Tesla share price has found support at the $600 area despite ongoing weakness in the cryptocurrency market. Bitcoin tests the $32,000 level once again, and other cryptocurrencies have a hard time as well. For example, Ethereum and Doge are both down over 20% today in yet another cryptocurrency market rout.
The end of the quarter is getting closer by the day and the crypto stocks depend on the digital assets’ performance. However, despite the ongoing weakness in the crypto space, Tesla holds rather well above support. This is key moving forward, as if support holds, bulls may have a case.
Some good news has kept Tesla share price above support. Last week, Mizuho upped its global market share for Tesla to 10%, in a bullish statement. On the flip side, Tesla target price was cut at Canaccord.
The technical picture looks bullish while above support. If the market holds above support, we may see a double bottom formation in place. Hence, there is a bullish case to consider, especially if the price action breaks above the $650. Therefore, bulls may want to wait for a close above $650 before going on the long side with a stop at the $525 and a take profit above the most recent lower high at $800.
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