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Crypto Exchange Huobi Strengthens Ties With China 101
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Major cryptocurrency exchange Huobi may finally be returning to the fold in China, over two years after a Beijing crypto crackdown forced domestic trading platforms out of the country.

Per Chinese media outlet, Huobi China has joined a state-endorsed blockchain alliance named the Blockchain Services Network (BSN). The network is the brainchild of the State Information Center, a government think tank affiliate of the National Development and Reform Commission – the state’s economic management agency.

At an event held over the weekend, other new BSN members were announced, including big-hitting card provider and financial services group UnionPay, state-owned telecoms groups China Mobile and China Telecom, as well as two major domestic banks.

The news outlet says that Huobi’s CEO Yuan Yu Ming attended the event, which was co-organized by UnionPay and the State Information Center.

The CEO said he was very pleased that Huobi had been accepted as a member of the BSN, and spoke of making a “collaborative effort” with fellow members to promote blockchain education in China.

The BSN, say its founders, will seek to boost the development, deployment and interoperability of blockchain applications across a range of industries, and will look to “promote the rapid development and popularization of blockchain technology” in China. Meanwhile, at least five local Chinese crypto exchanges have recently halted operations or announced they will no longer serve domestic users as the country started a new crackdown on crypto trading.

Huobi has cautiously been edging its way back into the domestic market – although it has been careful to move in line with state- and province-approved blockchain initiatives. Earlier this year, Yuan spoke at a blockchain event in Hainan, where the company has recently established an office that it says carries out blockchain-related research.

During its 2015-2016 heyday, Huobi’s Beijing offices were was the de facto center of the global Bitcoin trade, with an estimated 60% of the world’s transactions taking place on its platform.

Now, Huobi is ranked 16th by trading volume (USD 598 million in the past 24 hours), according to Coinpaprika.

Tim Alper , 2019-12-02 12:37:29 ,

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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.

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

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