Crypto Industry News:
Rappi, Latin America's most popular courier service, has partnered with payment gateways to accept Bitcoin and other cryptocurrency payments in Mexico. However, it is not clear whether the pilot plan will also allow access to the service in Brazil and other Latin American countries.
Sebastian Mejia, co-founder and CEO of Rappi, noted that at this first stage, cryptocurrencies would not be accepted directly by the app. Mexican Rappi users will be able to buy credits using cryptocurrencies. They will then be able to use their credits on any items and services available through the app.
However, according to the president of the institution, Rappi's plans with cryptocurrencies are much more ambitious.
"In this first phase, we decided to build a product that allows our consumers to combine their digital wallets and accounts in order to convert cryptocurrencies into Rappi credits and thus gain access to all products available on the platform" - he noted.
Technical Market Outlook:
The ETH/USD pair bounce was capped at the level of $3,146 (old 38% Fibonacci retracement level) and the market reversed towards the lower short-term channel line. In a case of a breakout lower, the next target for bears is seen at the level of $2,878 (61% Fibonacci retracement level). This is the line in sand for bulls. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook. The nearest technical resistance is still seen at $3,146.
Weekly Pivot Points:
WR3 - $3,919
WR2 - $3,762
WR1 - $3,490
Weekly Pivot - $3,319
WS1 - $3,064
WS2 - $2,873
WS3 - $2,612
Trading Outlook:
The market bounce was stopped at the level of $3,512, which was the key Fibonacci retracement for bulls. The bears are now in control of the market and are heading lower, towards the level of $3,000 first, then lower towards $2,941.
