Hi Crypto Network,

The crypto community was abuzz last week on reports that Fintech giant PayPal was hiring crypto and blockchain engineers. This increased speculation that PayPal could offer its clients to buy and sell crypto directly. Coindesk sources also said that the service could start within the next three months.


 this happens, it will give a huge boost to cryptocurrencies. However, PayPal has not confirmed or denied these reports.

In a June 25 tweet, crypto analyst Kevin Rooke highlighted that Grayscale Investments has bought 53,588 Bitcoin since the miner rewards were halved. It is interesting to note that the total Bitcoin mined during that period was only 39,544. This shows that if a large institutional player plans to invest in Bitcoin, it will boost demand and create a shortage, sending prices skyrocketing higher.

Bloomberg analyst Mike McGlone is bullish on Bitcoin, based on the Bollinger band indicator study. McGlone anticipates that if Bitcoin sustains above $6,500, it could rally to $13,000 levels.

About 61% of Bitcoin has not moved in a year, according to Dan Held, business development head at Kraken. This suggests that the investors expect Bitcoin to rally, hence, they have been HODLing their position. Another interesting to note is that the number of HODLers has increased during the current crisis, which shows that investors are treating Bitcoin as a safe haven asset.

Researchers at Crypto Research Report have released a new report that forecasts Bitcoin to reach $19,044 in 2020 and $397,727 by 2030. The researchers used the total addressable market metric to arrive at this figure. It is not only Bitcoin; the report also forecasts altcoins to surge during the period.


Bitcoin turned around and plunged below the moving averages on June 24. That was followed by further selling that dragged the price below the trendline of the ascending triangle on June 27.

This invalidated the bullish setup. Though this is a negative sign, the bears have not been able to maintain the selling pressure at lower levels.

Currently, the bulls are attempting to push the price back above the trendline. The moving averages lie just above the trendline; hence, the bulls are likely to face a stiff resistance in the zone between the trendline and the 50-day SMA.

Nonetheless, if the bulls succeed in propelling the BTC to USD pair above the 50-day SMA, a rally to $10,079 will be on the cards.

Conversely, if the price turns down from the trendline or the moving averages, the bears will once again try to resume the down move. A break below $8,815.01-$8,632.93 support zone can drag the price to $8,100 levels.

A buying opportunity might arise if the pair rebounds off $8,100 or if it breaks out of the $10,000-$10,500 resistance zone. Until then, it is better to remain on the sidelines.


Ether failed to break out of the $251.46 resistance on June 24, which resulted in profit booking that dragged the price to the support of the range at $217.52. The bulls purchased the dip to $215.16 on June 27, suggesting demand at lower levels.

The current bounce is likely to face selling at the 20-day EMA but if this resistance is crossed, a move back to $251.46 is possible.

On the other hand, if the price turns down from the 20-day EMA, the bears are likely to make another attempt to break below the support of the range. If successful, a drop to $200 and below that to $176.43 is likely.

As the 20-day EMA is flattish and the RSI is just below the midpoint, the possibility of the ETH to USD pair extending its consolidation for a few more days is high. We do not find any reliable buy setups at the current levels; hence, traders can wait on the sidelines.


XRP continued its downward journey and broke below the $0.17426 support on June 27. However, the bears could not close (UTC time) the price below this support. This suggests buying at lower levels.

However, the weak rebound off the $0.169 level suggests that buying dries up at higher levels. If the XRP to USD pair turns down from the current levels or the 20-day EMA, the possibility of a break below $0.17426-$0.169 support zone increases.

Such a move will complete the descending triangle pattern that has a target objective of $0.11281. The downsloping moving averages and the RSI close to the oversold zone suggests that bears are firmly in command.

This bearish view will be invalidated if the bulls can carry the price above the downtrend line of the triangle. However, the possibility of such a move is low.


Bitcoin Cash broke down of the $220-$260 range and fell to $204.26 on June 27. The bulls purchased this dip and have pushed the price back above $220, which is a positive sign.

If the bulls can sustain the price above $220, a move to $240 and then to $260 is possible. But if the altcoin again dips below $220, the bears will try to break the critical support at $200.

If successful, a new downtrend is likely. The next support on the downside is $165 and if that also cracks, the decline can extend to $140.

Conversely, if the BCH to USD pair again rebounds off $200 levels, it could offer a buying opportunity. The stop-loss for this trade can be kept just below the range. The purchase should not be done on the way down but on the way up.


Bitcoin SV turned down from the 20-day EMA on June 24 and plunged below the $170-$227 range on June 26. The selling picked up momentum on June 27 and the altcoin dipped to a low of $135.

The bulls purchased at lower levels that helped the BSV to USD pair to regain some ground. However, the bulls have not been able to extend the recovery to the breakdown level of $170, which is a negative sign.

This suggests that the bulls are in no hurry to buy even at these levels because they do not expect a sharp recovery.

If the pair turns down from the current levels, the bears will make another attempt to resume the downtrend. The downsloping moving averages and the RSI in the negative zone suggest that bears are in command. A break below $135 can drag the pair to $100.

Hopefully, you have enjoyed today’s article. Thanks for reading!

Have a fantastic day!

Live from the Platinum Crypto Trading Floor.

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