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On Monday, the American automobile giant Ford unveiled its new all-electric Mustang Mach-E SUV in a breakthrough announcement. The Mach-E SUV is pitched to revive the Ford Mustang legacy while simultaneously adopting the trend for next-generation electric vehicles.

Needless to say, the first glimpses are quite stunning as the Mach-E sets up new precedence in the electric car industry. While taking the competition bar higher, the Mustang Mach-E will hit the streets next year in 2020.

Ford’s announcement of the Mach-E has already got industry experts talking. It is pretty obvious that Ford has positioned its Mustang Mach-E against the Tesla Model Y.

Tesla, which has been the key player in the electric car industry is also observing the developments closely. With automobiles giants like Ford making a full-fledged entry in the electric vehicle industry, Tesla is likely to face a stiff competition going ahead. This means that the electric vehicle and battery manufacturer could see further stress on its balance sheet. But is Telsa really afraid of the competition coming its way? Well, it doesn’t seem so!

Elon Musk Loves Competition

Tesla CEO Elon Musk has been quite about the developments needed in the electric vehicle industry. In fact, he has always pushed for more players and competition coming to the market that can benefit the industry and consumers simultaneously.

Earlier this year in March 2019, Musk also praised Tesla competitors for accelerating the development of their electric cars. Telsa has previously stated that its mission is “to accelerate the advent of sustainable transport by bringing compelling mass-market electric cars to market as soon as possible.”

Ford’s entry to the electric car industry could prove to be a gamechanger as it can bring its decades of experience in the automobile space in this segment. In its pursuit of transforming the automobile industry, Tesla has faced several headwinds in the past.

In fact, Elon Musk has also been criticized for having a too ambitious vision for the industry. But with persistent efforts, Musk has managed to take the company this far. In a major invitation, VW CEO Herbert Diess said that Germany could probably be a more accommodating place for Tesla than its hometown of California. Speaking to Bloomberg, Diess said:

“What Tesla probably is looking for is the environment, the infrastructure, to build high-quality cars, which is probably much more the case here in Germany than on the West Coast of the United States.”

In another Bloomberg news, Tesla is all set to develop the world’s largest lithium-ion battery at its Hornsdale facility in South Australia. Tesla plans for a massive 50% expansion to 150 MW of electricity production. Tesla’s entry in South Australia has helped to overcome the region’s electricity issue due to less supply of coal energy.

As solar and wind energy are becoming the realistic competitors to fossil fuels, utility-scale batteries are acting as a bridge between the two. On the other hand, big battery projects in Australia are on the major surge and Tesla is finding a huge opportunity there with its solutions ready.

Bhushan Akolkar , 2019-11-19 10:06:24 ,

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While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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