There is a lot of hype in the markets right now about PayPal being interested in cryptocurrencies, but no one can really understand the impact or direction of the current trends until we get to a stable point in the market with working payment system using the PayPal API. No one really knows how the PayPal platform will even work much less if people using the platform will actually "own" and be able to withdraw the cryptocurrencies has been speculated.
Many people are calling for new BTC market highs, how PayPal can open crypto opportunities up to millions of new interested parties, etc. I am concerned lack of fulfilling expectations could lead to market capitulation. Also, lack of blockchain knowledge and market instability is a reason for new users NOT to use cryptocurrencies on PayPal as several similar types of payment platforms are already available for people who ARE interested in accepting crypto payments.
One thing I would like to point out is the global position of the markets. The few certain things are:
We are at a similar price point as we were in July 2019
Weekly RSI is significantly lower (about -10) than it was back in 2019 leaning towards a weakening market and it is and near overbought ranges
Weekly volumes are lower showing a current lack of high volume market movement needed to sustain continued upward movement
The last price drop wicked down into the 4K ranges in March of 2020
IF the price fails to move upwards from here, there is a potential to go lower than 4K since the market is showing a weaker side
Stay safe and please like and follow!
I am a simple market analyst - not a financial analyst fortis Fortuna adiuvat - fortune favors the brave Learn to trade: cliftrade.com/
The PayPal news is just one bit of positive news, nothing more. The entire market isn't banking on this piece of news but it is positive for the market so it opens up the bullish perspective.
jollygreen
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@alanmasters, Thanks Alan. I always appreciate your detailed analyses and perspective!
Cryptocomma
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The stoch rsi still has plenty of room to run and the macd just fired a bullish pulse. It a real bull trend those indicators just show short term movements. What matters is higher highs and higher lows. Bitcoin is bullish.
The PayPal news is just one bit of positive news, nothing more. The entire market isn't banking on this piece of news but it is positive for the market so it opens up the bullish perspective.