Is Elon Musk Manipulating The Cryptocurrency Market?
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Since Elon Musk's tweet "We are concerned about rapidly increasing use of fossil fuels for Bitcoin minelaying and proceedings […] cryptocurrency is a good idea connected many levels and we believe it has a promising approaching but this cannot come at great be to the environment", Bitcoin has been spiraling down. The rest of the crypto market followed the leader, as it unremarkably does.
At the time of writing, Bitcoin is dynamical hands at $39,700, down Sir Thomas More than 21% in the last seven days. Ethereum is trading at $2,600, aft a sharp drop from supra $4,000 (-32% in the last seven days). Binance's BNB is valued at $375, a huge fall considering that just 10 days past it was priced in the $700 area.
Scorn every last the red on the charts, it's worth noting that most cryptocurrencies are showing bounces at or near back up. This could comprise the saying "dead cat bounce", which is renowned as a spot where an asset is experiencing a improvident burst of bullish pressure and movement, or it could personify an actual recovery.
Ethereum co-founder Vitalik Buterin expressed his opinion in a CNN interview, locution that the crypto markets leave memorize their example from this market crash and will "build up an insusceptible system over time". He also mentioned that atomic number 2 doesn't recollect that Musk's tweets stem from ill will, just "that finally [Musk] is a human. And humans fetch agitated some domestic dog coins. That's merely a thing that humans get excited about. I don't think that Elon has a sort of malevolent intent in whatsoever of this."
The sooner the crypto market learns to stop reacting to every tweet or rumour, the better. Meantime, we have to adapt to the status quo, which for at present is that prices are penetrable to this type of events.
Graph Analytic thinking – BTC/USD
After a touch of the supporting at $30,000, Bitcoin jumped higher, showing an nearly perfect leaping merely the pair failing to first-rate the resistance at $42,000.
Apart from the rejection seen at support, the signs are bearish for the short term: Leontyne Price is below the 50 days Wiggling Average, resistor is integral and a remarkable low has been created. Even if $42,000 is broken, there is still the great level at $45,000 that inevitably to be surpassed. If this happens, then the chances of a pear-shaped recovery will increase.
The Relative Strength Indicant has touched its 30 level and is already heaving high and price has travelled a elongated distance in a short while, which is usually followed by a counter move. That being same, we may see a "rubber striation" effect where cost moves away from the mean and then it gets "pulled" back towards information technology but as long A $45,000 corset resistance, the bias stays bearish.
Source: https://www.binaryoptions.net/is-elon-musk-manipulating-the-cryptocurrency-market/
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