Crypto Update: Mixed bag... Tesla Earnings Call: No mention of crytpo. Amazon to report Thursday and probably will!

Over the past day or two there has been quite a rally in BTC price, primarily brought about by the chitchat that Amazon would most likely be looking to accept Bitcoin payments by the end of the year. As such it has certainly bounced back off a nice support level in the low $30,000 range.


Amazon has an ad for a "digital currency and blockchain product lead” and it has sparked rampant speculation over what the tech giant might have planned. The new position will be part of the team responsible for how Amazon’s customers pay on its platforms. That being said, Amazon has come out to clarify things a bit. This morning a spokesperson from Amazon said: "Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true, We remain focused on exploring what this could look like for customers shopping on Amazon." Which has led to a slight pullback in the price of Bitcoin. 

In addition, there has been speculation that they might look to create their own form of cryptocurrency. Speaking to my friend/colleague Jimmy Silbert, he doesn't think that this would be very popular with diehard cryptopeople as they might be a bit reluctant to embrace a currency from a corporate. I am not sure, but what I do think is that it will have a relatively negative impact from a psychological perspective and hence the price of BTC could fall if/when that is announced. Amazon reports on Thursday and we shall see what will be said at that point. Speaking of earnings results, Tesla just reported and they did not mention Bitcoin/Crypto on the conference call.

From a technical perspective, Bitcoin bulls will be happy about the weekend rebound. That being said, we are reaching some technical resistance in the form of moving averages. Plus the RSI has rebounded and shows a nice risk-reward tradeoff, but it certainly is not all green lights ahead.



Finally from a MACD perspective, we are not quite yet at a buy signal either, although we are inching there and could get there in a few weeks. This could end up coinciding with a breakthrough the Moving Average resistance.

At a minimum, these are slightly better times than the previous few months. It's still too early to say that we are out of the woods yet and I believe that we will have another few months before we can call it a renewed short term bull market.

Elon vs Jeff... who will make the next move?

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