What an extraordinary time we live in! In less than 2 months Elon Must managed to change the crypto world. With the power of a tweet, he managed to double his crypto assets value. And he is not getting a sizable fine! If any of my dear readers remember, last time he performed a similar stunt tweeting about taking Tesla private, he received a 20m fine for market manipulation.
So, anyone curious why Elon is changing the world for the better with cryptos? What's in it for him? Here is an interesting thought experiment proposed from a couple of my followers from California, USA. Follow the money. We sat down in a social distant manner in web meeting and ran some numbers.
Tesla purchased 1.5b worth of BTC in January. There was not a single purchase order of that size. Actually, nowhere near it. Therefore it must have been a slow constant acquisition not to spike volumes or get whales suspicious. We traced steady volumes Dec-Jan and it is very likely that Tesla was slowly purchasing BTC around 24-26k mark. That would have bought Tesla about 60k BTC. We highly doubt that Elon would even mention BTC while Tesla was purchasing not to spike the price. That means that purchase was complete by the time Elon added his famous #Bitcoin. Check the dates and run the numbers 😉
So what's in it for Elon? 60k BTC as of this morning was worth in a ballpark of 2.9b, basically doubling the asset value for Tesla (Elon). Well played, just surprised he is not getting 1.5b fine for this 😂
How about ETH? It is difficult to say today's market's reaction, however, all assets are widely overpriced. That should spell a retrace. Today's technicals: Position is short. Forecasted highs are at 1900 unclear of any limits. There seems to be a resistance forming at 1815. Mid-way point now moving to 1680. Forecasted lows at 1630 and unlikely to drop below 1600. Don't forget that technical data renders useless against people irrational behaviour. Stay vigilant and change to Long in case market shifts direction.
It seems that TradingView has now blocked me from direct chat people as I received too many requests. I did not know there is such a limitation.
I am working on how best to provide early access to my followers and it would likely be a discord server. If you have ideas on how best to do it - please let me know in the comments below.
Here are my early bird access TA for Feb 10th:
Data suggest a bull run, however ETH at the moment is at the top of the channel and at the top of FBB.
It will be difficult for it to break out and therefore there should be another retrace.
Forecasted highs at 1840 and 1890 with strong resistance formed at 1826. New mid-way point at 1700.
Forecasted lows at 1700 and 1660.
Echobox
⋅
I'd like to have access - cheers for the analysis
KMGG
⋅
I'd like to have early access
Ash25857
⋅
I would like to have early access
mediaweavers
⋅
I would like to have early access
Grooveshark
⋅
I'd like to have early access
DataMoney
⋅
I am publishing my technical analysis every day after 10am GMT. If you are interested in getting early morning access to my technical analysis, write "I would like to have early access" in the comments below.
Mygyver73
⋅
@Dovydas_M, I would like to have early access
polished_tacoma
⋅
@Dovydas_M, i would like to have early access! please and thank you