Crypto Industry News:
The US Securities and Exchange Commission announced that it will increase the number of employees responsible for investor protection in the cryptocurrency markets.
According to the announcement, the Cyber Unit SEC, which includes the Crypto Assets and Cyber teams, will employ 20 new people for 50 dedicated positions.
The new hires will include investigative lawyers, trial attorneys and fraud analysts among the new hires, the SEC said. Chairman Gary Gensler described these appointments as long overdue and necessary to oversee one of Wall Street's newest and most popular sectors.
This is good news for many who are concerned about the potential for market manipulation and other fraudulent activities in the crypto space. In recent months, the SEC crypto unit "has successfully brought dozens of lawsuits against those looking to take advantage of investors in the crypto markets," said Gensler
Last month, Gensler stressed that the SEC's security for investors of traditional assets should apply to cryptocurrency traders as well. In a "come and talk to us" approach, Gensler called on crypto companies holding securities to register for investor protection.
The lack of clarity in the US regulations, influenced by various authorities, including the SEC, Commodity Futures Trading Commission and the Financial Crimes Enforcement Network, has been criticized by several cryptocurrency companies.
Technical Market Outlook:
The BTC/USD pair has been seen trading around the last week low located at $37,522 . So far the local high was made at the level of $39,907, so bulls need to try harder of the want a bigger retracement to occur. In order to terminate the down trend, bulls need to break through the last swing high located at $42,952 and head towards the level of $50k. The nearest technical resistance is seen at the level of $40,785 and the immediate technical support is located at $38,554 and $38,885. The level of $37,725 was tested so many times, that it will act as an important short-term technical support, so pleas keep an eye on it.
Weekly Pivot Points:
WR3 - $43,093
WR2 - $41,987
WR1 - $39,992
Weekly Pivot - $38,683
WS1 - $36,640
WS2 - $35,353
WS3 - $32,285
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $32,899.
