Bitcoin Update

The 43,000-44,000 range was my target for this pullback under the intermediate wave (4) scenario. And, once again we have a case of the market doing what we expect in the least expected manner. BTC looked to be forming an ascending triangle ready to bust up to new highs, but it has taken the opposite course. Many are blaming Elon Musk’s comments that due to the large carbon demands of mining Tesla (didn’t want to add to its already large carbon footprint in the manufacturing its batteries and their ongoing charging) so Tesla won’t accept BTC for payment for a Tesla. Tesla, he said, won’t be selling any bitcoin. Nah, I bet he didn’t get as much as he wanted originally, but now he can.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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