Cryptocurrencies welcome PayPal’s decision to allow clients to use cryptocurrencies to trade from a major trading network. PayPal also announced that US account holders will be able to buy, sell, and store cryptocurrencies on the PayPal app.

The company plans to expand this service to several other countries in the first half of 2021. PayPal’s solution has greatly expanded access to cryptocurrencies. Many of the company’s 346 million active users will now have the opportunity to participate in cryptocurrencies and become investors if they choose to.

However, the massive influx of investors in cryptocurrencies will likely take longer. Finally, this move by PayPal shows that companies can no longer ignore the growth of digital assets.

While the news is bullish, the vertical rally may not happen overnight. After the initial buying habit fades, the extent of the future correction will confirm whether the new beef market has begun or whether institutional investors have used the news to dilute long positions at lower levels.

Let’s break down the charts of 10 digital currencies and take a look at the critical levels we need to pay attention to.

Bitcoin / USD
Bitcoin (BTC) hovered above the rising channel’s resistance line on October 20. This was followed by a sharp bullish move today as bulls pushed the price above stiff upper resistance of $ 12,460.

The new high at 52 weeks is usually a bullish sign. The breach of the rising channel gives BTC / USD a target of $ 12,975. If this level is overcome, the rally could extend to $ 14,000.

The current rally pushed the RSI to 80. Previous cases show that the risk of a correction increases when the RSI rises above 80.

The first sign of weakness will be the Pause & Close (UTC) below previous support brought about by the $ 12,000 resistance.

On the contrary, if the bulls manage to halt the next $ 12,000 bounce, it will indicate strength and increase the likelihood of a renewed move.

ETH / USD
Ether (ETH) has remained above the 20-day exponential moving average ($ 370) in recent days. The inability of the bears to break this support attracted them to buy from the bulls trying to keep the resistance price at $ 395.

If successful, it will complete the ascending triangle pattern with a goal of $ 478. The 20-day gradual rally of the EMA and the RSI above 61 point to the margin advantage for the bulls.

However, bears are unlikely to dispose of the towel so easily. They’ll try to protect up to $ 395 from the top resistance. If the ETH / USD pair falls from current levels and breaks the uptrend line, that would be a sign of weakness.

XRP / US Dollar
XRP currently ranges from $ 0.26 to $ 0.2295. After no moving averages in the past two days, today the alt has weakened higher.

If the bulls can maintain the momentum and push the price above $ 0.26, the XRP / USD pair will complete a reversal head and shoulders pattern. The target for this setup is $ 0.30.

Contrary to this assumption, the bears will again attempt to push the price below the moving average if the bulls fail to push the price above $ 0.26. If they succeed, the spouses can extend their stay in the area for a few more days.

BCH / USD
Bitcoin Cash (BCH) crashed and closed (UTC) during critical support at $ 242 on October 20, but the bears were unable to take advantage of this weakness.

The BCH / USD pair rallied today, showing strong bull buying and short covering of the sharp bearers who may have disappeared hoping for a drop to $ 200.

If the bulls manage to maintain momentum and push the price above $ 266.46, the pair could pile up to $ 280 and then to $ 300. It shows the RSI retracement of 50 forces.

This positive outlook becomes invalid if the bears sell the current rally and the pair falls below $ 237.69.

BNB / USD
Binance coin (BNB) was broken and closed (UTC) during support at $ 29.5646 and a 20-day EMA ($ 29) on October 21. However, the bears were unable to take advantage of this and stimulate sales.

Source: CoinTelegraph

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