Bitcoin was in free fall overnight after Tesla said it has suspended vehicle purchases using the crypto-currency. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Chief executive Elon Musk tweeted. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
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The sharp decline wasn’t much a surprise technically. Bitcoin is now in it’s third leg of the corrective pattern from 64828. Minimum target of 47112 support was actually met already. Though, there is no sign of bottoming and further fall should be seen. The corrective pattern might complete only after testing 38.2% retracement of 4000 to 64828 at 41591, which is close to the top of prior range of 20283/41964.
