Is Elon Musk Manipulating The Cryptocurrency Market?
The Tesla Snowball Keeps On Rolling
Since Elon Musk's tweet "We are concerned about rapidly increasing use of dodo fuels for Bitcoin mining and proceedings […] cryptocurrency is a good idea happening many levels and we think information technology has a promising future but this cannot come at great cost to the environment", Bitcoin has been spiral depressed. The rest of the crypto market followed the leader, as IT usually does.
At the time of composition, Bitcoin is ever-changing hands at $39,700, down more than 21% in the last seven days. Ethereum is trading at $2,600, after a sharp dip from above $4,000 (-32% in the live on seven days). Binance's BNB is valued at $375, a huge drop considering that barely 10 days ago it was priced in the $700 area.
Despite all the red on the charts, information technology's worthy noting that most cryptocurrencies are showing bounces at OR most support. This could be the proverbial "dead cat bounce", which is known as a situation where an asset is experiencing a short burst of optimistic pressure and front, or it could be an actual recovery.
Ethereum carbon monoxide-founder Vitalik Buterin expressed his opinion in a CNN interview, saying that the crypto markets testament learn their lesson from this market clang and will "progress an immune system terminated clock time". Atomic number 2 also mentioned that he doesn't think that Musk's tweets stem from laid up will, just "that ultimately [Musk] is a human. And humans get mad almost dog coins. That's just a thing that man get excited about. I don't think that Elon has a variety of malefic intent in any of this."
The sooner the crypto market learns to stop reacting to every tweet surgery rumour, the best. In the meantime, we have to adapt to the status quo, which for now is that prices are vulnerable to this type of events.
Chart Analysis – BTC/USD
Later on a touch of the support at $30,000, Bitcoin jumped higher, showing an almost perfect reverberate only the pair failed to topnotch the resistance at $42,000.
Apart from the rejection seen at support, the signs are pessimistic for the short term: cost is below the 50 days Moving Average, immunity is intact and a portentous low has been created. Even if $42,000 is humiliated, there is still the important level at $45,000 that needs to be surpassed. If this happens, past the chances of a full recovery will increase.
The Relative Strength Index has moved its 30 level and is already moving up and monetary value has travelled a long distance in a short while, which is ordinarily followed by a retort propel. That being aforementioned, we may see a "rubber band" effect where price moves away from the mean and then it gets "pulled" back towards it just as long as $45,000 girdle resistance, the bias stays bearish.
Source: https://www.binaryoptions.net/is-elon-musk-manipulating-the-cryptocurrency-market/
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