Bitcoin Today: Bitmain huge profits and Sky Mining CEO run-away

Price
The correction undergoes in a gradually-lowering pattern, fluctuating between lowering upper bound and supportive 7850 – 8000 zone. Till now the drawdowns below the 8000 level were bought back quickly, but still, the median of volumes comes closer to 8000 level by each day. Soon we will see if the price will take-off from the 8000 level to test 8200 and then 8500 or won't be able to find enough support and draw below the 7850 level going into a deeper correction. So, important levels for today: 7850 – 8000 as a support, and upper bound of correction with 8200 as resistance.

Today forecast
Trading in the 7850 – 8200 zone. Possible upside impulse to the 8200 –8500 zone.

Latest news

• Net profit of Bitmain for the first quarter exceeded $ 1 billion The Chinese mining giant Bitmain made a profit of $ 1.1 billion in the first quarter of the 2018 year, reports Fortune, citing data from a source close to the company.
  In particular, the source confirms the information that the largest producer of mining equipment is preparing for an initial public offering (IPO) in Hong Kong.
  After the additional $ 400 million raised in June, the value of Bitmain is estimated at about $ 14 billion (16.6% more than the company's previous estimate).
  Only for the first quarter of this year, Bitmain's net profit was $ 1.1 billion. According to the most conservative projections, in annual terms, this figure will be equal to 2 - 3 billion US dollars.
  Over the past year, the Jihan Wu company earned $ 2.5 billion, which is eight times higher than in 2016.
  In near-term Bitmain plans to complete another round of investments and raise another $ 1 billion. After that, the market value of the company may reach $ 15 billion.
  
• Sky Mining CEO disappeared, $ 35 million disappeared along with him 35 million dollars disappeared from accounts of the Vietnamese mining company Sky Mining. According to the local VNExpress portal, the funds could be stolen by the company CEO Le Minh Tam, who disappeared without a trace about a week ago.
  Before disappearing, Tam wrote on Facebook that the profitability of his business fell along with the prices of crypto-currency and asked investors to forgive "for everything". He also invited them to the company's office in Ho Chi Minh City to allegedly return the invested funds and officially declared bankruptcy.
  However, the arriving investors found that the office was closed, and 600 mining devices were gone.
  Vice Chairman of Sky Mining Le Minh Hie suggests that Tam could escape to the United States. He also said that the company formed a council to help the affected investors and assess the damage.