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July 22, 2021

Bitcoin Jumps On Musk Announcement- How To Trade This News

Frank Cabibi

7/22/2021

The past couple months haven't been too good for the crypto market, in fact, the market saw a $90 billion loss since May. If you have kept up with the activity on Elon Musk's account, you might have seen how the majority of his tweets about dogecoin or bitcoin have greatly influenced the price of most cryptos in either direction. His influence on Twitter and social media broadly affect the behavior of bitcoin and other altcoins, and in a recent interview, he mentioned that he "might pump [bitcoin] but I don't dump".

Out outlook

Lately, we've seen a lot more businesses and institutions getting involved or talking about getting involved in crypto or bitcoin specifically. The price of bitcoin has also hit some hard support that has held price above this level in the long run. I think bitcoin could see some upside going into this weekend now that we've seen some good news and two days of green so far. And crypto does tend to perform better on weekends after a period of buying during the week. We just need to see how the coin fares the rest of today and tomorrow.

Trade Setups

BTCUSD

Bitcoin shows some hard rejection from the lows on the 4H timeframe and comes up to test resistance around the falling trend line starting in late June. Something to look out for is a decrease in volume and/or a hard retracement from this trend line; this could mean yet another lower low will form, and that would be very concerning considering that we will probably test the very bottom of the consolidation zone. However, if we see a break above this falling trend line, we could see price continue to the top of this zone where there are several tops on this timeframe.

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