Elon Musk tweeted that the company's electric vehicles can now be paid for in bitcoin, with such an option available to buyers outside the United States later this year. According to him, the company has no plans to convert cryptocurrency to fiat money.
On Tuesday, March 23, Bitcoin trading ended slightly higher (+ 0.48%), while all major currencies plummeted against the US dollar. Against the backdrop of the dollar rally, buyers found it difficult to maintain the level of 53 thousand in the American session.
On Tuesday, March 24, trading in Asia began with the strengthening of the dollar. From $ 55,830, sellers knocked the price down to $ 53,511. In order to save Tesla's profit from the previously purchased bitcoins for $ 1.5 billion, I. Musk came to help the buyers. He pumped the cue ball to $ 56662.
The rise in price to $ 56662 is not enough to continue the rally. The $ 56,700 level is a strong resistance in the TF hour. Buyers need to move non-stop up to $ 58,500 to discourage sellers from selling Bitcoin. While the dollar is correcting in forex, buyers can take advantage of the time window to recover. If the level of 53.0 thousand is demolished, there will be a gray stripe for buyers, which may turn black.
Conclusion: I repeat. When the price falls, no one protects the levels. Those who bought BTC no longer have an impact on the market, but those with money can use low liquidity in order to force them to sell the cue ball and cause a large-scale fall. In any case, this is all calculated and additional information is needed from the servers of the exchange on icebergs (hidden orders) and the accumulation of stops (liquidity). Not knowing who is against you, you can run into the same big player who will flood about you at a good price and not reach the main goal.
Today I looked at the trajectory of Tesla shares on the cue ball chart with a shift of 174 days ahead. Nothing changed. Correlation is greater than 90%. Everything is within acceptable limits.
Up - the trend is valid. Buyers need to hold the $ 52640 - $ 1 53,271 zone, otherwise the monthly candle will shit. Since the volumes have significantly decreased, the breakdown of 50 thousand can provoke many to leave the market. New liquids, a lot of blood, then a long flat. Nothing has changed since 2017. Everything should be in moderation.
Fed Chairman Jerome Powell believes that cryptocurrencies are unsuitable for payments and do not have any particular advantages in terms of preserving capital. In non-government digital currencies such as Bitcoin and Ethereum, he sees only a tool for speculation. Yellen and Powell spoke yesterday on the House of Representatives Financial Services Committee.