The BTC positions have remained under pressure for three days in a row. On Thursday, June 25th, the leading cryptocurrency is generally trading at nearly $9250.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Bitcoin (BTC) is moving down today
- Australia giver the BTC room for moving
- PayPal will support digital money
On W1 of the BTC, there has been little change. Bitcoin (BTC) keeps trading at the upper border of the descending channel today. The quotations are currently between 50.0% and 61.8% Fibo. A breakaway of 50.0% will mean further development of the descending dynamics with the aim of 23.6%. The histogram of the MACD remains under zero, which means that the falling may continue. The signal lines have formed a Black Cross, additionally hinting on the decline to 23.6%. The Stochastic is between 20 and 80, giving no clear signals.
On D1, the picture is similar to that on W1: BTC/USD keeps testing the upper border of the descending channel. As for Fibo, the quotations are trading between 100.0% and 61.8%. The aim of the decline on D1 is 61.8%, however, the price might skip this level and head for 23.6%. The MACD is in the positive sector, which means an ascending impulse may soon emerge. On the other hand, the signal lines of the Stochastic are forming a Black Cross, warning of a soon trend reversal. D1, as well as W1, predicts a further decline of the coin.
On H4, the perspective is the same as on larger timeframes. The pair has broken the lower border of the channel. The Stochastic has formed a Black Cross almost in the overbought area, giving an extra signal of a decline. The aim of the falling on H4 is 61.8% Fibo.
Australia is making another step towards the integration of the BTC in real life. Post offices all over the country (which is over 3,500 offices) started selling the cryptocurrency. According to bitcoin.com.au, the crypto exchange that generated this initiative, for beginners and those who are interested in the cryptocurrency just theoretically, this will be the safest and most comfortable way to buy the BTC. Some may consider buying the coin at a post office easier and safer than spending their money online – so users that would like to invest in the coin for long will get access to the BTC.
PayPal is preparing something important and strategically necessary for the BTC and other cryptocurrencies: its services will start supporting digital money. The number of active clients of PayPal is no less than 325 million people, and the opportunity to buy and sell the cryptocurrency directly may attract a huge number of people. Another popular payment system Venmo is planning the same.
For now, it is not quite clear what cryptocurrencies specifically will be featured by the payment systems; however, the BTC is destined to be the first one. The systems are presumed to build wallets in their functions to operate cryptocurrencies. To organize the process of work with crypto assets and avoid errors and troubles, PayPal should start cooperating with crypto exchanges, such as Coinbase.
The payment systems do not comment on the rumors, but as soon as they are confirmed, the BTC will acquire a long-term supporting factor.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.