JPEX Scandal Continues to Grab the News Headlines
The Hong Kong police have arrested 11 people linked to the JPEX investigation into suspected fraud. After initially reporting the news on September 18, the latest figures reveal a more sinister plot to target crypto-friendly netizens in Hong Kong.
According to the South China Morning Post, the ring leaders behind the JPEX fraud case are on the run. In one week, complaints have surged from 83 to over 2,000.
Once the dust settles, the crypto market will wait with bated breath for the HK government to outline plans for the digital asset space. A decision to delay plans to become a crypto hub would be another crypto headwind.
Technical Analysis
Bitcoin Analysis
BTC remained below the 50-day and 200-day EMAs, sending bearish price signals. The Saturday 50-day EMA cross through the 200-day EMA supports a BTC move to the trend line. A break below the trend line would bring the $25,506 support level into view.
SEC v Ripple and Coinbase case-related updates would influence investor sentiment. A lack of progress in the two cases will leave the crypto market in limbo and test buyer appetite.
However, a BTC return to $26,500 would support a break above the $26,755 resistance level to target the 50-day EMA.
The 14-Daily RSI reading of 44.66 supports a BTC break below the trend line before entering oversold territory.
Ethereum Analysis
ETH remained below the 50-day and 200-day EMAs, sending bearish price signals. A return to sub-$1,550 would support an ETH move to the $1,502 support level. A lack of progress toward a crypto-spot ETF market and a favorable conclusion to the SEC cases against Coinbase and Ripple would test buyer appetite.
However, a break above the $1,626 resistance level would give the bulls a run at the 50-day EMA and $1,700.
The 14-Daily RSI reading of 38.29 supports an ETH fall to the $1,502 support level before entering oversold territory.
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