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Elon Musk-inspired investors use memes as trading strategies

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 Company boss Spectra Markets talks up Musk’s possible tactic.
• Elon Musk’s influence could see Bitcoin reach a new all-time high in its price.

Elon Musk, the founder of SpaceX and Telsa CEO, is undoubtedly one of the main cryptocurrencies promoters. Musk has been watching the crypto movement for a long time, but it wasn’t until long ago that his tweets affected the crypto prices.

Musk’s opinions have also served as a source of inspiration for other types of investors who have been using its tweets as a strategy. Many cryptocurrencies fans have created memes to be a trend and get the tokens to increase the price; Musk has repeatedly done it.

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Elon Musk’s new tweet puts fans in doubt

Elon Musk

Tycoon Elon Musk recently posted a tweet saying that, due to inflation, 420 rose to 69, referring to how much Bitcoin has risen in recent years. It has not been more than a day since the tweet was published, and it has accumulated over 280000 likes, 22000 comments, and about 36000 re-tweets among his followers. Musk has stood out as one of the main cryptocurrencies supporters, and thanks to these comments, the value of the tokens reaches new all-time highs.

Following the Elon Musk tweet, some experts in cryptocurrencies, such as the head of the company Spectra Markets, think that the investor who sells his Bitcoin for more than $69000 may not understand what he is doing. Likewise, Brent Donnelly suggests that people who sell their BTC for around $68,998 will understand trading and the movement of speculations.

This occurs because BTC drops, as in other cryptos, are usually in new integers such as 00 or 30, including Donnelly.  The boss at Spectra Markets hints that stop-loss orders should be at the correct side in the round. But Buy-Stops orders would have to exceed the 00 range in its final two digits, while Sell-Stops orders would have to be well below.

Musk’s views benefit the crypto market

Elon Musk as the wealthiest businessman globally will be trending on Twitter after launching a comment on cryptocurrencies. Musk has been giving his opinion on cryptos since last year, but in 2021, he took a lot more priority among enthusiasts. Musk speculated on the Bitcoin price, and the token reached its all-time high of $64000 in May and $69000 in November.

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Elon Musk has allowed cryptocurrencies to take priority by just taking a few minutes to post a tweet. Musk has also focused on Altcoins such as Ethereum, Shiba Inu, and his preferred token Dogecoin, trading at $0.259.

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Bitcoin

Bitcoin Weekly Forecast December 6 — 10, 2021

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Bitcoin BTC/USD ends the trading week at 55380, continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53605. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 77255.

Bitcoin Weekly Forecast December 6 — 10, 2021

An additional signal in favor of the growth of BTC/USD quotes in the current trading week December 6 — 10, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 46355 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 40505. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 65005.

Bitcoin Weekly Forecast December 6 — 10, 2021

Bitcoin Weekly Forecast December 6 — 10, 2021 suggests an attempt to support area near the level of 53605. Then, the cryptocurrency will continue to rise to the area above the level of 77255. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 46355 area. In this case, we should expect a continued decline with a target at 40505.

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Ethereum

Ethereum out performs Bitcoin, ETH regains the majority its flash-crash losses

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  • Ethereum price, like the broader cryptocurrency market, suffered a massive flash-crash during the early midnight trading on Saturday.
  • 17% losses at one point were measured.
  • Throughout the remainder of Saturday, buying pressure wiped out nearly all of the overnight losses.

Ethereum price performance on Saturday has been nothing short of spectacular. Considering that most of the altcoin market is down fifteen to twenty percent, Ethereum’s daily close of down only 4% is a testament to its strength.

Ethereum price regains nearly all of its flash-crash loss, handily outperforming the broader market

Ethereum price experienced one of the fastest and deepest flash-crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). Bears could push Etheruem to the $3,503 price level before a bullish reversal occurred.

The two primary support levels holding Ethereum price up are Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410. While highly bullish in the short-term, indecision remains and downside risks.

Despite the massive recovery, Ethereum price remains inside the daily Cloud – an area rife with indecision, volatility, and whipsaws. The Cloud is the place where trading accounts go to die. Etheruem needs a daily close at or above the $4,650 price level to convert to a full-blown bull market.

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Ethereum price is tilted more bearish here, especially with the Chikou Span below the candlesticks and in open space. Adding to the bearish outlook is the bear flag breakout on the Relative Strength Index. However, the final oversold level at 40 in the Relative Strength Index might yield some support.

ETH/USD Daily Ichimoku Chart

The threshold that bears need to achieve to convert Ethereum price into a bear market is a much more manageable price range than converting to a bull market. For example, whereas Ethereum needs a 15% move above $4,000 to convert into a bull market, short-sellers only need a 7% move below $4,000 to convert Ethereum into a bear market.

Any daily close at or below $3,700 would position Ethereum below the Cloud and into bear market territory.

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Top Analyst Says One Crypto Asset Will Spearhead Bull Market Recovery – And It’s Not Bitcoin

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A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

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If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

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Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

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At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

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