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Dec 02, 2019 at 08:36 // News

 Italy wants to promote blockchain innovations

In Italy, before other great countries, it was decided to introduce specific regulations for Blockchain technology, in fact, in the simplification decree approved in the Official Journal in February 2019 two articles on this new technology were introduced.

First of all, the normative definitions of technologies based on distributed registers (Blockchain) and smart contracts are introduced. Secondly, it is envisaged that the memorization of a digital document through the use of technologies based on DLT will produce the legal effects of electronic time validation.

However, the technical specifications that the Agid had to issue after 90 days are still standing. The Agid is waiting on the one hand that the team of 30 Italian experts set up by the Ministry of Economic Development (MiSE) publish the whitepaper of the long comparison work carried out, on the other that the European Commission defines the European specifications on the distributed ledger tech (DLT).

Promoting the Use of DLT

In fact, at the end of August this year, the European Union (EU) announced the European Blockchain Service Infrastructure (EBSI). Therefore, EBSI is a project of the European Commission and the European Blockchain Partnership (EBS), an initiative created last year in which 30 powerful Member Countries actively participate to share and collaborate in the exchange of positive experiences and expertise in the field of Blockchain.

The goal of EBSI is to create, promote and disseminate public and government services that exploit Blockchain tech. One of the aims of the EU, is to create a DLT network that is interoperable and collaborative from the beginning, especially when public services are intended for public users.

With a budget of around €4 million, EBSI will focus on 4 specific cases: notarization, education and training diplomas, self-sovereign identity and reliable data sharing. EBSI foresees that the individual Member States will be called upon to manage the EBSI structure nodes at a higher coverage like the national level, which will be in a position to form and transmit transactions. By Coin Idol , 2019-12-02 10:36:00 ,

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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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