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.
People think this man has so much power over Bitcoin. Every price movement is already factored in by the whales. Elon’s actions are just noise to confuse traders. Block out the noise and trade price action
Ultimate_holder
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@snipdapipz absolutely correct , I keep clamoring about corrupt investors , the Chinese whale also .
mmstickman
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Sold does not mean that they are about to sell. If anything, it is a past-tense verb that infers that they are no longer selling, so there's no more selling pressure from that activity.
kapilkhatrisingh
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@mmstickman well they already sold it, and told that they want to keep cash reserves. So, what I think from this statement is that for them cash is more powerful than digital assets.
@mmstickman it doesnt matter if they are still selling or not or How long ago they sold. It’s recent enough and hurts the Image of bitcoin. Markets plunge south from News alone already.
S1S3
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Pretty simple explanation BTC is a dino. They will allocate it to an asset with more upside potential.