TSLA
reportedly sold $936 million dollars, 75% of their
BTCUSDT
Position. What does this mean for the Crypto market...
It's still too early to tell if this news will be the catalyst that sends BTC back down, however here are some key levels to watch.
BTC has taken support after rejecting from a strong supply level on the daily timeframe which was found back in December of 2020. BTC has returned to our recent supply level which is now acting as demand.
This level at 22,550 is very important in the fact that it has market a change of character or trend for the previous impulses. Candles opening below this level is quite bearish.
Now it is still very likely we rise from here, BTC still looks healthy sitting above this demand zone, I'm just analyzing the downside after the recent news.
A break through the resistance at 24,300 would indicate a continuation of this rally and I'm still bullish as long as we stay above the levels I previously stated.