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Many people in the crypto space had written off Digitex Futures. The company with ambitious plans to remove commissions from bitcoin futures trading failed to deliver on its promises twice. Yet, after some very public scraps with development teams and backlash from investors, the company is gearing up for its public testnet launch on Nov 30. Closed testing has already begun–and the feedback is said to be extremely positive.

Digitex Finally Has a Working Product

So far, around 100 or so testers are taking a look at the change. The company is calling this the “Alpha” group who is tasked with finding bugs, reporting abnormalities, playing around with the platform, and providing their feedback. This group is made up of experienced traders, Digitex supporters, and some key influencers in the space who will be sharing their thoughts, demos, and reviews on the testnet.

You can see one of the early video reviews below.

 

But as CEO Adam Todd told NewsBTC, “We’re urging them to remember that this is a testnet and a bare-bones version. We want people to do their best to uncover bugs, and to give us feedback. We’re developing the testnet every day and already have incorporated a lot of the early testers’ suggestions so that when we get to mainnet, the platform will have some sick features and be rock solid.”

Along with onboarding the first traders, Digitex has created a Telegram group for them to share their experiences, chat together, ask questions, get support, and provide comments. On Monday of this week, Adam held a live AMA with the group as well and answered a mountain of questions. There are indeed some bugs, with some traders reporting screen freezes and other glitches–as one tester said: “it is a testnet, after all.”

However, the initial feedback, on the whole, continues to be extremely positive. It appears that the company that came close to a disastrous end is finding its feet at last.

Initial Feedback of the User Interface

The overwhelming comments are with regards to the user interface. As an ex-futures trader, Adam is bringing the trading ladder from traditional markets over to bitcoin futures. The trading ladder interface allows traders to place orders with one mouse click. They don’t have to go through any additional steps, keyboard strokes or mouse movements, and can really stay in the zone, watching the price move up and down on both sides of the ladder.

digitex

This is causing many testers to report that the platform is “highly addictive,” and saying things like “I am playing now for 15 min, this is sick… no fee trading is very addictive!” as well as similar comments like “This is cool, really cool. You can tell that Adam was a trader who got fed up with the sh*t on those trading platforms… It reminds me of traditional markets. So nice.”

One tester even jokingly wrote, “I’m just going to set up Digitex Detox Centre – so everyone can have some time away from the ladder.”

A First Look at Commission-Free Trading

Other testers have been enthused by the lack of commissions on trades. Of course, being a testnet, they are playing around with risky strategies and 100 leverage with no fear of losing actual funds. However, they are already beginning to see the potential effect that zero-fee trading will have when the project hits mainnet.

One tester said, “Man, no commissions is so liberating lol, just being able to take a scratch trade without losing money when your scalping is so freeing. You really have to experience it, you can’t just explain it.”

Of course, as Adam pointed out in the testnet AMA, the market makers are currently programmed to “Trade fast and loose. They will be a bit tighter in the mainnet, for now, we just wanted to have them creating a lot of activity for testing purposes.”

This led one tester to say, “The big thing for me is I can’t wait to see how the market makers behave during mainnet, when they are “calmed” down but still active as Adam said… I’ve never experienced market makers that weren’t trying to make a profit so, I’m really curious about how it will be like when trading it.”

Heading in the Right Direction

The Digitex support team and its development partners are now working incessantly to improve the platform and roll out new features. Adam himself is a self-described perfectionist and is driving his developers crazy with the unending iterations of new ideas and features to include in the interface.

Bugs are being uncovered quickly and Community Manager Gary Finlay said that many of the bugs being reported are now being duplicated which “is a very good sign as it means the main issues are rising to the surface quickly.”

There’s still some way to go before the mainnet launch. Adam wouldn’t commit to a date, although hasn’t ruled out Q1 2020 either. It will be interesting to see if Digitex can truly deliver the exchange it promised to redefine the way that bitcoin futures are traded once and for all. While nothing is certain in this space, early signs are certainly looking good.

 

Image by skeeze from Pixabay

Guest Author , 2019-11-21 00:47:34

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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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