Crypto Industry News:

The Bitcoin mining company belonging to the Russian Ombudsman plans to open a new facility and gain 20% of the international market.

The Russian Mining Company (RMC) plans to change the purpose of the metal factory in the northern province of Karelia, according to a local news site. Closed due to US sanctions in 2018, the former Rusal facility may soon host such a large mining farm that it could account for one-fifth of global production.

"Our idea is to transform the factory and sell computing power as a service, that is, offering IT services," said general director Dmitry Marinichev.

Mariniczew led the RMC through an ICO of $ 43 million in 2017, which remains the largest in Russia.

Despite links to the Russian government, Marinichev criticized some policies, especially aspects related to the Internet. For example, the Kremlin's attempt to block the Telegram communicator caused contempt. Efforts to date have failed, because Telegram is still available, while the company may soon be moving to issue its own digital currency.

"It cannot be blocked by blacklisting IP addresses. This way the battle will go on forever, even if you consider that part of the Telegram client is open-source software whose internal operations can be analyzed and understood," he said in an interview. from May last year.

Technical Market Overview:

The BTC/USD market is still trading below the short-term trendline resistance and bulls are struggling to break through it. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The bearish pressure intensifies and the next target for bears is seen at the level of $8,760 or even $8,474 before a new wave up will be made.

Weekly Pivot Points:

WR3 - $14,033

WR2 - $12,095

WR1 - $10,995

Weekly Pivot - $9,057

WS1 - $8,029

WS2 - $6,062

WS3 - $4,932

Trading Recommendations:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.