Crypto Industry News:
A former employee of the town of Cohasset, Massachusetts allegedly stole nearly $18,000 worth of electricity. Reason? It powered 11 cryptocurrency mining excavators.
The secret cryptocurrency mine was located in the basement of Cohasset High School. It was discovered by the director of the facility. This took place at the end of 2021 during a routine building inspection. During the excavation, the aforementioned 11 excavators were found.
According to media reports, said former city employee, Nadeam Nahas, was to be indicted on February 23 on charges of vandalizing a school building and stealing energy.
A former employee is known to have stolen electricity worth nearly $18,000. He was mining cryptocurrencies between April 28 and December 2021, when his mine was discovered during the aforementioned inspection. The excavators were working 24 hours a day, 7 days a week at that time. Interestingly, he was only considered a suspect after a three-month investigation.
Nahas resigned from his position at Cohasset in March 2022.
Technical Market Outlook:
The BTC/USD pair has tested the 50 MA on H4 time frame chart ($23,885) and reversed lower. The market still trades below the 50 and 100 MA, so the bears remain in control. The intraday technical support is seen at the level of $23,114 and $22,775, so any breakout below this levels will be considered bearish. The market is now developing the correcitve cycle and the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $24,000
WR2 - $23,709
WR1 - $23,535
Weekly Pivot - $23,417
WS1 - $23,234
WS2 - $23, 126
WS3 - $22,835
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.