
WS2 - $26,719
WS3 - $25,960
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.