Get started

Paypal

BTC perspectivePayPal news seems more likely to be a reason/excuse to pump rather than a catalyst to the temporary bullish momentum in the current bear market. 4 hours RSI today still shows an underlying weakness in the market with its inability to break out of the trend developed over several months since the fall from the 680 rally. We are also hitting an upper resistance as defined by the red horizontal line in the chart. We'll most likely still be making a visiting to $350 if BTC fails to make new highs from here to invalidate the elliot wave. Next few hours to days will be crucial. I will be waiting for a new peak to short, in the meantime we'll trade sideways for a while.
BITSTAMP:BTCUSDShort
by LastBattle
2
BTCUSD Bullish attempt at resistance after Paypal announcement Paypal has just announced that it will be integrating Bitcoin into the payment protocol with a bit more involvement then previously thought. Paypal's subsidiary Braintree was given the go ahead to announce it's involvement with Bitcoin just recently. The price has moved strongly in wake of the news and continues to move toward key resistance points on our chart. Price has bounced off 450 several times now and has yet to close above. 450 has been a well established resistance line for some time. Price will have to close convincingly above this price before proceeding with an attempt on 460. Fib re-tracement 1.618 converges with the medium term down trend line at 460. This should give panic buyers pause and will prove a difficult resistance line to cross. Still the likely hood remains that price will make one or more attempts at this point. It's anybody's guess as to whether the strength of Paypal acceptance news can push the price confidently past such strong resistance and those without balls of steel should sit this one out. EDIT: Typo on chart states 1.168 fib, should read 1.618
BITSTAMP:BTCUSD
by Aesop