Vladimir Zernov
Add to Bookmarks

Elon Musk Says He Owns Bitcoin, Dogecoin And Ethereum

Dogecoin is currently trying to settle above $0.19 while Bitcoin is testing an important resistance level at $32,000.

Elon Musk has recently provided material support to Bitcoin and other cryptocurrencies as he stated that Tesla could again begin to accept Bitcoin as payment for the company’s cars.

Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

According to Musk, Bitcoin is moving towards renewable energy, but Tesla will make sure that its environmental goals are met before Bitcoin could be used to buy Tesla cars.

Musk has also noted that he personally owned Bitcoin, Dogecoin and Ethereum. Not surprisingly, Musk’s comment provided additional support to Dogecoin, which made an attempt to settle above $0.21 but lost momentum and pulled back towards $0.19.


Technical Analysis

Dogecoin has recently made an attempt to settle above $0.21 but failed to develop sufficient upside momentum and pulled back. Currently, Dogecoin is trying to settle above $0.19.

I’d note that no material levels have been formed between the support level at $0.1650 and the resistance level at $0.20 so Dogecoin may easily move between these levels when it stays in the current $0.1650 – $0.20 range.

A move above the resistance at $0.20 will signal that Dogecoin will try to develop additional upside momentum. Dogecoin will have to settle above the 20 EMA at $0.2045 to have a chance to get to the test of the resistance at $0.2150.

If Dogecoin manages to get above the resistance at $0.2150, it will move towards the next resistance level at $0.2250. A successful test of this level will open the way to the test of the resistance at $0.23.

On the support side, the nearest support level for Dogecoin is still located at $0.1650. Additional support levels below $0.19 may be formed in the near future if Dogecoin does not develop significant downside momentum which could take it below $0.1650. If Dogecoin declines below $0.1650, it will head towards the next support level at $0.1550. A move below this level will open the way to the test of the support at $0.1450.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker