So, anyone curious why Elon is changing the world for the better with cryptos? What's in it for him? Here is an interesting thought experiment proposed from a couple of my followers from California, USA. Follow the money. We sat down in a social distant manner in web meeting and ran some numbers.
Tesla purchased $1.5b worth of BTC in January. There was not a single purchase order of that size. Actually, nowhere near it. Therefore it must have been a slow constant acquisition not to spike volumes or get whales suspicious. We traced steady volumes Dec-Jan and it is very likely that Tesla was slowly purchasing BTC around 24-26k mark. That would have bought Tesla about 60k BTC . We highly doubt that Elon would even mention BTC while Tesla was purchasing not to spike the price. That means that purchase was complete by the time Elon added his famous #Bitcoin. Check the dates and run the numbers 😉
So what's in it for Elon? 60k BTC as of this morning was worth in a ballpark of $2.9b, basically doubling the asset value for Tesla (Elon). Well played, just surprised he is not getting $1.5b fine for this 😂
How about ETH? It is difficult to say today's market's reaction, however, all assets are widely overpriced. That should spell a retrace.
Today's technicals: Position is short. Forecasted highs are at 1900 unclear of any limits. There seems to be a resistance forming at 1815. Mid-way point now moving to 1680. Forecasted lows at 1630 and unlikely to drop below 1600.
Don't forget that technical data renders useless against people irrational behaviour. Stay vigilant and change to Long in case market shifts direction.
Have fun trading! 🤑
I am working on how best to provide early access to my followers and it would likely be a discord server. If you have ideas on how best to do it - please let me know in the comments below.
Here are my early bird access TA for Feb 10th:
Data suggest a bull run, however ETH at the moment is at the top of the channel and at the top of FBB.
It will be difficult for it to break out and therefore there should be another retrace.
Forecasted highs at 1840 and 1890 with strong resistance formed at 1826. New mid-way point at 1700.
Forecasted lows at 1700 and 1660.