Crypto Industry News:
Form 10-K was received yesterday at the desk of the US Securities and Exchange Commission (SEC) informing about the allocation of funds in BTC by Tesla Inc. After many weeks of speculation, discussions and activity on Twitter, Elon Musk apparently made a decision to invest some of Tesla's assets in the most popular cryptocurrency.
The document reads:
"We have invested a total of $ 1.50 billion in bitcoin under this policy, and we may occasionally or long-term acquire and hold digital assets."
"In addition, we expect to start accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and limited terms initially [...]."
And next:
"The prices of digital assets have been subject in the past and may continue to fluctuate greatly, including as a result of various associated risks and uncertainties. For example, the proliferation of such assets is a relatively recent trend and their long-term adoption by investors, consumers and businesses is unpredictable. Moreover, their lack of physical form, their reliance on technology to create, exist and transactional validation, and their decentralization can expose their integrity to attack and technological obsolescence. Finally, the extent to which securities laws or other laws apply or may apply in the future to such assets is unclear and may change in the future. If we have digital assets and their value drops relative to our purchase prices, our financial situation may suffer. "
Technical Market Outlook:
The BTC/USD pair has made a new all time high at the level of $48,216 after the Tesla new had been published. The next target for bulls is seen at the level of $50,000. The key short-term technical support is located at the level of $40,932 and $39,996. Please notice, that despite the strong and positive momentum, the market conditions are now extremely overbought, so some market reaction is expected once the level of $50,000 is hit.
Weekly Pivot Points:
WR3 - $51,306
WR2 - $46,193
WR1 - $42,645
Weekly Pivot - $37,209
WS1 - $34,108
WS2 - $28,930
WS3 - $25,324
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $50,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken.
