Bitcoin Price Set to Reclaim 8K But a Rising Wedge Is Worrying Bulls

Bitcoin Price Set to Reclaim $8K But a Rising Wedge Is Worrying Bulls


Image courtesy of CoinTelegraph

Bitcoin price (BTC) is taking a bit of a breather after breaking flipping the $7,600 resistance to support during the morning trading hours of Nov 29.

While the current technical setup is exciting, bulls will need to supply significant enough volume for the price to break to the upside of the rising channel, above the $7,800 resistance and the 61.8% Fibonacci retracement level.


Crypto market daily performance. Source: Coin360

Buyers stepped in on Friday morning, pushing Bitcoin price from $7,430 to $7,880 before pulling back to $7,750. Currently, Bitcoin trades in a rising wedge and the price remains capped below the resistance at $7,800.

Today’s upside move brought the price above the midpoint of the long term descending channel and the moving average convergence divergence (MACD) on the daily and 6-hour time frame suggests that additional upside is in store.

At the time of publishing the MACD line is crossing above the signal line and the histogram has flipped from negative to positive. Since the move to $7,400, many traders have set their short term targets at $8,000 to $8,100


BTC USD weekly chart. Source: TradingView

On the weekly timeframe, the volume profile visible range (VPVR) and previous price action history show that $7,800 to $8,200 zone will be difficult to overcome but a positive note is that the MACD histogram appears to be in the early stages of an uptrend as selling pressure lessens.

The weekly relative strength index (RSI) has also sharply reversed course and now aims for 46. Another positive sign is that Bitcoin’s price has recovered back above the 100-week moving average.

As mentioned earlier, Bitcoin price has already recovered to the descending channel midpoint and traders who opened positions at $6,540 will look for Bitcoin price to reach $8,000 before taking partial profits and leaving the remainder in play with the hope that the digital asset will set a weekly higher high at $8,550.

Bullish scenario


BTC USD 6-hour chart. Source: TradingView

It appears that Bitcoin has flipped the $7,600 resistance to support and over the short-term as price consolidates Bitcoin could pull back to the bottom trendline of the descending wedge at $7,658. This point also lines up with the descending channel midpoint and a high volume node on the VPVR.

On the 6-hour timeframe, the Stochastic RSI and relative strength index (RSI) look ready to roll over but a bounce off the $7,600 support could set Bitcoin price above the $7,800 resistance and toward the main trendline of the rising wedge. Meanwhile, the VPVR shows minimal overhead resistance of $8,069. This $8,069 level lines up with the main trendline of the rising wedge and also the 61.8% Fibonacci retracement level.

If bulls interpret a cross above the 61.8% Fibonacci retracement level as a bullish signal, a high volume breakout could push Bitcoin price above the 200-day moving average (DMA) to $8,700 which is quite near the main trendline of the long-term descending channel.

Such an occurrence would be very bullish for Bitcoin and likely lead analysts and crypto Twitter to call for a sky-high pre-halving bull run price estimates again.

Bearish scenario

Rising wedges patterns can lead to price reversals. They are marked by the loss of momentum as the asset’s price rises to higher highs but with shorter candles and a decline in trading volume as the price contracts within the triangle. As the Stochastic RSI and 6-hour RSI rollover, selling pressure at the $7,800 resistance and profit-taking at $8,000 (the 61.8% Fib retracement) could all be signals that the pattern will break to the downside.

It will take a high volume spike from bulls to break out of the rising wedge and above the overhead resistances mentioned above. If Bitcoin price does reverse below the rising wedge, the price could find support at $7,500 and $7,178.

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Original article posted on the CoinTelegraph.com site, by Horus Hughes.

Article re-posted on Markethive by Jeffrey Sloe

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IBM Files a Blockchain Patent for Fighting Package Theft by Drone

IBM Files a Blockchain Patent for Fighting Package Theft by Drone


Image courtesy of CoinTelegraph

IBM has filed for a patent of a system that uses blockchain technology to prevent drone-enabled package theft.

According to a filing published by the United States Patent and Trademark Office (USPTO) on Nov. 12, IBM will track drone altitude using an Internet of Things (IoT) altimeter, while continuously uploading that data to a blockchain secure platform.

Drones might be a thief’s perfect tool

It might become ordinary for drones to be used for stealing packages in the future. The idea is that packages will be outfitted with an altitude sensor that is set to trigger an alarm if a significant altitude change is measured outside of the preset criteria. Once the alarm is triggered, the GPS-enabled IoT device will transmit its exact location data to a tracking module. It’s like giving your Amazon packages a way to call SOS when something goes wrong en route to your house.

