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On Monday of this week, The Securities and Exchange Commission charged reality star Kim Kardashian with promoting EthereumMax (EMAX) on her Instagram account without disclosing how much she was paid to promote it. Kardashian has over 330 million followers on the social media platform and because she promoted an instrument that the SEC qualified as a security, the SEC stated she should have detailed that she was paid to promote it to her potential investors. Although she did state that it was an advertisement in her post, the SEC stated that she should have disclosed the amount of money that she was paid. Kim Kardashian was paid $250k to promote the EMAX tokens and has agreed to pay $1.26 million in fines to settle the charges. She will also cooperate with further investigation, stated by the agency. As part of the settlement, Kardashian also agreed not to do any crypto promotions for at least the next three years.
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At the time of writing, bitcoin is priced just under $20k as it has remained above the $18.9k range support level. Last week I mentioned the multi-week diagonal trendline resistance and the importance of price breaking above that area. Bitcoin is currently above the area although it is still too early to tell if the current candle will stay above the level. A successful daily close over the trendline would provide some bullish confirmation as it would show bulls are stepping in and putting in a higher high and changing market structure.
Bitcoin maintains its price over the diagonal trendline level on a daily closing basis and I believe the range high $21.7k is the next area to target.
Bitcoin loses the trendline and/or the $18.9k range support on a daily closing basis and either $16k or $14k is the next area to watch as support.
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At the time of writing, Ethereum is trading at about $1350, and has managed to stay above the old range high resistance turned support at $1.2k. The next 2 areas of resistance are still the prior 2017 ATH at $1.4k and the weekly $1.8k resistance just above. If price can manage to reclaim the prior ATH level on a daily closing basis, the next area to target would be the weekly level at $1.8k.
Ethereum reclaims the prior $1.4k 2017 ATH level and the next area to watch for is the weekly $1.8k resistance.
Ethereum does not reclaim the 2017 ATH level and the next areas of support are $1.2k & $1k respectively.
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