Tesla and Bitcoin Correlation TSLA Technical Analysis
We see that an up-trend trend has started with the crossover where I circled it.
I believe that Tesla investors definitely have a trade with BTC.
When Tesla breaks the BTC line downwards, we see that prices are broken as well.
You might think it's a coincidence.
So let's look at the old data.
Year 2019
Arbitrage nodes can be seen everywhere.
Let us now return to standard analysis methods.
Let's look again at the price movements before examining the patterns etc.
The upward movement seems to continue here, but you can see in the indicator data that there is a break or even a regression in the flow of money.
When you make an observation by adjusting the price lines, we can see that a cross is about to occur again.
Since this cross is inclined upwards, we can interpret it in favor of Tesla.
BTC will also be affected by this collision and will achieve value even if it is at the bottom.
For some of you, a BTC / Tesla relationship may seem unreasonable. I know . You might think that BTC is not even a currency. But that does not change that fact.
twitter.com/elonmusk/status/1400620080090730501
He expresses that he has an emotional connection with BTC at every opportunity.
BTC's close relationship with Tesla shares stems from its large investors. Because BTC became the official currency of Tesla.
Look, in the picture below, you can see the big investments that Alon Musk has
Do you find it interesting?
If there are any of us who have not heard of them before, I would like to talk briefly about dogecoin and floki currency.
Dogecoin; I think it was created by Alon Musk.
2013 was a new era for Alon Musk.
Launching the SES-8 satellite on December 3, 2013 was SpaceX's first launch into a geosynchronous orbit.
On December 6, 2013, Dogecoin rapidly developed its own Internet community, reaching a market price of $ 5.4 billion on January 28, 2021.(Wikipedia)
We can not ignore the crypto investments behind the wealth and success that are growing rapidly after 2013.
So if you are interested in Tesla, here are 3 more things to keep in mind.
DogeCoin
Bitcoin
FlokiCoin
Now we can start looking at the graph.
We see that the previous trend completed the Elliott wave 5 wave. However, the extension of the 3rd wave seems to have caused the 5th wave to be short. The shortness of the second wave and the expansion of the third wave made the retreat movement stronger.
There is a harmonious pattern showing between the 3rd wave and the B leg. But I do not think it is a pattern. A double bottom will be a more objective view
It will most likely enter a harmonious pattern afterwards.
Aroon Indicator now suggests that buyers are weakening and the adx trend is now over.
By looking at CMF, we can see that the flow of money has also lost power.
Along with a negative deviation in momentum and CMF, we can consider bear candle pattern
Given these data, it would make more sense for me to wait for a recovery of a trend that has been happening for about 3 months, if not a big drop.
In addition to all these, if commercial activities, Alon Musk's relationship with BTC etc. Taken into account, I think a safer approach can be followed.
Because I think investors like Alon Musk and Michael Sailor are turning to the crypto market again due to the low price of BTC.
When we look at the weekly time frame, we see that the average has dropped, but the flow of money is trying to remain stable.
If it was on a downward trend, I might have considered a move upwards. But seeing it on the rise sounds to me like a bear sign.
When we examine the supply zone over the previous data, we can see that these areas match the pattern we expect
If it's going to go downtrend as we expect and use the old support areas, it's roughly in line with 1.24 levels of our pattern.
Yes, it's a huge loss of money.
When we look at the monthly time frame, we see that it made a correction at 0.618
I think we need to be careful when we look at slider data as part of the monthly time frame.
Aroon up did not respond positively to candle movements. ADX angle shows that the trend is weak. RSI is at 74 levels.
You can see the money movements in the top index. Both the average price and cash flow decreased.
Even if you believe that the trend will continue, stop loss should always be in your head.
Ema monthly data signals that even if there is a decline, it will not be permanent.
When you consider the profile of the company and the size of its investors, we may think that there is nothing to be afraid of.
But our goal is maximum profit, minimum loss.
In conclusion, we can mention two possibilities;
If it starts to draw a pattern, the fall will do more damage.
If the pattern does not create and does not fall below 0.618 on the monthly chart, a strong rise will resume.