IBM’s patent describes unattended delivery of packages that can leave items vulnerable to theft and other destructive behaviors after the package is delivered and before it is received. The patent goes on:

“The confluence of the increase in drone use and the increase in online shopping provides a situation in which a drone may be used with nefarious intent to anonymously take a package that is left on a doorstep after delivery.”

Blockchain patent to tackle drone privacy and security concerns

IBM filed a related patent in September for a system that would use blockchain technology to tackle privacy and security concerns regarding unmanned aerial vehicles, more commonly known as drones. The filing suggested that blockchain can provide effective techniques for managing data related to drones, particularly when a security risk level is considered to be relatively high.

Original article posted on the CoinTelegraph.com site, by Joeri Cant.

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Bookingscom Partners Travalacom For Payments In Cryptos

Bookings.com Partners Travala.com For Payments In Cryptos

By RTTNews Staff Writer | Published: 11/26/2019 9:51 AM ET

Online travel agency Booking.com entered into a deal with U.K.-based crypto-friendly travel booking platform Travala.com to enable payments in cryptocurriencies such as Bitcoin for its customers in addition to traditional payment methods.

Travala.com is offering over 2 million accommodation listings globally to bring cryptocurrency adoption to the masses. It has already integrated Booking.com's accommodation listings to its platform, which is now live in more than 230 countries and 90,000 destinations worldwide.

Travala.com is already providing the option to make payments on their site using more than 20 cryptocurrencies, including their own native AVA token, and also a stablecoin. They also accept payments in Fiat and through Paypal.

The cryptocurrencies currently acceptable for payments include Travala (AVA), Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Stellar Lumens (XLM), Binance (BNB), EOS (EOS), NEO and stablecoin TrueUSD (TUSD).

Travala.com offers users a consumer-based application of blockchain technology to provide a better-optimized booking platform and an equitable pricing model for consumers and hotel partners alike. Travala utilizes the NEO Blockchain.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Bitcoin at 6600: What Are Analysts Thinking as BTC Trades at Lowest Price Since May?

Bitcoin at $6,600: What Are Analysts Thinking as BTC Trades at Lowest Price Since May?

Once again, bears have managed to wrest control of the crypto market from bulls, plunging Bitcoin (BTC) to $6,600 earlier today. This comes after Bitcoin bulls were afforded a glimmer of hope as the cryptocurrency jumped 8% from the Friday low of $7,400.

With the leading digital asset now trading at its lowest price point since May of this year — and is trading down some 6% in the past 24 hours — what are analysts thinking? Do they even think that Bitcoin’s long-term, secular uptrend remains intact after this brutal downturn?

Bitcoin to Find Support… Soon

While the consensus on the exact support level isn’t clear, many analysts agree that the leading cryptocurrency is approaching a very key price zone that may “make or break” Bitcoin’s medium-term prospects of upside.

As analyst Byzantine General recently pointed out in a recent tweet, this zone/level is the 21-month simple moving average, which sits in the mid-$6,000s at current. This has been the point at which BTC has bounced in two previous bull market retracements. Of course, the sample size of bull markets is small, though the chart below shows that the 21-month moving average has been a significant level for BTC to hold above.

The 21-month moving average somewhat lines up with the most important price point in 2018: $6,000, which is where BTC traded at throughout much of the price action last year, and thus acts as a so-called Point of Control in technical analysis terms.

Some analysts believe that if the cryptocurrency can hold above $6,000 in the coming weeks and months, a bullish technical trend should begin to form, catalyzing the next leg of the bull run higher, which should be aided by fundamental events like the introduction of institutional players and the block reward reduction, slated to act as a negative supply shock for this market.

Watch $5,000

While $6,000 is likely to hold, where’s the next level to watch if things go south… real south? $5,000, according to a number of analyses anyway.

An analyst going by Mac remarked that $5,100 will be the ultimate bottom of this recent downtrend because there exists a key confluence of support levels at that level: the double-month volume-weighted average price, a “price inefficiency fill” level, and the 200-week moving average.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

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BNY Mellon Joins DLT-based Trade Finance Network Marco Polo

BNY Mellon Joins DLT-based Trade Finance Network Marco Polo

By RTTNews Staff Writer | Published: 11/27/2019 9:46 AM ET

Bank of New York Mellon or BNY Mellon joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT) to conduct an evaluation program for developing improved international trade finance solutions for its customers.

The U.S.-based bank intends to transform its essential trade finance processes to make them more efficient and secure. It will look to replace the costly and inefficient paper-based systems to conduct trade with the blockchain-powered trade financing platform Marco Polo.

