Crypto Industry News:
The US Securities and Exchange Commission said chip giant Nvidia did not disclose that cryptocurrency mining had a significant impact on its 2018 revenue.
In two Nvidia Form 10-Q forms for fiscal year 2018, the company saw significant revenue growth in the gaming industry, the SEC reported in a press release. However, Nvidia was aware of the profit, but did not disclose to investors that the increase in sales was largely due to cryptocurrency mining.
"Omitting significant information from NVIDIA about the development of its gaming business was misleading given that the company was making statements about how other parts of its business were driven by the demand for cryptocurrency companies in the field of games has not been significantly affected by the mining of cryptocurrencies "- indicated the SEC.
Nvidia agreed to a cease and desist order and a $ 5.5 million fine to settle the SEC's allegations.
Looking at more recent data, revenues from Nvidia's Cryptocurrency Mining Processors fell to $ 24 million in the fourth fiscal quarter ending January 30. This is a 77% decrease from $ 105 million in the prior quarter, according to the records.
Technical Market Outlook:
The BTC/USD pair has been moving down all weekend long and made a new swing low at the level of $33,304 (at the time of writing the analysis). The nearest technical resistance is seen at $34,308 and $34,927 and the immediate technical support is located at $32,870. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $30k. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.
Weekly Pivot Points:
WR3 - $43,590
WR2 - $41,841
WR1 - $37,271
Weekly Pivot - $35,409
WS1 - $31,101
WS2 - $29,209
WS3 - $24,500
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 and the at the round psychological level of $30,000.
