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Bitcoin Price Analysis for July 21th – BTC Looking Up Again

July 21, 2020 - Comment

By Dmitriy Gurkovskiy, author at RoboForex Blog On Tuesday, July 21st, the BTC rate is growing. The cryptocurrency is generally trading at 9307.56 USD. On D1 of BTC/USD, the picture has not changed much since last week. The pair is still trading at the upper border of the descending channel between 100.0% and 61.8% Fibo. Another


By Dmitriy Gurkovskiy, author at RoboForex Blog

On Tuesday, July 21st, the BTC rate is growing. The cryptocurrency is generally trading at 9307.56 USD.

On D1 of BTC/USD, the picture has not changed much since last week. The pair is still trading at the upper border of the descending channel between 100.0% and 61.8% Fibo. Another correction is forming at the moment. After the end of the pullback, the quotations may go on declining inside the channel with the aim at 61.8% Fibo. The MACD histogram keeps forming below zero which again indicates a possible decline. The signal lines of the indicator have formed a Black Cross, giving another indication of further decline.

BTC/USD price chart

On H4, the perspective is quite similar to that on D1. The pair has bounced off 23.6% Fibo and is heading for 38.2%, staying under the horizontal resistance level. A bounce off 38.2% looks more probable than a breakaway of the level; the aim of the decline is 23.6% Fibo. The Stochastic has formed a Golden Cross and is moved to the overbought area by a small impulse. If a Black Cross forms in the area, interpret it as another signal of a decline.

BTC/USD price chart

This week, the crypto market is expecting PayPal to announce the launch of a service for trading the BTC. PayPal made an agreement with the Paxos startup that will facilitate selling and buying the BTC for more than 300 million users.

The companies have not yet made it clear which cryptocurrencies this service will have available but, obviously, the work will start with the BTC. This week, the details of the partnership may be revealed and support the crypto market and the BTC rate.

Earlier, PayPal considered the probability of direct sales and buys of cryptocurrencies and their storage in a built-in wallet.

The database of PayPal users provides widest opportunities to the BTC. Firstly, the clients of the payment service know how to work with transactions and understand their mechanisms. Secondly, they are quite loyal to new services and are likely to react positively to the chance to test crypto payments. The wider the BTC will be used in real life, the better for its rate and perspectives.

Disclaimer

Any predictions contained herein are based on the author’s 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.



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