Factor 1: Elon Musk selling some of Tesla's investments in BTC & publicly denouncing it, removing the ability to pay for a Tesla with it & saying it is not environmentally safe.
This could lead to many other companies following TSLA & opting out of the use of BTC.
TECHNICALS:
We are looking at BTC on a Daily Chart.
RED LINE - DAILY
GREEN LINE - 4HR
BLACK - MNTH
BLUE - WK
As shown BTC has broken out of a MAJOR Weekly Uptrend Line and is heading towards a $40K Support level.
From there its possible for BTC to rebound to 47.5 - 53K Area to test if there is still any buying interest.
If not BTC will have a HUGE sell-off to around $27K....
This could lead to many other companies following TSLA & opting out of the use of BTC.
TECHNICALS:
We are looking at BTC on a Daily Chart.
RED LINE - DAILY
GREEN LINE - 4HR
BLACK - MNTH
BLUE - WK
As shown BTC has broken out of a MAJOR Weekly Uptrend Line and is heading towards a $40K Support level.
From there its possible for BTC to rebound to 47.5 - 53K Area to test if there is still any buying interest.
If not BTC will have a HUGE sell-off to around $27K....
There is a lot of selling pressure pushing BTC down & no major retest has been made yet.
I believe once BTC falls to around $%28K we will see some buying volume push it back up.
But price is slowly ranging down so we got to let the market play out.