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Nov 30, 2019 at 10:29 // News

 The blockchain technology has great potential but it also presents great complexity

On the radar of the Digital Transformation (DT) Team there is also blockchain technology

 However, so far it expresses most of its strengths in scenarios that are not “central” for the Public Administration (PA). This is what emerged on the distributed ledger technology from the meeting between the Italian Minister for Innovation and Digitization Paola Pisano, the Digital Agenda Commissioner Luca Attias and the team leaders for the digital transformation.

A table organized to take stock of the state of implementation of the Digital Agenda in Italy with the closure of the commissioning experience and to understand to what extent the PA has so far managed to integrate the DT.

The blockchain technology has great potential – it emerged from the meeting – but it also presents great complexity, and therefore its introduction into the PA is to be evaluated with caution.

MISE Embraces Innovative Tech Including Blockchain

This does not mean that the digital team is committed to carefully considering possible applications in the PA, and that it has identified notarization as one of the most interesting and promising scenarios, to preserve an indelible and unalterable trace of documents or events during the course of their development. Even if within the DT team projects this technology has not yet found a way to be used in simplicity.  

 Furthermore, Michele Melchionda, Chief Information Officer of the Team for the DT explained that they were asked by the Ministry of Economic Development (MISE) to participate in the tables of the commission set up on these issues by the EU, and Italy is among the 24 countries that are part of the group of work.

This is a theme on which the Italian government is working with a secular approach, observing from those who come later and producing a greater push, to fully understand what the best prospects may be.

Will blockchain technology revolutionize public admin operations? By Coin Idol , 2019-11-30 12:29:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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