05.05.202101:43 Forex Analysis & Reviews: Ebay may allow cryptocurrencies as payments

Looking at the hourly time frame, there is a very interesting situation with a pronounced upward trend line. It was this trend line that supported the upward momentum that has formed in recent days. However, a misfortune happened, and the quotes of the "cue ball" were fixed below this line. Thus, from a technical point of view, the upward trend is broken and so, we now expect a new downward trend on the time frame and a new round of correction on the daily one.

Exchange Rates 05.05.2021 analysis

New data is coming to the market that allows us to draw certain conclusions, while Bitcoin is trying to make a new decline, which looks very logical both from a technical and fundamental point of view. It was already mentioned previously that Changpeng Zhao, CEO of Binance, said in Bloomberg's interview that the volatility of Bitcoin does not exceed the volatility of Tesla or Apple stocks. Well in fact, it exceeds, and strongly. Therefore, these words of the Binance head was regarded as an attempt to manipulate the market. Recently, many have noted the fact that Bitcoin's bullish trend is weakening. This was discussed a few months ago. In order for this upward trend to remain strong, a constant influx of new investors and investments is required. In this way, many top officials of the cryptocurrency industry in the near future may begin to praise Bitcoin again and give completely impressive predictions in order to try to convince participants of the security of the market. Earlier, Zhao also advised all those who are under serious stress due to trading operations with cryptocurrency to change their strategy to "buy and hold". It is hardly worth commenting on anything here, since the more investors adhere to just such a strategy, the less there will be sales in the market, the higher the price of any cryptocurrency will grow, which is required again for the "top officials" of the cryptocurrency segment, as well as crypto millionaires and crypto billionaires. As a result, the head of the largest and most famous exchange is clearly trying to increase the demand for the main global cryptocurrency. If Bitcoin declines again to $ 47,000, then at these levels, most crypto experts will talk about the extreme attractiveness of the current levels for new purchases.

Meanwhile, Ebay CEO Jamie Iannone said that the company is considering the possibility of making cryptocurrencies as payments. The head of Ebay said that his company is trying to keep up with the times, and since cryptocurrencies have gained such popularity around the world, it should be possible for the participants of the platform to make payments in digital assets. However, rumors about the integration of crypto payments into the Ebay system have been going around for a long time, but so far no concrete steps have been taken.

Exchange Rates 05.05.2021 analysis

On the hourly timeframe, a very interesting situation has developed with a strong upward trend line. It was this trend line that supported the upward momentum that has formed in recent days. However, a misfortune happened, and tonight the cue ball quotes fixed below this line. Thus, from a technical point of view, the upward trend is broken, so now we expect a new downtrend on the hourly timeframe and a new round of correction on the daily timeframe.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Paolo Greco,
Analytical expert
InstaForex Group © 2007-2021
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