CRYPTONAIRE WEEKLY MAGAZINE 182ND EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINE
WEEKLY TOP TRADES, TOP PROJECTS AND MARKET UPDATESTesla CEO Elon Musk soured market sentiment last week with two tweets that did not go down well with crypto investors. On May 12, Musk tweeted that Tesla will stop accepting Bitcoin payments for its vehicle purchases because of the “rapidly increasing use of fossil fuels for bitcoin mining.” This tweet started the meltdown in Bitcoin.
The second tweet that intensified the selling in Bitcoin was on May 17 where Musk teased that Tesla may have sold its Bitcoin holdings or may do so in the near future. Although Musk later clarified that Tesla had “not sold any Bitcoin,” it did little to improve the battered sentiment.
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We had mentioned that shorting opportunities may open up for professional traders and that is what happened. Bitcoin broke below the £38,000 support on May 12, which triggered panic selling.
The BTC/GBP pair continued to move lower and reached the £31,005 support on May 17. The bulls are currently attempting to defend the £31,005 support.
However, any rebound from the current level is likely to face stiff resistance from the 20-day EMA as traders stuck at higher levels are likely to bail out of their positions on rallies.
The downsloping 20-day EMA and the RSI near the overbought territory indicate the bears are in control. A break below the £31,005 support will invalidate the bullish falling wedge pattern and open the doors for a further fall to £21,000.
Though a rebound from the current levels can not be ruled out, we do not suggest buying in a falling market. We will wait for the correction to end and a bottom to be confirmed before recommending long positions once again.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Featuring in this weeks Edition:
- Zumo
- PointPay
- Tican
- Junca Global
- DeFi Bids
- Stealth
- AuBitRead More
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