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Crypto Industry News:
South African supermarket chain and the National Children's Advocacy Center are the newest organizations to accept cryptocurrency payments.
One of the largest supermarket chains in South Africa - Pick n Pay - has allowed customers to pay with cryptocurrencies, including BTC. The offer includes 39 stores of the company located throughout the country.
Pick n Pay mentioned the new payment option a few months ago when they tried it out in ten of their stores. The service is now fully active at nearly 40 locations.
The company has established cooperation with Electrum and CryptoConvert. Customers can pay for grocery purchases with Bitcoin Lightning. The company explained that "a transaction is as easy and safe as swiping a debit or credit card."
"Customers scan the QR code from the application and accept the currency converter on their smartphone at the time of the transaction. The service fee for each transaction is minimal, costs the customer an average of 70 cents, and the whole process takes less than 30 seconds" - added.
The cryptocurrency payments market in South Africa is still in an early stage of development. Cryptocurrencies have already become very popular with the local population, however, and movements like this in the retail chain can fuel adoption.
Another organization that has recognized cryptocurrencies as a settlement measure is the National Children's Advocacy Center. The Foundation teams up with Giving-Blocks to become the first Huntsville nonprofit to accept donation of digital assets.
Technical Market Outlook:
The BTC/USD pair made a new local high at the level of $21,471in form of a Pin Bad candlestick and sharply reversed back below the last technical support. The market is currently approaching the demand zone again (green rectangle on the H4 time frame chart), so any breakout below the demand zone low seen at $20,211 would have extend the sell-off towards the recent low seen at $20,016 or below. Please notice, there is untested level of technical support seen at $19,686.
Weekly Pivot Points:
WR3 - $21,429
WR2 - $21,125
WR1 - $20,930
Weekly Pivot - $20,825
WS1 - $20,629
WS2 - $20,524
WS3 - $20,222
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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