CRYPTO FRAUDS IN THE UK RESULTED IN $200 MILLION STOLEN IN 2021

Victims of crypto-related frauds in the UK have lost around $200 million between January and October this year, a report stated.

The number of cryptocurrency-related crimes in the United Kingdom has significantly surged in the first nine months of 2021 comparing to last year, reads a recent report. The local police warned that bad actors often use a fake celebrity endorsement to lure people in.

Youngsters Are The Most in Danger

According to a recent Bloomberg coverage, there have been 7,118 reports of schemes related to digital assets in the UK between January and October this year. Victims parted out with nearly $200 million for that period, which is 30% more than the whole of 2020.

The authorities pointed out that over 50% of the duped people were between 18 and 45 years old. Investing in bitcoin and the altcoins is highly popular among the youngest locals as nearly half of those under 30 years old choose the crypto market as their first investment option. As such, it’s somewhat expected that they have become a target for fraudsters.

The City of London Police also informed that the most common tactic of the criminals is to lure people into fake celebrity endorsements, as 79% of all the cases were of that type. Temporary Detective Chief Inspector Craig Mullish commented:

“Reports of cryptocurrency fraud have increased significantly over the past few years. Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

Speaking of such schemes, it is worth noting that last year Steve Wozniak filed a lawsuit against YouTube. According to him, the platform did not take necessary actions to prevent fake Bitcoin giveaways with his face on them. A year later, though, he lost the case as his arguments were not strong enough to bring him a court victory.

The UK – Paradise for Crypto Scammers

The United Kingdom classifies as a “paradise” for the local criminals when talking about crypto-related frauds. At least, that is what David Lindberg – Chief Executive of retail banking at NatWest – opined recently.

He said he had “never seen a market worse” than the UK for scams. To solve the issue, the British government, the police, banks, and social media operators should join their forces:

“Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see how they try to destroy lives.”

The top banker also warned that some of the bad actors create websites where people can invest in Bitcoin, Ethereum, and other cryptocurrencies, However, they are fake in reality and the money goes to the fraudsters’ pockets....

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ETHEREUM BREAKING THIS BARRIER COULD SPARK A SIGNIFICANT SURGE

Ethereum remained supported above the $3,650 zone against the US Dollar. ETH must clear the $3,850 and $3,900 resistance levels to continue higher in the near term.

Ethereum started a fresh increase above the $3,700 and $3,750 resistance levels.
The price is now trading above $3,800 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if it clears the key $3,920 resistance zone.

Ethereum Price Remains Supported

Ethereum started a downside correction after it failed to stay above the $3,900 zone. ETH declined below the $3,800 support zone and the 100 hourly simple moving average.

The price even spiked below the $3,750 support zone. A low was formed near $3,678 and the price is now rising. It broke the $3,780 resistance zone. There was a break above the 50% Fib retracement level of the recent drop from the $3,893 swing high to $3,678 low.

Ether is now trading above $3,800 and the 100 hourly simple moving average. The price is now testing the 61.8% Fib retracement level of the recent drop from the $3,893 swing high to $3,678 low. There is also a major contracting triangle forming with resistance near $3,840 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $3,840 level. The next major resistance is near the $3,920 level, above which the price might start a fresh rally. In the stated case, the price could attempt a clear break above the $4,000 resistance zone. The next major support sits near the $4,120 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,840 and $3,920 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,780 level and the 100 hourly SMA.

The first key support is now forming near the $3,720 level and the triangle lower trend line. If there is a downside break below the $3,720 support, the price could decline further. The next key support is near $3,650.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,720
Major Resistance Level – $3,920...

BITCOIN CONSOLIDATES GAIN — WHAT COULD TRIGGER FRESH RALLY

Bitcoin is showing positive signs above the $61,200 support against the US Dollar. BTC could start a fresh rally if it clears the $62,200 resistance zone.

