Technical Analysis of BTC/USD for October 14, 2020

Crypto Industry News:

Blocktower Capital co-founder Ari Paul believes PayPal will show support for Bitcoin before the end of this year. This follows the recent investment by Jack Dorsey and MicroStrategy's Square, who bought Tens of millions of dollars in BTC.

PayPal has repeatedly emphasized that it is closely monitoring what is happening in the cryptocurrency sector. The first signals regarding the interest of the online payment giant in blockchain technology date back to 2018. We recently informed you that PayPal is very actively looking for blockchain and cryptocurrency specialists to join its ranks.

Ari Paul comments on the matter as follows:

"The news of Square's buying BTC is great, but PayPal has ten times as many users. I think PayPal will announce bitcoin support by the end of this year."

Tyler Raynolds, who once worked with Google Payments, seems to share a similar attitude. He believes that Paypal is most geared to becoming a pillar of retail BTC payments:

It is estimated that nearly 325 million users around the world use PayPal's services. If the American payment giant really decided to fully enter cryptocurrency retail, bitcoin would be immediately available to an extremely wide range of investors.

It can also be assumed that such a move by PayPal would have a significant impact on the liquidity and trading volume of BTC. This, in turn, with a high degree of certainty, could have a significant impact on accelerating the global adoption of the cryptocurrency.

Technical Market Outlook:

After the BTC/USD pair had made a new local high at the level of $11,679, just above the technical resistance seen at $11,646, the bears took temporary control over the market and push it back towards the technical support located at $11,223. The BTC/USD pair has been consolidating in the narrow zone for the last 24h, still below the supply zone. Please notice, Bitcoin is now trying to enter the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

Weekly Pivot Points:

WR3 - $12,712

WR2 - $12,078

WR1 - $11,737

Weekly Pivot - $11,125

WS1 - $10,786

WS2 - $10,156

WS3 - $9,820

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

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