Crypto Industry News:
Payments giant PayPal, which recently launched the dollar-based stablecoin PayPal USD (PYUSD), has updated its offerings. Cryptocurrencies Hub launched, a feature that allows users to store and interact with Bitcoins.
The latest terms detail the prerequisites for users interested in using the cryptocurrency platform. According to the company, the Cryptocurrencies Hub service will allow you to sell and buy cryptocurrencies. In addition, it will facilitate payment for purchases via PayPal using the money collected after the sale of crypto.
Cryptocurrencies Hub will also be crucial for conversions between PYUSD and other crypto assets.
However, not all PayPal users will be able to experience the new feature as the company will determine access on a case-by-case basis. For starters, to be eligible for the Cryptocurrencies Hub, a PayPal user must have a "Personal PayPal Account in Good Reputation". In addition, the company will also verify the required identification information, which includes name, residential address, date of birth and taxpayer identification number provided by users.
Technical Market Outlook:
The BTC/USD pair has hit level of $29,657 during the recent spike up and then pulled-back towards the moving average located at the level of $29,338 and keeps hovering around the level. The pulls backs more than 50% already as the level of $29,428 was violated during the down move. The next retracement level for a pull-back is seen at the level of $29,238. The next target for bulls is seen at the level of $30,324 and $30,510. The market conditions are neutral as the RSI is approaching the level of fifty, however, the momentum is still strong, so the short-term outlook remains bullish. Only a sustained breakout back below the trend line would change the outlook back to bearish.
Weekly Pivot Points:
WR3 - $29,987
WR2 - $29,629
WR1 - $29,485
Weekly Pivot - $29,270
WS1 - $29,127
WS2 - $28,912
WS3 - $28,553
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
