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- Nearly two days after the president of El Salvador announced his decision to adopt Bitcoin as legal tender, the Deputy of Paraguay Carlos Rahela took to Twitter to imply the possibility of a project that could potentially involve both Bitcoin and Paypal
- Nearly two days after the president of El Salvador announced his decision to adopt Bitcoin as legal tender, the Deputy of Paraguay Carlos Rahela took to Twitter to imply the possibility of a project that could potentially involve both Bitcoin and Paypal
- Nearly two days after the president of El Salvador announced his decision to adopt Bitcoin as legal tender, the Deputy of Paraguay Carlos Rahela took to Twitter to imply the possibility of a project that could potentially involve both Bitcoin and Paypal
The daily technical chart of Bitcoin has forecasted a typical ‘make or break’ situation as evidenced by the price action approaching a major support level. The market’s fatal crash in May which was a consequence of Elon Musk’s ‘U turn’ decision to decline Bitcoin as payment for Tesla has positioned BTC’s price action inside the corrective wave of the Elliott Wave Pattern.
While the current price of BTC is wrapped around wave 5 of the bearish continuation pattern, a break from the current price level which lies at between $31000 to $30000 could potentially lead to the digital asset re-inspecting the support of $28,434.
On the contrary, the price action and the RSI oscillator have engaged together to devise bullish divergence. The failure of the BTC token to sustain above the current price level will establish the ground for another 10% downswing.
Presently, the price of the BTC token is attempting to break last month’s low. The success of the price to close below that level defeats any chances of reversal in the near time.
The weekly Stochastic RSI has bottomed down and is on the verge of transpiring a bearish crossover. The concerning factor here is that the two significant lines have tanked to 0 after two years.
The fact that Bitcoin’s trading volume has accelerated by 50% since yesterday demonstrates the fact that the bears have an edge. According to the coinmarketcap website, Bitcoin continues to influence the market with a dominance of 41.2% and the ranking of #1.
While the technical indicators are indicating bearishness, the latest news announcements are suggesting otherwise.
In addition to Bukele’s decision to adopt Bitcoin as legal tender, Paraguay’s deputy- Carlitos Rejala took to Twitter to announce the possibility of a groundbreaking project that could potentially involve both Bitcoin and Paypal.
To put it briefly, the translation of the above tweet suggests that the Deputy of Paraguay wants his country to step up and adapt to the new generation of the digitized economy. He also added by saying that the change will be conducted shortly. As a matter of fact, he even used the popular catchphrase ‘To the Moon’ by rephrasing it as ‘The real one to the moon’. Based on his latest tweet and the usage of both Bitcoin and Paypal hashtags, the crypto community from all over the world has concluded that the Deputy is working on a project that involves the duo of Bitcoin and Paypal.
Source : Cryptobriefing
CONCLUSION
As it appears that the most recent news announcements that suggest mass adoption of Bitcoin in South and Central America haven’t caused any impact on the bearish trend of Bitcoin. In the long run, the enforcement of these announcements can create a bigger impact on Bitcoin and other digital assets. However, the current trend of bitcoin is retesting the support level of $30,000.While a temporary reversal remains intact as demonstrated in the 4-hour RSI, the failure to sustain above the critical support level can easily wipe off 10% of its gains.
SUPPORT : $30000, $28000 and $24000
RESISTANCE : $36000 and $40,000
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