In this case, Elliott 5 and the flag formation will come out
Note: This is not an investment advice.
I believe that Tesla investors definitely have a trade with BTC.
When Tesla breaks the BTC line downwards, we see that prices are broken as well.
You might think it's a coincidence.
So let's look at the old data.
Year 2019
Arbitrage nodes can be seen everywhere.
Let us now return to standard analysis methods.
Let's look again at the price movements before examining the patterns etc.
The upward movement seems to continue here, but you can see in the indicator data that there is a break or even a regression in the flow of money.
When you make an observation by adjusting the price lines, we can see that a cross is about to occur again.
Since this cross is inclined upwards, we can interpret it in favor of Tesla.
BTC will also be affected by this collision and will achieve value even if it is at the bottom.
For some of you, a BTC / Tesla relationship may seem unreasonable. I know . You might think that BTC is not even a currency. But that does not change that fact.
twitter.com/elonmusk/status/1400620080090730501
He expresses that he has an emotional connection with BTC at every opportunity.
BTC's close relationship with Tesla shares stems from its large investors. Because BTC became the official currency of Tesla.
Look, in the picture below, you can see the big investments that Alon Musk has
Do you find it interesting?
If there are any of us who have not heard of them before, I would like to talk briefly about dogecoin and floki currency.
Dogecoin; I think it was created by Alon Musk.
2013 was a new era for Alon Musk.
Launching the SES-8 satellite on December 3, 2013 was SpaceX's first launch into a geosynchronous orbit.
On December 6, 2013, Dogecoin rapidly developed its own Internet community, reaching a market price of $ 5.4 billion on January 28, 2021.(Wikipedia)
We can not ignore the crypto investments behind the wealth and success that are growing rapidly after 2013.
So if you are interested in Tesla, here are 3 more things to keep in mind.
DogeCoin
Bitcoin
FlokiCoin
Now we can start looking at the graph.
We see that the previous trend completed the Elliott wave 5 wave. However, the extension of the 3rd wave seems to have caused the 5th wave to be short. The shortness of the second wave and the expansion of the third wave made the retreat movement stronger.
There is a harmonious pattern showing between the 3rd wave and the B leg. But I do not think it is a pattern. A double bottom will be a more objective view
It will most likely enter a harmonious pattern afterwards.
Aroon Indicator now suggests that buyers are weakening and the adx trend is now over.
By looking at CMF, we can see that the flow of money has also lost power.
Along with a negative deviation in momentum and CMF, we can consider bear candle pattern
Given these data, it would make more sense for me to wait for a recovery of a trend that has been happening for about 3 months, if not a big drop.
In addition to all these, if commercial activities, Alon Musk's relationship with BTC etc. Taken into account, I think a safer approach can be followed.
Because I think investors like Alon Musk and Michael Sailor are turning to the crypto market again due to the low price of BTC.
When we look at the weekly time frame, we see that the average has dropped, but the flow of money is trying to remain stable.
If it was on a downward trend, I might have considered a move upwards. But seeing it on the rise sounds to me like a bear sign.
When we examine the supply zone over the previous data, we can see that these areas match the pattern we expect
If it's going to go downtrend as we expect and use the old support areas, it's roughly in line with 1.24 levels of our pattern.
Yes, it's a huge loss of money.
When we look at the monthly time frame, we see that it made a correction at 0.618
I think we need to be careful when we look at slider data as part of the monthly time frame.
Aroon up did not respond positively to candle movements. ADX angle shows that the trend is weak. RSI is at 74 levels.
You can see the money movements in the top index. Both the average price and cash flow decreased.
Even if you believe that the trend will continue, stop loss should always be in your head.
Ema monthly data signals that even if there is a decline, it will not be permanent.
When you consider the profile of the company and the size of its investors, we may think that there is nothing to be afraid of.
But our goal is maximum profit, minimum loss.
In conclusion, we can mention two possibilities;
If it starts to draw a pattern, the fall will do more damage.
If the pattern does not create and does not fall below 0.618 on the monthly chart, a strong rise will resume.
In this case, Elliott 5 and the flag formation will come out
Note: This is not an investment advice.
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