Yesterday, PayPal allowed U.S. users to spend their crypto currency holdings at millions of online merchants globally. This means crypto asset such as BTC, ETH, BCH, and LTC in PayPal digital wallets now have the privilege to convert their digital asset into fiat to make purchases.
PayPal CEO and President Dan Schulman told Reuters. “We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.”
From a fundamental perspective, this connote inflows of volume in the crypto market. The crypto market were in green territory.
BTC climbed to the upside by creating higher highs and higher lows after it plunged from its all time high of $61,895.9. BTC made a healthy retracement from the dip and is currently faced with an overhead resistance of $59,475.23.
Yesterday, BTC opened the trading session bearish due to previous session’s bearish pressure. BTC gained a support on 20 period simple moving average. The fundamental impact news from PayPal mentioned above acted as catalyst to pressure BTC to the retest resistances built on 18th and 20th of March .
The bulls lacked steam to thrust BTC price above $59,475.23 resistance. Hence BTC price went into a minor consolidation phase with a range bound of $58,053.27 and $59,475.23 at the upper band of the Bollinger band.
Technically BTC price made a V-shape recovery from the dip.
On the day ahead, BTC price will be faced with a key price level of $59,582.02. A breakout of this key level will confirm the correction of BTC rally is over. The bulls will retest the all-time high and resume the uptrend to print a new high.
From bearish perspective, the 4-hour chart created a triple top, which is a bearish signal. If there is low volume in the day ahead, the bears may usher into the market to push BTC price below the lower part of the consolidation. This will cause BTC price to dip to low of $56,522.54.
XLM has been on monthly consolidation with a range bound of $0.43311 and $0.35676.
This consolidation was created after XLM made a correction of the rally from a high of $0.60360. This is a long term consolidation and more so, the longer the consolidation the stronger the rally will be to the upside.
Yesterday, XLM price created a support at $0.39941. The 20 period simple moving average acted as a dynamic support and also a confluence point for bullish bias.
XLM price managed to retest the upper band of Bollinger band at $0.41299. Due to low volume, XLM price retraced back to the support.
At press time, the bears are making an attempt to break the EMA crosses to retest the lower band of the Bollinger band.
If the first 4-hour candle closes bearish in next trading session, XLM will revisit the lower part of the consolidation zone. More so, if momentum is on the side of the bears, we could have a breakout of the consolidation for a probable target of $0.31152.
NEO created a double top market pattern. This is a bearish signal during the early hours of the Asian session. Although a minor sell-off to a low of $44.7618 during the intraday session was a witness. The bulls could not sustain NEO price above 20 period simple moving average which caused NEO price to flip lower to $44.1838 to retest the EMA crosses.
The OBV was constrained at the time of writing, a sign that selling pressure was initiated on the market. A dip in the 24-hour trading volumes also worked against a bullish bias towards the pair. The MACD closed on a bearish crossover, while the histogram noted weakening momentum.
If the bears forced NEO price to break below the EMA crosses, this could cause NEO price into a red territory and a probable target of $40.7893 is envisage.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
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