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Jeff Bezos has unexpectedly become the world’s richest man again. This occurred largely due to a significant increase in U.S. online sales which has risen by 15.8 % as opposed to last year. Online retailers have made sales of about $50.1 billion this month alone so far. This, of course, has been reflected in the rising prices in Amazon stock which stands at $1,818.51 per share which indicates a rise of about 1.20% in the past twenty-four hours. Amazon’s stock has rebounded largely in part to the increase in online shopping sales and is expected to do so as the festive season in the United States takes center stage.

This puts the total net worth of Bezos to be around $113 billion which is $2 billion ahead of Microsoft co-founder Bill Gates‘ $111 billion net worth based on indications from the Bloomberg Billionaires Index. Gates’ position as the world’s second-richest person is also at risk from Europe’s richest person and the world’s third-richest person Bernard Arnault with a net worth of $104.8 billion largely due to the recent acquisition of famed U.S. jeweler Tiffany’s. The jeweler which has 300 stores globally and a human resource strength of about 14,000 people has been included in the cachet of LVMH’s luxury brands.

Before now, Bezos has been ruling the top spot for quite a bit (two years actually). It, of course, was right until his divorce where he had to give away about 5% of his stock making his total stake in the company to be reduced to 12% as opposed to 17% before his divorce. With a vast majority of his wealth concentrated in Amazon, his reclaiming the throne of the world’s richest person is driven by an increasing dependence on online shopping by Americans indicating that a trend is setting in and e-commerce is leading the way in this new trend. This then means of course that Bezos might remain at the top spot for quite a bit if the trend of a significant increase in online sales doesn’t reverse.

Sources further indicate that payments in terms of online sales are expected to increase by 14.1% this year to reach $143 billion indicating that there is a lot of money that will be made online this year by online retailers. This, of course, has also made Amazon recruit about 200,000 seasonal workers in anticipation of the exponential increase in sales this season as opposed to last year when about half the number was hired.

Bezos seems to have figured the online retiling game out for quite some time now. Everything he touches seems to run into gold (pun intended). One thing remains clear though: Gates would have still been the world’s richest person had it not been for his massive philanthropy.

Christopher Hamman , 2019-11-29 10:42:51 ,

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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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