The addition of BNY Mellon will expand Marco Polo's presence in the U.S., while it continues to have a strong presence in Europe, Asia and the Middle East.

The Marco Polo Network offers its members access to risk mitigations solutions such as receivables discounting, payment commitment and payables finance programs.

The network connects banks, corporates and third party service providers, powered by enterprise software firm R3's Corda blockchain platform and the distributed trade finance platform from Irish technology firm TradeIX.

BNY Mellon joins other global banks and financial institutions on the network including Bank of America, ING, BNP Paribas, NatWest, Standard Chartered Bank, Natixis, National Australia Bank and Commerzbank.

Launched in 2017, Marco Polo is a bank focused network of platforms offering ERP-embedded trade and working capital finance applications to their corporate clients. It is powered by open Application Programming Interfaces (APIs) and Corda blockchain technology.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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F1 Delta Time Blockchain Game To Auction 10 Official F1 Team Cars

F1 Delta Time Blockchain Game To Auction 10 Official F1 Team Cars

By RTTNews Staff Writer | Published: 11/25/2019 9:46 AM ET

Blockchain-based game F1 Delta Time is conducting the first ever auction of the ten digital official Formula 1 or F1 team cars, with the cars being represented by F1 non-fungible tokens or NFTs.

NFTs for all the ten official F1 team cars will go on auction at the same time on November 28, which is called the Pole Position Auction.

NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, scarcity, and other properties of NFTs independently guaranteed, verified, and secured on blockchain.

Each NFT will be wholly owned by a player, with that player having the ultimate permission to use, trade or sell it. They can sell it for real money, collect them, or use them in F1 Delta Time when the racing component of the game launches.

The auctions will be held in descending Dutch format, with a starting price of 30 ether (ETH). The performance indices of the ten F1 team cars are similar and will be disclosed next week.

The ten F1 team cars involved in the auction are Mercedes AMG W10, Ferrari SF90, Red Bull Racing RB15, McLaren MCL34, Renault R.S. 19, Racing Point RP19, Toro Rosso STR14, Alfa Romeo Racing C38, Haas VF-19 and Williams FW42.

Meanwhile, F1 Delta Time is currently conducting Pole Position Contest running from now until November 27, which will enable the fans to predict the order of sale in the auction to win ETH and licensed F1 digital car gear collectibles in NFTs.

F1 Delta Time auctioned the first virtual F1 racing car (1-1-1) for 415.9 ETH or $110,600 in May to an unknown user "09E282" after 31 bids. The 1-1-1 digital collectible was the very first official F1 NFT and is the first car to be released for F1 Delta Time for auction.

In late March, blockchain startup Animoca Brands struck a deal with F1 to develop and publish the F1 Delta Time blockchain game based on NFTs. The game is based on the world-famous annual F1 racing series. The NFT collectible component is available now in the first phase, launched in May, and the racing component will be launched in early 2020.

To participate in the auction for the NFTs, one requires a web browser that supports Ethereum wallets, as well as an Ethereum wallet, with bids to be made in ether.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Lamborghini To Trace Certify Authenticate Heritage Cars On Blockchain

Lamborghini To Trace, Certify, Authenticate Heritage Cars On Blockchain

By RTTNews Staff Writer | Published: 11/21/2019 9:42 AM ET

Italy's Automobili Lamborghini has teamed up with Salesforce.com, Inc. to trace, certify and authenticate Lamborghini's heritage cars on blockchain. Lamborghini will use Salesforce blockchain for this purpose.

This move to use blockchain technology is expected to increase the customer experience and maintain the value of Lamborghini's heritage vehicles. This will also be a good substitute for the grueling manual process of certification.

Currently, the vehicle often goes through 800 to 1,000 certification checks when a Lamborghini is resold, which take place at the Lamborghini headquarters in Sant'Agata Bolognese, Italy.

To provide the certifications, Lamborghini technicians work with a massive network of resources including photographers, auction houses, dealerships, repair shops, newspapers, magazines and other media sources. This will help to curate the full history and also verify all of the parts and service of each unique vehicle.

A platform powered by Salesforce Blockchain will enable Lamborghini to quickly and securely authenticate heritage Lamborghini cars for its customers. It will create a trust network between distributed partners to enable Lamborghini to authenticate each heritage vehicle faster and more securely than ever before.

Lamborghini is digitizing its authentication process for its luxury heritage vehicles, with each vehicle coming with an immutable record of service, including restoration, prior ownership and more.

With the authentication checks being managed by Lamborghini and its trusted partner network, each car is armed against potential counterfeiting to ensure that these vehicles become even more valuable throughout their lifespan.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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The Theory That Network Marketing is Dead

The Theory That Network Marketing is Dead

Fair warning… I'm going to go on a rant.

