Another sign of acceptance is the announcement by WeWork of payments for selected cryptocurrencies, such as Bitcoin, Ethereum, USD Coin and Paxos and others and follows Tesla’s decision to do so.
It can be used as a membership payment if companies wish, and Coinbase, the cryptocurrency exchange, the first one to use cryptocurrency to pay for its membership, but it still has an unknown currency.In the case of cryptocurrencies, weWork will also pay landlords and third party partners for these transactions. WeWork’s CEO, Sandeep Mathrani, is proud of WeWork’s efforts to ‘find new means of supporting our members at the forefront of innovative technologies.’
The collective crash this weekend in the cryptomonetary complex reminded the market of the risk-reward momentum and the increased leverage in leading cryptocurrencies. Their results were very interesting. Furthermore, it should not be ignored, as it was in the case of Bitcoin or the hyper-extended conditions, that the complex was ready for downside volatility given the deteriorating technical background.
Bitcoin price sell-off was projected by deteriorating technicals
The previous FXStreet Top 3 article indicated that BTC was showing a widening wing and was vulnerable to a rapid drop in resistance in the 361.8 percent extension to the bear market of $63.778 for 2017-2018 by Fibonacci. Furthermore, the momentum decreased, as the weekly RSI for the second time in February was high, a negative price divergence.
In the future, the BTC’s daily charts are highly vulnerable. The lower trend line of the rising wedge is now closed below and above all below the simple average moving for 50 days. A moving average held since the beginning of October 2020 for the cryptocurrency of Bellwether. It is the first indication of a possible change in trends.
At $50,305 March support continues to be low. The lower level in 2021, marking a further bizarre development for Bitcoin, would be the first lower level below on a daily basis.
The next support is the $48,989 SMA, followed by the close interaction between the low of February and $43,016, the high in January, and $41,986, followed by the upturn of 38.2 per cent to $41,581 from 2020 to 2020. It would be more than 20 per cent loss from current prices, but the RSI will be reset for a new rally every day.
If Bitcoin price registers daily close over the lower wedge trend at $59,170, a changeover to a neutral outlook can begin. The 361.8 percent increase in bear market 2017-2018, which is currently at $68,750, represents credible resistance.
Ethereum price advance may endure, but not without a close call
In contrast to Bitcoin, ETH supported it on weekends and early in this week, thereby avoiding downgradation of the bullish prospect. For the third consecutive day, the smart contract giant is currently bouncing high at $2,041.42 from February. Immediate resistance represents the extension of $2,247 of the 2018 bear market by 161.8 percent and then a $2,504 rally extension by 161.8 percent in February.
If it clears the Fibonacci Cluster, ETH is expected to extend the February decrease to 261.8 per cent by $3,253, and potentially to extend the 2018 bear market to $3,587 by 261.8 per cent.It should be noted that Ethereum prices are subject to sale exhaustion today with two consecutive indoor days.
Based on Bitcoin, speculators must pay attention to downside support in a much more precarious technical situation. With the closure below the high February, everything changes every day. The 50-day SMA is supported at $1,914.27. The February low trend is now low at $1,850. The 100-day SMA is $1,713.
XRP price weakness should be bought around $1.10
It is hard to argue that after a fall of over 40%, an upturn is intact, but Ripple could. The international settlements face the challenge of testing the rally high for 2 dollars, as equally sharp rallies seldom follow major corrections. With Ripple, it probably won’t change.
Initiating new positions should include a weakness of $1,12, with a 61.8% retracement of the April rally at $1.09 as entry point for the convergence of the April 6 pennant. In a correction, the psychologically important $1 should be restricted to any downside, creating a double bottom and a second entrance point. If $1 fails, speculators will be exposed to a quick collapse of $0.80, which will give them a late-year all-time high test.