Again Tesla CEO tweets tumbled the whole cryptocurrency market
The cryptocurrency market felt the heat on Friday following a couple of tweets from Elon Musk that seemingly celebrates the Tesla CEO's ability to manipulate the price of BTC and in result BTC immediately dropped more than 5%. The price of ETH dropped by more than 6%, while Musk favourite DOGE dropped by more than 14%.
According to multifactorial analysis, the market is no longer extremely fearful. People in the cryptocurrency market are less fearful than they were last week and in the month of May, but this might change following the Musk-induced decline in prices.
BTC Technical Analysis
The 200 day MA is playing as an important resistance for bitcoin for a few weeks which is around $41,000. 21 Day MA proved to be an immediate resistance which was around $39,500. It tried to break the important psychological and technical resistance of $40,000 but wasn't able to break it and is currently trading around $36,500. Immediate support is at $35,000 and major one is around $33,000. Once it will be able to break and close above $40,000, We will be looking for $42,500 to $43,500 in the short term.
We have also shared many things in detail in our today's video, where we also talked about the potential dangers technically and also did a quick technical analysis of many other major cryptocurrencies.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.