22.09.202109:25 Forex Analysis & Reviews: Technical Analysis of BTC/USD for September 22, 2021

Crypto Industry news:

PayPal has announced the release of a new app designed to be a one-stop shop for all of its customers' digital payment needs. PayPal CEO Dan Schulman said in July that the company's cool app is ready for deployment in the United States and as reported today, the new PayPal application will allow users to access all of the company's digital financial products.

The new app covers both cryptocurrency and non-cryptocurrency use cases, thanks to the wallet tab for managing cryptocurrency payments and savings. As part of the announcement, the digital payment giant revealed that customers can get up to 0.40% annual return on their savings with the new app. Customers will also be able to withdraw their savings account earnings to their PayPal balance to use for online purchases. Other features mentioned include bill payments, cashback and rebates as well as direct deposits. The latter feature will reportedly allow customers to receive payments two days in advance.

PayPal also said it plans to add more features to the app in the coming months, including offline QR code payments and investment opportunities.

Technical Market Outlook

The BTC/USD pair has made a new swing low below the level of $40,000. During the sell-off the market hit the level of $39,526. The nearest technical support is seen at $38,261. Any violation of the level of $38,261 would likely open the road to lower levels and the downwards momentum might increase then even more. The nearest technical resistance for bulls is located at $43,607. The weak and negative momentum supports the short-term bearish outlook for BTC despite the extremely oversold market conditions on the H4 time frame chart.

Weekly Pivot Points:

WR3 - $55,433

WR2 - $52,068

WR1 - $51,114

Weekly Pivot - $46,800

WS1 - $44,786

WS2 - $41,130

WS3 - $39,325

Trading Outlook:

According to the long-term charts 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 $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).

Exchange Rates 22.09.2021 analysis

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