Crypto Industry News:
Illegal mining of cryptocurrencies - or else crypto jacking - against consumers has essentially disappeared, declares MalwareBytes, a cybersecurity company, in a report they have issued.
According to the report, after the closure of the CoinHive mining browser service in early March - when the team claimed that the project has become economically reliable - crypto jacking against consumers has significantly decreased. At the same time, the number of such attacks on companies has increased since the last quarter.
In addition, MalwareBytes also notes that Bitcoin holders who use Electrum wallets on their Macs have lost more than $ 2.3 million in stolen crypto assets by the Trojan version of the portfolio in the first quarter of this year.
Technical Market Overview:
The BTC/USD pair has bounced from the level of $5,047 to the level of $5,510 where the old technical resistance level is. The pair is still trading below the orange trendline, but the bounce was impressive and fast, so the bulls might still be thinking about a test of the recent high at $5,666. From the Elliott Wave point of view, the recent drop was a wave (a) of the corrective cycle and now the market is unfolding wave (b), so there is still wave (c) missing anyway.
Weekly Pivots:
WR3 - $6,630
WR2 - $5,993
WR1 - $5,751
Weekly Pivot: $5,379
WS1 - $5,117
WS2 - $4,744
WS3 - $4,481
Trading recommendations:
The level of the recent high at $5,666 is a good level to enter a short term sell position with a target at the level of $5,500 or even below ( it all depends on the form of the corrective cycle in wave (c)). The longer-term outlook is still bullish, but currently, the market entered a corrective cycle.
