- Paypal will allow customers in Luxembourg to buy, sell and hold crypto currencies
- Bitcoin Cash will be available as little as euro 1
- BCH coin faces rejection from its upper trendline.
After the press release, Bitcoin Cash price had closed with the positive gains of 2.48% on an intraday basis and currently price is trading at $112.02 with an intraday gain of 0.16% The volume to market cap ratio is at 0.0698 in the last session.
In a press release on December 7, Paypal announced plans to launch crypto services in Luxembourg in the coming few days. Now people of Luxembourg will be able to explore the crypto market from a safer and trusted platform. The company commits to working closely with the regulators and policymakers in Luxembourg to shape the role of digital currency and global finance.
Will Bitcoin cash be able to trade above $125 ?
On the higher time frame Bitcoin cash had been consolidating form the last couple of months in the range between $95 to $125 but once in mid november bears attempted to break the lower zone but faced immediate rejection and bounced back reclaiming $100 level indicating strength of bulls. The 200 day ema(green) at $150 sloping downward indicates a trend to remain weak for a positional basis. The 50 day ema (pink) at $110 sloping sideways indicates prices may remain in consolidation for some more time.
The trendline (yellow) has also been acting as a strong hurdle for bulls. If prices succeed to trade above the trendline we may see some momentum gain and a relief rally for BCH/USD investors. The RSI at 52 shows an equal level of tug of war has been going on between buyers and sellers, whereas volume bars keep on decreasing shows fresh investors are not available at current levels.
The closer outlook
In the lower time frame, Bitcoin Cash picture looks similar to the higher timeframe but here prices are consolidating in a more tight range between $105 to $118. If the bulls are able to defend the $105 support level then prices will probably breakout upside and may reach $125 in a short span of time. Whereas if prices slipped below $105, bears will try to dominate the price by dragging it down towards its next support zone $95
As of now price looks stable, The Investors and traders may look for buy on dips opportunity for the target of $125 by keeping $100 as SL for short term period.
Summary
Paypal first launched crypto services in the US in 2020 and substantially expanded their crypto services to the UK in 2021 entering Europe and now they are expanding it to Luxembourg. Initially they will allow eligible customers to trade in reliable cryptos like Bitcoin, Ethereum,Litecoin and Bitcoin Cash for as little as Euro 1. So with the rising demand, prices of Bitcoin, Bitcoin Cash and other crypto may see positive movements in the coming short term.
Technical levels
Resistance levels : $125 and $138
Support levels : $100 – $95
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/10/bitcoin-cash-price-prediction-paypal-launches-crypto-services-in-luxembourg/