Maybe it's one too many of Dan Lok's "MLM is dead" ads, but I need to say something about the theory that network marketing is dead.

It's an easy thing to say (and believe). Especially when:

  1. There seems to be an intensified attack from the media
  2. Facebook is denying MLM or company-specific ads more frequently
  3. There are so many different "work from home" options now
  4. People can't get their products to sell

The quick conclusion is… "well, I guess MLM doesn't work anymore and it's time to find something new."

Here's why that's a TERRIBLE conclusion.

First, the numbers say otherwise. In 2018, Network Marketing hit a RECORD $193 BILLION in Global Retail Sales, up 65% over the last 10 years. (Data Source: WfDSA)

  • $76 Billion were paid out to distributors in 2017 (which works out to about $208 Million paid out every single day)
  • Network Marketing reached a record 116.7 Million distributors in 2017 (and this doesn't even include registered or retail customers)
  • Since 2009, Network Marketing companies generated nearly $1.5 Trillion in sales (and have paid out over $600 Billion in commissions)

Isn't that interesting? The numbers actually show a sustained growth in the Network Marketing industry over the past 10 years, with future growth expected to continue, especially in emerging markets.

How much growth? Well, analysts suggest the industry is on pace to generate over $1.5 Trillion in sales over the next 5 years. (That means about $400 Billion will be paid out in commissions to reps.)

The question is, how much money of that will go to you?

But what about the next generation of reps? I heard Millennials are impossible to recruit…

Again, let's look at the data. Here's the breakdown of who's doing Network Marketing right now, by age:

  • 1% – Generation Z (Age: 2 – 22)
  • 37% – Millennials (Age: 23 – 37)
  • 34% – Generation X (Age: 38 – 52)
  • 27% – Baby Boomers (Age: 53 – 73)
  • 1% – Silent Generation (Age 74+)

Say what you will about millennials and technology and social media… the industry is growing and evolving and expanding rapidly right now.

In fact, in 30 years, I've never been more excited about Network Marketing as I am today!

I've never seen it so SIMPLE to do. I used to send faxes and place classified ads and send direct mail. Now, with social media, sales funnels, Zoom meetings and Instant Messenger, I can meet with my teams and conduct business all over the world. For free.

What About Other Home Businesses like Amazon? Aren't those easier to make money with?

Want to get into the e-commerce game? Fine, get your products out of China, deal with overseas manufacturing, quality control, import restrictions and inventory management.

(Oh, and you don't own the customer, Amazon does.)

Want to do affiliate marketing, selling someone else's products? Fine, just know that the life cycle of most products is about 3-6 months, so you're going to constantly have to keep reinventing yourself and finding new traffic sources and viable products.

(Also, there's very little leverage, meaning you make the sale, you get a one-time commission. Then you start over. Your income is still dependent on you, and you alone.)

Want to become a freelancer and work from your laptop? Fine, build yourself a website and sign up on all the freelancing sites, and spend your days (and nights) working for clients, helping make their dreams a reality. And when you stop working, your paychecks stop coming. No leverage.

4 Reasons Network Marketing Is Still My #1 Choice

  1. Network Marketing is one of the simplest paths to entrepreneurship. Easy to get into. Great products to sell. No manufacturing to worry about. No inventory to stock. No accounting or collections. No employees. Minimal risk. Huge leverage and upside potential.
  2. Network Marketing offers everyone an equal opportunity and compensation structure, regardless of age, sex, race, religion, or level of education.
  3. Network Marketing is one of the few places where women earn dollar for dollar what men earn. There is no gender pay gap. You are compensated based on your ability to perform. Simple. In fact, the industry as a whole is 74% female, and only 26% male.
  4. The Exponential Residual Income factor. Nothing else offers an opportunity for regular folks to able to earn an exponential residual income, for a minuscule fraction of the cost of traditional business.

Network Marketing is no longer on trial. It's a proven and viable profession. A profession that's helping millions of people get ahead financially and moving many closer to their dreams.

So why would anyone write off this industry? Why would you write off the opportunity for exponential residual income because maybe you've struggled in the past, or because some reporter or Internet Marketer is trying to throw rocks at the industry for his own gain?

If I flip this script for a second, I'm going to say this….

The people who become MASTERS at the skill of communicating are the people that are going to make as much money as they want, while the rest of the masses go off in search of the next shiny object.

