A nasty fake-out (false breakout) cut Bitcoin's anticipated organic breakout short today, leaving the bulls frustrated for several reasons - namely, one culprit, Elon Musk.

Is he friend or foe?

The billionaire cannot help himself, literally. His antics have shaken the cryptocurrency market a few times now, using Twitter as an Excalibur to keep investor perspectives divided.

Dogecoin-ers adore him as the exalted leader of his future Mars Economy. In contrast, Bitcoin-ers are probably rolling their eyes and wondering when the SEC (Securities Exchange Commission) will step in... again.

Today was no different, as he tweeted a very convoluted and misleading meme regarding a break-up with Bitcoin, only then to share another meme suggesting how much he missed it.

Either Elon regrets Tesla reducing their treasury exposures to Bitcoin and accepting the digital asset as a form of payment, or he is simply bored and likes rattling the metaphorical cage to an unregulated market.

Elon Musk @elonmusk

#Bitcoin 💔

June 4th 2021

16,141 Retweets135,111 Likes

Now that we've addressed the FUD (Fear, Uncertainty, and Doubt).

Let us dive into the analysis.

BTC/USD H4:

The false break out can be seen as Bitcoin rallies above resistance and up to USD 39K before failing the re-test and dumping back inside the pennant.

Should the support of this symmetrical triangle-like pennant hold once more, then the bulls have been gifted with another great buying opportunity.

Conversely, another revisit of the former USD 30K lows is likely if BTC/USD breaks down.

It is also worth mentioning a potential double-bottom reversal forming on the $DXY (USD strength), which inversely correlates (negatively related) to most other assets.

DXY:

Certainly, an exciting yet peculiar time to be involved with the markets...

See you again for the next update.

- q

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