Stay 
Trading Conditions
Products
Tools
Crypto Industry News:
According to a filing filed with the U.S. Securities and Exchange Commission today, electric vehicle maker Tesla revealed that it reported a gross impairment loss of $204 million on its Bitcoins in 2022. At the same time, Tesla reported a profit of $64 million from converting BTC to fiat currency at various points in the year, resulting in a net loss of $140 million from its cryptocurrency trading activities.
In the first quarter of 2021, Tesla invested $1.5 billion in Bitcoin. Then its founder, Elon Musk, announced that the manufacturer of electric vehicles will start accepting BTC payments from US consumers. The policy was retracted just months later, as Musk announced that before the company would accept means of payment again, it needed "confirmation of reasonable (~50%) clean energy consumption by BTC miners with a positive future trend."
Technical Market Outlook:
A breakout above the level of $25,000 on BTC/USD is needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, but just recently the market made a five waves to the down side instead. It means, the possible ABC Zig-Zag wave pattern is in progress and currently wave B is being developed. The Bearish Divergence on the H4 time frame charts help the bears. On the other hand, any breakout below the range low ($22,330) would extend the corrective cycle towards the level of $21,466 (November 5th high). Strong and positive momentum support the short-term bullish outlook, however, the market is trading in a extremely overbought conditions.
Weekly Pivot Points:
WR3 - $24,554
WR2 - $23,983
WR1 - $23,640
Weekly Pivot - $23,412
WS1 - $23,069
WS2 - $22,842
WS3 - $22,271
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
