Analysis provided by Bitcoin BullBear.
Another week of very bullish news for bitcoin, and another week of little to no reaction in the market. The PayPal news was unequivocally positive, however there were mixed feelings about ApplePay, to say the least. All in all, we remain neutral for now, but we are growing more bullish as support levels hold.
So, our view on ApplePay is simple. It’s a great thing for Apple, a great thing for the world of mobile payments, and will one day be a small, but important, thing for bitcoin (not the other way around!). Many pundits have postulated that ApplePay is a bitcoin killer and they couldn’t be more wrong. Why can’t bitcoin operate within ApplePay? It can and will. Not only that, but we would not be surprised if one day services like ApplePay are simply built on top of the Bitcoin protocol, much like we think Amazon and Ebay will be forced to move to an OpenBazaar type protocol. All for costs reasons, of course.
Also, ApplePay might protect your information from nosy employees and hackers; however, it will not protect you from the greater threat to wealth preservation, the banks and government. Still not convinced? Here’s another one: how many people have an iPhone in the world? Answer, not many AT ALL. What about the developing world, or those regions that prefer Android? It might be easy to become myopic when living in the western world where pretty much anyone can afford an Apple product, but let’s make sure to not let that cloud our reasoning, and hence our investing.
So what does all this mean for price? Well apparently the market thinks not much. If this week’s news was not a catalyst for a breakout move, then we expect to have to wait for a more favorable technical setup to get the kind of trade we seek. Although, keep in mind that the area at and around the $442 low is the OTE long zone off of the $339 to $683 rally. Longer term holders should look to buy/add in this region.
Key levels to watch over the coming week are $442 and $456.30 to the downside, while $497, $511, and $534 are key levels to the upside.
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