PayPal Rumored to Start Offering Crypto Services Soon – BTC, ETH, LTC Price Analysis, 29 June, 2020
There have been some rumors in the crypto space that the online payment system PayPal may start offering cryptocurrency services to its users in the near future. The crypto community did welcome the news since PayPal has over 300 million users worldwide and once it launches the crypto services, it may facilitate the mass adoption of cryptocurrency.
Another example of growing use of cryptocurrency is the recently announced partnership between the firm Bitcoin.com.au and the Australia Post which will allow Australians to buy Bitcoin at more than 3,500 national post offices.
The CEO of Bitcoin.com.au Holger Arians said during the announcement: "This is a major milestone for digital currency in Australia and around the world. It proves that there are established businesses and organizations that want to learn about new technologies by doing, and not by blocking".
And, although the adoption of cryptocurrencies is slowly, but steadily increasing, the crypto market remains in a consolidation phase. At the time of writing, according to Coin360.com, one Bitcoin costs €8,072.38 (+0.08%), one Ethereum – €197.69 (+0.06%), and one Litecoin – €36.33 (-1.24%):
Source: Coin360.com (Daily crypto market performance)
Now let's check the price charts of the major cryptocurrencies against the euro.
In the daily time frame (1D), the chart of BTC/EUR is consolidating at the upper line of the «Symmetrical Triangle»:
Even though a «Symmetrical Triangle» is a continuation pattern according to the Technical Analysis theory, there is still no clear signal that a breakout is around the corner.
That's why we think that BTC/EUR will continue to face a solid resistance from the upper line of the triangle in the foreseeable future.
In the daily chart (1D), ETH/EUR has dropped below the psychological level of €200 per one digital coin and is near the 61.8 Fibonacci retracement level:
The price of Ethereum has been in consolidation between the 61.8 Fibonacci retracement level (€199.47) and the 76.4 Fibonacci retracement level (€225.56) since the end of May.
If the bulls can defend the 61.8 Fibo level (a support level), then the ETH/EUR may rebound again up to the 76.4 Fibo level. However, if the bears push the price below the support level, then the pair may sink to the next Fibo level or the 50.0 Fibonacci retracement level (€178.39).
In the 1-day tame frame (1D), the 30-day Moving Average (MA 30) has dropped below the 90-day Moving Average (MA 90) – a bearish signal, according to the Technical Analysis theory:
In our estimation, because of the «Moving Average Crossover» the bears will keep the price of Litecoin under pressure and LTC/EUR will continue to gradually decline in the next few days.
However, if the market sentiment changes and the prices of the major cryptocurrencies rebound, then in the chart of LTC/EUR a new «Moving Average Crossover» may take place – the MA 30 may cross the MA 90. In this case, Litecoin will reverse the negative trend.
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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.