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Nov 28, 2019 at 10:36 // News

Lamborgini blockchain

Automobili Lamborghini S.p.A, an Italian automotive brand and manufacturer of luxury sports cars and SUVs based in Sant’Agata Bolognese, is using the Salesforce distributed ledger technology (DLT) – blockchain – to verify its vintage vehicles.

Salesforce, a renowned client relationship management (CRM) solution provider, has
revealed that the famous opulent car brand is now able to track, confirm and validate classic vehicles faster and safely thanks to its modern blockchain technology system.

Immutable Nature of Blockchain Network

Rolled out in May this year, the blockchain tech network centered on Salesforce’s Hyperledger will be applied to form a more reliable system that will be utilized for certificate verification course during the resale of a Lamborghini. Every car will this time around be equipped with an unchallengeable register.

Generally, when a Lamborghini is sold again, the car passes via a thousand validation checks, which happened at the Sant’Agata Bolognese site.

The practice obliges the company to work with a massive community of professionals, like media, paparazzi, auction houses, traders, repair stores, in order to track and validate the complete account and history of every vehicle.

Using DLT to Prevent the Possibility of Replacing Original Vehicles with Fake Ones

Unambiguously, some firms think that every car will be equipped with an indisputable register, which includes important particulars like property and refurbishment. The novel structure is also setup to safeguard Lamborghini vehicles from possible counterfeits, since all verification inspections will be fully fared and operated by the company in question and all its authorized associate network.

This is not the first time Volkswagen Group, owners of Automobili Lamborghini, has used the Salesforce DLT network. Also, in August this very year, a hand-painted Aventador S, a mid-engine sports vehicle, was validated and licensed on the company’s blockchain during an event at Monterey Car Week 2019. By Coin Idol , 2019-11-28 12:36:00 ,

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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.

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

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