Crypto Industry News:
Binance, one of the largest cryptocurrencies exchanges according to the daily volume of trade, experienced a serious breach of security, according to the published statement.
According to Binance, hackers used various tactics, including phishing and viruses, to obtain a large number of 2FA codes and API keys in addition to other information. According to the stock exchange, there was one transaction affected by the incident in which hackers could pay 7,000 Bitcoins with a current value of $40,705,000.
In a letter on the Binance website, general manager Changpeng Zhao states that Bitcoins have been extracted from his hot wallets that contain only 2% of the total Bitcoin stock on the stock market. Zhao claims that the other Binance wallets were not affected by the burglary.
Binance will suspend all deposits and withdrawals while carrying out security checks on its systems, which Zhao estimates may take up to one week. Trade will continue to be active, and traders will be able to adjust their positions.
Technical Market Overview:
After the local pull-back to the levels of $5,845, the BTC/USD pair has managed to bounce and made a marginally higher high at the level of $6,307 and is hovering around this level at the time of writing this article. If the bulls will continue to push the prices higher, then the next target is seen at the level of $6,505. Nevertheless, it is worth to notice, that the move up was made on much less momentum then the wave 3, so it looks like the Bitcoin is still unfolding the wave 4 correction as per Elliott Wave scenario.
Weekly Pivot Points:
WR3 - $7,123
WR2 - $6,689
WR1 - $6,362
Weekly Pivot - $5,868
WS1 - $5,578
WS2 - $5,080
WS3 - $4,863
Trading Recommendations:
The bigger time frame charts are now indicating a possible trend change from bearish to bullish, so only a buy positions should be open on the local corrective pull-backs. For all of the break-out traders, the nearest level to open the buy stop order is located at the top of the resistance zone at $6, 274. The target for all trades is still seen at the level of $6,505.
