Crypto Industry News:
MasterCard announced plans to support cryptocurrencies in 2021. The payment giant's base has nearly half a billion users and over 30 million sellers.
The company believes this can direct salespeople's eyes to new customers and build loyalty with existing ones. MasterCard recognizes that many customers are already migrating towards digital resources, leaving behind traditional options based on fiat money:
"It's about choice. MasterCard is not here to recommend you get started with cryptocurrencies. But we're here to empower customers, retailers and businesses to transfer digital value. "
The global payment giant has indicated it plans to support stablecoins because of their "reliability and security". However, he did not name any specific cryptocurrencies he would like to integrate into his network.
However, the company has defined four basic criteria against which it will assess potential assets for integration. These will be: robust consumer protection including privacy and security, strict KYC compliance, adherence to local laws and regulations, and stability as a means of payment.
Technical Market Outlook:
After the BTC/USD pair retraced 38% of the last wave up and hit the level of $44,044, the bulls took over the control of the market and manage to make another higher high at the level of $48,884 (at the time of writing the article). The next target for bulls is seen at the level of $50,000. The key short-term technical support is located at the level of $43,637. The next Fibonacci retracement levels that had not been hit yet are seen at $42,760 (50%) and $41,473 (61%). Please notice, that despite the strong and positive momentum, the market conditions are now extremely overbought, so some market reaction is expected once the level of $50,000 is hit.
Weekly Pivot Points:
WR3 - $51,306
WR2 - $46,193
WR1 - $42,645
Weekly Pivot - $37,209
WS1 - $34,108
WS2 - $28,930
WS3 - $25,324
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $50,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken.
