Tesla Buys $1.5 Billion Of Bitcoin – Bitcoin Price Shoots To New ATH
Tesla Buys $1.5 Billion Of Bitcoin. Everyone welcome to an additional market Update today. There has been some Significant News pushing. the prices up to off the Cryptocurrency markets but before. We’re Going to continue. As we have got some calls to hit this Year. What is the news it’s quite straight forward everybody has heard of It? Tesla buys 1.5 billion in bitcoin Plans to accept it as payment.
Tesla Buys $1.5 Billion Of Bitcoin
It Announced In his sec filing on money that has Bought One and a half billion worth of bitcoin. So, they already bought them and I am very interested to know At. What level they did but they have Been one of the big buyers recently.
This is also to be seen on the on-chain Analysis. This shows that there is a significant Decrease. In bitcoin’s own exchanges and it could Be a reason. What’s Through what we saw with tesla or also Microstrategy and all the big guns doing. Next to this we also have the launch of The eme CME futures on there today. Through which we get more liquidity into The market so it’s a massive day.
But then even bigger than just holding. Bitcoin Is that it also said that it would start accepting Bitcoin as a payment for its products. If bitcoin becomes a payment Solution for Tesla it’s just a matter of time before Other companies are jumping into this. This new wave that we are seeing herein. Which bitcoin and probably all the Cryptocurrencies are going to be adopted As legal payment solutions.
Then The decentralization and digitalization Of our economy. The world is going to be Significant as transferring money. Through a cryptocurrency to the Other side of the world Is going way faster than doing it. Through Paypal or a wire transfer. so, this is Definitely the future Then the boring, or at least the annoying Part is that Elon musk has also been spammed tweeting About cryptocurrencies recently.
As doji coin has been doing well and Bitcoin has been seeing a significant, Move the last time this happened. As you Can see on the arrow here. So, previously Elon musk also tweeted About Um bitcoin actually hinted towards. The news today as it said it was Inevitable um And then we have the news today.
Which Says that they have already bought those Bitcoins. This means that they’re not buying it Right now. But it could trigger A massive wave of companies doing it as well. So what we saw on the price action is This flip of 38k Critical breaker above the level of 40.5.
To 41 as discussed first we rejected in This range and now we are seeing Strength. As we push through it something To keep in mind is that. We’re currently Above the recent high and we have been Experiencing that Many times. So, We have experienced a Similar figure During the having period in which. We Broke above the recent high Also due to news in this period and then We broke back south Into the range construction Similarly in the period in august.
We Also did See such construction after which the Price fell back into the range. So, we have to take into mind that this Breakout. Here could be A similar figure of what has to happen in order to sustain the bullishness. We have to see this 40.5 to 41 level Hold as support. So, do you want to follow in at these Levels Nah. but you want to look at Levels that has to be flipped as support. So, if you’re day trading Any of these triggers at 32 or any in This range Or this flip that is your long.
So, you’re Looking for a similar stride or similar Figure in this range. Here around 41 That has to flip and support. If we get There And we smack through it. I’m assuming We’re going to hit around 37 at A very fast pace. as we’re back inside The range. But as long as we hold that 41k Area and we continue the grind. We do not get anything like a rising wedge construction.
This could be on the tables here as well but still very premature, But if we continue to grind the next Target zone is based on Fibonacci Extension. Here is the one here’s the Zero Previous corrective moves um extension And I’m looking at 50k So as long as bitcoin holds above this Level at 41k. I think we could be continuing towards 50.
So this is the critical level right now you should be looking at Then finally. We do know doji And I’ve been discussing this earlier. This morning in which Doji Has been making this beautiful support. Resistance flips in which you were Looking for trigger points Similarly. we’ve spotted two of those Tests here Granting small pushes of about 20 during the day.so, Those have been Giving you very nice skull trade entries.
Right now you simply see that there is Not an entry in only one hour. On the 15 minutes might be one but still A little bit too tricky. If we do get a new grind up you can also Use humanity for A darker definition of this current move. Then we’re looking at this range here Just above the previous high of around 260. If this level around 160 is lost. I’m going to look at 120. So I’m progressing market is doing fine I’ve given you two market updates.