Crypto Industry News:

The police in China reported evidence that people are laying cables through fishponds to steal energy from oil wells to drive Bitcoin extraction. The news was published by the Chinese tabloid The Global Times.

The report indicates that the Green Grassland police station in the Qiqihar district was notified of alleged power theft after receiving a call from the oil production chief at Daqing Oil Field - the largest oil field in China, located in Heilongjiang Province.

In order to investigate the allegation, the police allegedly conducted an air investigation using drone in the area of two kilometers and apparently collected sufficient evidence to construct a criminal case. Global Times does not provide details about suspects or the scale of alleged theft of electricity.

In October 2018, a Chinese citizen was sentenced to three and a half years in prison for stealing power from a railway station to drive Bitcoin mining. In Taiwan, in December last year, the citizen was arrested after accusing him of the theft of electricity for the extraction of Bitcoin and Ethereum with a total value of over 100 million yuan (14.5 million dollars). In February this year, a group of suspects was arrested in the German city of Klingenthal in Saxony, after accused of stealing electricity worth more than $ 3 million for mining operations of cryptocurrencies.

Technical Overview:

The ETH/USD pair has fallen out of the ascending channel around the level of $270.00 and made a new local low at the level of $259.66, so it hit the technical support. This is the first clue that the top for the wave (b) is in place. The price bounced a little form the support and the local high was made at the level of $271.00. Nevertheless, there is still wave (c) of the overall corrective cycle wave 4 missing, so the market can continue the down move towards the level of $253.09 any time now.

Weekly Pivot Points:

WR3 - $345.37

WR2 - $311.54

WR1 - $291.71

Weekly Pivot - $256.95

WS1 - $239.45

WS2 - $203.99

WS3 - $185.39

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current uptrend wave is the wave 4, which is a corrective wave and after is completed, the uptrend should resume.