Bitcoin price analysis: BTC/USD recovering despite Auscoin scam alert

Another Bitcoin scam exposed in Australia
BTC/USD is well supported by 50% Fibonacci

Tanya Abrosimova Independent Analyst

BTC/USD attempts recovery from Sunday’s low at $10,170 as the overall sentiments towards digital assets remain positive despite a number of scams discovered lately.

The cryptocurrency community is buzzing about another Bitcoin scam that could rip the ordinary Australians off $80M, investigated by Australian TV program 60 minutes. Tom Steinfort, the reporter from 60 Minutes, made a good job getting on the inside of Auscoin, promoted as Australia’s own cryptocurrency that would make its investors incredibly rich, but actually created to benefit the few.

Sam Karagoizis, the Auscoin creator, planned to gather about $80M by selling 100,000,000 coins but managed to raise $700,000 so far as Auscoins ’s ICO stated on February 12. 60 Minutes cites industry analysts who recommend steering clear of Auscoin as it is a bloodbath!

Earlier we reported on Austrian “Optioment ” scheme that defrauded over 10,000 investors in Austria and other European countries to the amount over $115M.

BTC/USD is well supported by 50% Fibonacci placed at $10,266. As long as the price keeps above the said level, buyers retain control over the market situation. To continue the upside movement, they need to retake $11,000 and Sunday’s high at $11,296. On the downside, the break below $10,266 will expose the psychological support at $10,000.

BTC/USD, daily chart

Author

Tanya Abrosimova

Independent Analyst

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