Crypto Industry News:
Elon Musk is a character who, in the eyes of BTC fans, first became a hero to eventually turn into a super-villain. Now Tesla's boss has been attacked by Anonymous Internet activists.
Anonymous is an international, decentralized group of Internet activists that opposes the restriction of civil liberties, corruption, consumerism, censorship, the influence of the Catholic Church on public life and violations of animal rights. In 2012, Time magazine ranked the group among the "100 Most Influential People in the World". Now she has targeted the CEO of Tesla.
Musk was mainly hit for his comments on cryptocurrencies. Anonymous described him as "the narcissistic rich man seeking attention." In their opinion, he also disregards the fate of ordinary people.
Musk has been manipulating the cryptocurrency market for some time. This year he revealed himself as a BTC supporter. He admitted that Tesla is starting to invest in cryptocurrencies and accepting BTC in exchange for its products. As a result, the BTC rate began to rise sharply.
Except that Tesla's CEO suddenly changed his mind. He announced that his company would no longer accept BTC in exchange for its cars. Effect? The cryptocurrency rate has started a deep correction.
However, these are not all Musk's sins. With his tweets, he raised the valuation of the DogeCoin cryptocurrency, which, however, is commonly considered a meme-currency, and not a serious project, such as Ethereum.
Technical Market Outlook:
The BTC/USD market still trades under the supply zone located between the levels of $43,1459 - $41,794, so bears are still in full control of the market and only a strong breakout above the level of $41,096 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish. The next target for bears is May 19th low seen at the level of $29,701 and the first attempt to test this level had been made as the bears had pushed the price below the $33,000 towards the technical support at $32,156 (May 23rd low).
Weekly Pivot Points:
WR3 - $43,458
WR2 - $41,521
WR1 - $38,273
Weekly Pivot - $36,222
WS1 - $33,131
WS2 - $30,800
WS3 - $27,577
Trading Recommendations:
Even despite the recent correction 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 $70,000. 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 on the daily time frame chart (daily candle close below $30k).