On Thursday, March 4th, Bitcoin is correcting after a phase of growth. It is generally trading at $49,500 USD.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Tech analysis of BTC/USD
- BTC capitalization is nearing 1 trillion USD.
- PayPal is planning to buy a crypto depository service.
On W1, Bitcoin keeps correcting in an uptrend. The aim of the growth after the pullback is over is 62,000 USD. The MACD histogram remains positive and keeps growing, giving yet another signal for the growth of the price. The signal lines of the indicator are also going up, increasing the chances for further development of the uptrend. Meanwhile, the Stochastic has also formed a Black Cross in the overbought area, suggesting a correction in the nearest future. Judging by all the factors, the asset might soon form a minor pullback to 23.6% Fibo and then go on developing the ascending impulse.
Photo: RoboForex / TradingView
On D1, BTC/USD demonstrates further correction. The MACD histogram is still declining, the signal lines are forming another Black Cross, which supports the correction. By all means, a correction looks more probable here. The aim of the uptrend is the same as on the larger timeframe — 62,000 USD.
Photo: RoboForex / TradingView
On H4, BTC/USD carries on inside the ascending channel. The Stochastic has formed a Golden Cross in the oversold area. Judging by earlier price movements, the price is likely to demonstrate yet another correction to 23.6% Fibo and go on developing the ascending dynamics. The aim of the growth remains the same as on the larger timeframes – 62,000 USD.
Photo: RoboForex / TradingView
Thanks to the rally of the last three days, the capitalization of the BTC has again neared 1 trillion USD. The market share of the flagship cryptocurrency is now reaching 59.8%.
An investor Kevin O’Leary thinks that the market capitalization of the BTC might as well reach 20 trillion USD. He argues that Bitcoin is a stable financial instrument because it has already been included in the portfolios of many investors as some sort of protection from risks. Earlier, O’Leary mentioned on Twitter that he was going to invest about 3% of his portfolio in the cryptocurrency.
The PayPal payment service considers buying a crypo custody firm (https://www.coindesk.com/paypal-to-buy-crypto-custody-firm-curv-sources). The firm in question is Curv; the purchase is estimated as 500 million USD. Earlier, PayPal failed to complete the purchase of BitGo, a company working in a similar sphere; anyway, it remained interested. PayPal might even pay less for Curv – some time ago we heard that the service was being sold for 200-300 million USD.
Buying a custody (deposit) firm is quite logical in terms of the work of PayPal with crypto. This became necessary after the company gave its clients access to trading the BTC and other digital currencies.
For this article, we’ve used BTCUSD charts by TradingView.
Disclaimer: Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.
