Crypto Industry News:
Bitmain, a company that manufactures cryptocurrency mining equipment, is based in Beijing. Therefore, it is subject to Chinese tax regulations. However, according to the media, she has not paid tax in this country. As a result, the local authority imposed a fine on her. It is a fine of as much as 25 million Yuan, or approximately USD 3.7 million.
Bitmain was punished on April 4, 2023. It is specifically about personal income tax, i.e. income, bonuses, employee dividends and other payroll supplements of company employees.
Local authorities told the media that tax inspectors issued a tax violation notice to the company in August 2022. Despite this, the company failed to pay the said tax, which totaled 16.6 million Yuan, or US$2.4 million.
Founded in 2013, Bitmain is one of the world's largest mining companies. Offers cryptocurrency miners. It has gone through a tough time as it was forced to stop operating in China in October 2021 as a result of the general ban on cryptocurrencies imposed by the Chinese government in September 2021.
Technical Market Outlook:
The ETH/USD pair has been seen testing the last swing high located at $1,940. In a case of a breakout higher, the next target for bulls is seen at the level of $2,000, but so far is more probable that a potential Double Top technical pattern was made around the last swing high. The strong and positive momentum on the H4 time frame chart support the short-term bullish outlook for Bitcoin, however, the market conditions coming off the extremely overbought levels. The level of $1,858, $1,845 and $1,832 will now act as the support for bulls, so please pay attention to this level during the local pull-back.
Weekly Pivot Points:
WR3 - $2,078
WR2 - $1,988
WR1 - $1,955
Weekly Pivot - $1,898
WS1 - $1,862
WS2 - $1,809
WS3 - $1,719
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
