Investment in Bitcoin positively impacts Tesla's quarterly results
After yesterday’s close, Tesla announced its results for the first quarter of 2021, where investments made in BTC last month by Tesla had a positive impact.
Specifically, Tesla made earnings per share of $0.93 compared to $0.74 expected by the market consensus, while obtaining net profit of $438 million for the first quarter of the year. A negative aspect of these results can be found in revenue, which came in lower than expected by the market consensus, at $10.39 billion compared to $10.42 billion expected.
On the other hand, we can also observe that vehicle deliveries for the period amounted to 184,800, setting a new record for Tesla. In addition, it is expected that from May, Tesla will begin to deliver a new version of the Model S, while deliveries of the Model X are not expected to begin until the third quarter of the year.
Technically speaking, if we look at the daily chart, we can see that after the annual lows at the beginning of March, the price is moving in an upward channel that has led it to exceed $700 per share again, crossing its averages upwards. Short and medium-term moving averages have in turn have crossed each other after the MACD indicator entered positive territory again.
After these results, the pre-opening price is negative with a decrease of more than 2%, so we must be attentive to the evolution of the price in the next sessions to see how these results have been received by investors since part of these benefits come from your cryptocurrency investments and not from income generated from your core business.
Currently, its main support levels are its 18 and 40 session averages (in black and gold respectively) in the confluence zone with the 38.2% fibonacci retracement level. Losing this level could open the doors for further retracement to the 50% fibonacci level in the lower band of the bullish channel. As long as the price maintains its current bullish channel, the long-term sentiment will remain positive.
Source: Daily chart of the Tesla of the Admiral Markets MetaTrader 5 platform from January 15, 2020 to April 27, 2021. Realized: April 27 at 11:50 am CET. Note: Past performance is not a reliable indicator of future results, or future performance.
Price evolution of the last 5 years:
- 2020: 743.40%
- 2019: 25.71%
- 2018: 6.89%
- 2017: 45.69%
- 2016: -10.96%
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