Bitcoin is trading in a positive zone above the $60,000 and $61,200 levels.
The price is now trading above $61,200 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh rally and it might rise towards the $63,500 level in the near term.

Bitcoin Price Remains Supported

Bitcoin price remained strong above the $60,000 zone and traded in a positive zone. BTC jumped above the $62,000 level before starting a downside correction.

A high was formed near the $62,885 before there was a minor decline. The price declined below the $62,000 and $61,200 levels. However, the price remained supported near the $59,200 level and the 100 hourly simple moving average.

Recently, the price climbed higher and climbed above $61,200. However, the price is struggling above the $62,200 level. A high was formed near $62,672 before there was another decline. It traded as low as $59,900 and recently recovered above $61,000.

Bitcoin surpassed the 50% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. There is also a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair.

The pair is now testing the 76.4% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. On the upside, an initial resistance is near the $62,000 level. The first key resistance is near the $62,200 level.

A clear break above the $62,200 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might rise towards the $65,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $62,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $61,000 level, the trend line, and the 100 hourly SMA. A downside break below the $61,000 level could push the price towards $60,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $61,000.
Major Resistance Levels – $62,200, $62,850 and $63,500....

ETHEREUM EYES KEY UPSIDE BREAK‚ WHY BULLS COULD AIM LARGER RALLY

Ethereum was able to clear the $3,800 resistance zone against the US Dollar. However, ETH price failed to gain strength above $3,900 and it is now consolidating gains.

Ethereum started a fresh increase above the $3,750 and $3,800 resistance levels.
The price is now trading above $3,800 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it stays above the $3,800 support zone.

Ethereum Price Gains Traction

Ethereum settled above the $3,650 level to move into a positive zone. ETH started a fresh rally above the $3,750 resistance zone and the 100 hourly simple moving average, similar to bitcoin.

The upward move was such that the price cleared the $3,800 resistance. Ether traded as high as $3,968 before there was a downside correction. The price corrected lower below the $3,800 level. However, the bulls were active near the $3,650 zone.

A low was formed near $3,640 and the price started a fresh increase. The price cleared the $3,800 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low.

Besides, there was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD. The pair is now trading above $3,800 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $3,890 level. It is near the 76.4% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low. The next major resistance is near the $3,910 level, above which the price might start a fresh surge.

In the stated case, the price could climb towards the $3,980 level. Any more gains could set the pace for a move towards the $4,120 level in the near term.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,890 and $3,910 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,820 level.

The first key support is now forming near the $3,800 level and the 100 hourly SMA. If there is a downside break below the $3,800 support, the price could decline further. The next key support is near $3,720.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,800
Major Resistance Level – $3,910...

BITCOIN GEARING FOR LIFTOFF TO $65‚000‚ RALLY ISN′T OVER YET

Bitcoin is gaining pace above the $60,000 zone against the US Dollar. BTC could accelerate higher towards the $65,000 resistance zone in the near term.

Bitcoin started a fresh increase and it broke the $60,000 level.
The price is now trading above $62,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue higher towards the $63,500 level in the near term.

Bitcoin Price Gains Momentum

Bitcoin price settled above the $60,000 zone to move further into a bullish territory. BTC even broke the $61,500 and $62,000 resistance levels.

A high was formed near the $62,887. Recently, there was a minor downside correction below the $62,000 pivot zone. The price declined below the $60,000 support level and the 100 hourly simple moving average.

However, downsides were limited below the $58,800 level. A low was formed near $58,888 before the price started a fresh increase. There was a clear break above the $60,000 level and the 100 hourly SMA. The price surpassed the 50% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.

There was also a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above the 76.5% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.

On the upside, an initial resistance is near the $62,500 level. The first key resistance is near the $62,850 level. A clear break above the $62,850 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $62,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $60,000 level (the recent breakout zone) and the 100 hourly SMA. A downside break below the $60,000 level could spark a larger correction.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $60,000.
Major Resistance Levels – $62,500, $62,850 and $63,500....