Bitcoin had a little pump with the news that Elon Musk shared.
Tesla is now accepting BTC as payment for their Tesla products. Also they will not be converting any BTC into fiat, Elon defiantly took action and showed he is not all talk. These large companies try not to make irrational decisions, at these price levels he is willing to take your BTC and hold it, imagine selling 10,000 BTC worth of Teslas and BTC drops 50, 70, 80%? That would be a huge loss on their end, yes it would only be a temporary paper loss as he is not selling but no company wants to lose that equity and practice patience on the wrong side of the market. Elon defiantly thinks BTC is going higher and is taking a large bet on it.
When Tesla announced their $1B buy in BTC we had a large push to the upside breaking the downtrend and we never chase, always wait for a retrace. Which we saw a nice pullback into the 61.8 PRZ, also bouncing off the 200 EMA and prior downtrend trendline! Tons of confirmation!
Waiting for price to break our downtrend, I got a bit long near the 200EMA pullback and if we make another low I will be adding to my position, when we break out, I will wait for a pullback to take a fair positioned long!
Tesla is now accepting BTC as payment for their Tesla products. Also they will not be converting any BTC into fiat, Elon defiantly took action and showed he is not all talk. These large companies try not to make irrational decisions, at these price levels he is willing to take your BTC and hold it, imagine selling 10,000 BTC worth of Teslas and BTC drops 50, 70, 80%? That would be a huge loss on their end, yes it would only be a temporary paper loss as he is not selling but no company wants to lose that equity and practice patience on the wrong side of the market. Elon defiantly thinks BTC is going higher and is taking a large bet on it.
When Tesla announced their $1B buy in BTC we had a large push to the upside breaking the downtrend and we never chase, always wait for a retrace. Which we saw a nice pullback into the 61.8 PRZ, also bouncing off the 200 EMA and prior downtrend trendline! Tons of confirmation!
Waiting for price to break our downtrend, I got a bit long near the 200EMA pullback and if we make another low I will be adding to my position, when we break out, I will wait for a pullback to take a fair positioned long!