Crypto Industry News:

The police in Russia arrested the alleged creator of the crypto-pyramid program from Kazakhstan, which faced an international arrest warrant, the Russian Ministry of the Interior (MOI). The unnamed detainee is supposedly accused of cheating investors through a scam associated with cryptocurrencies, which promised high profits from cryptographic investments.

The Ministry of the Interior reported at least 300 cases of fraud allegedly related to the pyramid, and one of the investors reportedly suffered a loss of about 14 million Kazakh tenge ($ 36,700) to criminals.

According to the report, the intruder escaped from Kazakhstan in early 2019 and has since been recognized as wanted by Interpol. After being arrested by the Russian police, the alleged offender admitted that he illegally crossed the border in Russia riding a horse. Currently, the authorities are solving the issue of criminal extradition to Kazakhstan, according to the Ministry of the Interior.

The US Securities and Exchange Commission initiated court proceedings against a California resident for allegedly running a multi-million dollar cryptocurrency pyramid program. Earlier in May, the Brazilian police arrested ten people suspected of running a $ 210 million crypto-currency pyramid.

Technical Market Overview:

The BTC/USD pair is still trading in a narrow zone between the levels of $8,919 - $8,621, but the Pin Bar like candle in for of a hammer was made at the level of $8,427, so the bulls are fighting for higher prices. According to the present Elliott Wave scenario, this is the consolidation during the wave 4 of the overall wave progression. It means there is still one more wave to the upside to be made, wave 5. There is a short-term trend line dynamic resistance provided around the level of $8,800, so it will be another hurdle for bulls to break through. On the shorter timeframes, please keep an eye at the level of $8,241 as any violation of this level will invalidate the current impulsive scenario. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $10467

WR2 - $9524

WR1 - $9190

Weekly Pivot - $8239

WS1 - $7860

WS2 - $6970

WS3 - $6557

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical support at the level of $8,241 as any breakout below this level invalidated the impulsive scenario.