Network Marketing isn't even close to dead. It's thriving! But you may need the following…

  • It might be time to get creative with HOW you use social media to prospect and attract others.
  • It also might be time to see that the master networkers — no matter how they recruit — all have one skill in common. They are master communicators (they know what to say and when and how to say it).
  • It might be time to refocus on the fundamentals of inviting, presenting, and training, so that you set a good example for your team to follow.
  • It might be time to lean into your natural personality and brand, instead of trying to "become" like someone, thinking that is the key to selling (it isn't).

If your business and your team are not growing, it’s an easy out to decide that MLM is dead and it’s time to go hunt for the next shiny object. But I would gently remind you that learning to communicate effectively with prospects is fundamental to any business, so you might as well be in the industry that gives you the most leverage and upside potential.

Maybe it's time to study the fundamentals of communicating effectively with others, so that you protect and build healthy relationships, and more people buy what you're selling!

-Tim

P.S. The Ultimate Prospecting & Recruiting Toolkit is launching November 25th, and this blog post is a pre-cursor to the training that will be coming when it launches. I'm tired of watching people struggle to build their network marketing businesses, and we're about to change that forever.

Article written by Tim Sales and posted on the NetworkMarketingPower.com website.

Article reposted on Markethive by Jeffrey Sloe

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In Boost For Crypto Fidelity Gets Green Light For Bitcoin Trading And Custody

In Boost For Crypto Fidelity Gets Green Light For Bitcoin Trading And Custody

Fidelity Digital Assets, the crypto arm of asset management giant Fidelity, has been granted a licence by the New York State Department of Financial Services (NYDFS) to trade and store bitcoin.

The limited purpose trust company charter enables Fidelity Digital Assets to move forward with the rollout of its custody service to institutional investors. The platform will now also be able to execute trade orders on behalf of its institutional clients.

Fidelity Digital Assets will now come under the direct supervisory oversight of the NYDFS.

In a Medium blog post the company said: “Our designation as a New York trust company builds on the commitment we've made to our clients to continue to provide the services they require to proceed with confidence in their own work with digital assets.”

“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” added Michael O’Reilly, chief operating officer of Fidelity Digital Assets.

“The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we're establishing amongst institutions and other market participants. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve.”

Michael O’Reilly, COO, Fidelity Digital Assets

According to the Financial Times the NYDFS has only issued 23 such licences to companies operating in the crypto space.

“This approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry,” said Linda Lacewell, the superintendent of financial services at the DFS.

Although US federal regulators have been somewhat reticent regarding crypto, New York appears keen to compete with other emerging crypto hubs such as Singapore, Switzerland, and Malta.

SEC to revisit Bitwise Bitcoin ETF decision

In other news, in a sign that the US Securities and Exchange Commission might be getting worried about falling behind against the global competition in the light of rumours of a Chinese yuan stablecoin and the impact of the Libra initiative.

Yesterday the SEC said in a statement on its website that it was revisiting the decision to reject the Bitwise bitcoin exchange traded fund.

Original article posted on the EthereumWorldNews.com site, by Gary McFarlane.

Article re-posted on Markethive by Jeffrey Sloe

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German Airline Hahn Air Issues First Blockchain-Powered Airline Ticket

German Airline Hahn Air Issues First Blockchain-Powered Airline Ticket

By RTTNews Staff Writer | Published: 11/19/2019 9:34 AM ET

German airline Hahn Air became the first airline in the world to issue a blockchain technology enabled real-world airline ticket in partnership with Swiss decentralized and open-source travel distribution platform Winding Tree.

It is also claimed to be the first airline to fly passengers holding blockchain-powered tickets on its scheduled flight from Dusseldorf to Luxemburg on November 18, 2019.

The airline said the first "blockchain passengers" on the flight were Winding Tree Founder Maksim Izmaylov and its Chief Information Officer Davide Montali as well as Hahn Air Head of Sales Engineering Frederick Nowotny.

Apart from issuing blockchain-powered tickets, the Winding Tree platform can also list inventory, manage reservation requests and receive payments after the booking process is complete. The current accepted methods of payment include cash, credit card, or cryptocurrency such as Ether or LIF, Winding Tree's native token.

Using blockchain technology, all market participants such as airlines, travel companies and distribution systems can easily connect and exchange transactions. They can directly interact with each other and perform transactions without intermediaries thereby reducing costs.

The platform is also 100 percent secure as all of the necessary information is stored in a decentralised ledger which is verified by millions of sources and therefore cannot be changed or tampered with.

Winding Tree is already working with other airlines such as Lufthansa, Swiss Air, Air New Zealand, Air France-KLM, Air Canada, Austrian, Brussels Airlines, and Eurowings for other services.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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