Crypto Industry News:
Authorities recently arrested three men after allegedly stealing Hong Kong $ 226,000 from Bitcoin ATMs in the country.
The three detained men, aged 26 to 55, allegedly used six different Bitcoin ATMs, manipulating them into spending approximately US $ 30,000 in Hong Kong dollars, according to an article in press. The alleged robbers took cash in 11 transactions.
Authorities believe that the three men in question are reportedly part of a larger criminal operation. The authorities informed two cryptocurrency exchanges about the theft. Wilson Tam, director of the Hong Kong Cybersecurity and Technology Crime Bureau, did not disclose the exact methods used to steal, although the office did provide guidance to the two affected companies on increasing security measures.
Technical Market Outlook:
The BTC/USD pair has been trading in a narrow range located between the levels of $11,646 - $11,855 as the volatility decreased significantly. This market behavior might indicate a distribution phase close to the this year's highs, so it is worth to keep an eye on the level of $11,646. Any violation of this level might lead to a corrective cycle development towards the next technical support seen at the level of $11,220. If, however, the bulls will decide to continue the rally, the yearly high located at the level of $12,035 is possible to reach very quickly. The next target for bulls is seen at the level of $12,269. The weekly time frame chart remains bullish.
Weekly Pivot Points:
WR3 - $13,201
WR2 - $12,569
WR1 - $12,222
Weekly Pivot - $11,635
WS1 - $11,298
WS2 - $10,689
WS3 - $10,325
Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preffered in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.
