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Ho Chi Minh City will develop a blockchain-oriented regulatory framework for the development of smart cities. 

Tran Vinh Tuyen, Vice Chairman of the Ho Chi Minh’s People’s Committee, announced the news during the sixth annual international conference of Saigon High-Tech Park (SHTP), Viet Nam News reports Nov. 11.

At the same event, the SHTP, an incubator for high tech businesses, signed a memorandum of understanding with South Korea’s CBA Ventures to promote the research and application of blockchain technology.

Le Bich Loan, a senior exec at the Saigon Hi-Tech Park’s board of management, emphasized that blockchain tech has made financial transaction systems more efficient, transparent and easier to use in terms of online payments.

Ministry of Science and Technology prioritizes blockchain tech

According to Viet Nam News, the country’s Ministry of Science and Technology also announced plans to prioritize blockchain-focused startups within the national program “Supporting the National Innovation Initiative to 2025.”

The program was approved by the Vietnamese government in May 2016 and aims to create favorable conditions for business development. The initiative provides support to 2,000 startups, according to the ministry’s website.

Smart cities and blockchain

The concept of a smart city envisions the use of emerging technologies such as blockchain and artificial intelligence to improve the quality of municipal government services and citizen welfare. 

As a major technology that is expected to improve the transparency, speed and immutability of records, blockchain has been increasingly implemented in smart city projects globally.

China recently introduced a new blockchain-based city identification system on Nov. 4. In June 2019, Automotive giant China Wanxiang Holding partnered with blockchain-based tech firm PlatOn to develop a smart city in Hangzhou.

Earlier this year, a project at the University of Nevada, Reno announced it was developing a new blockchain-based autonomous vehicle smart city project.

Cointelegraph By Helen Partz , 2019-11-12 12:59:00 ,

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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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