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  • Blockchain still not at the stage of mainstream adoption
  • Accountants need to be more tech-savvy with Blockchain a huge option to adopt

We all know that blockchain has some massive bouts of potential in it. It is said that blockchain could solve a lot of the world’s issues but it hasn’t got to the stage of mainstream adoption.

Now, the revolutionary technology has the capability to change the role of accountants which means they will become, according to industry speaker and author Ian Khan, “the digital detectives of tomorrow.”

“This is the next frontier,” he said, speaking in London at the Accountex event. “Technology is the next frontier. If you don’t know about technology, don’t know what it does, then how will you be able to succeed in this era that’s powered by technology?”

He went on to add,

“there’s still space in this era for accountants. But accountants have to be more tech-savvy.”

The emerging technologies was a major theme at this year’s Accountex. As reported by AccountancyAge, speakers like FreeAgent CEO Ed Molyneux warned that many of the traditional roles of accountants were starting to become automated and that the accountant’s role could become increasingly advisory.

He said:

“Traditional sources of information can be inaccurate. Today we work with Excel sheets, printed documents and receipts. [Accountants] handle so much paperwork, there’s got to be some inaccuracies. Excel sheets are great, but I don’t think they are the best or the most secure medium of exchanging information, Excel sheets are not secure at all.”

Khan was determined that new technology such as blockchain presents an opportunity to grow and should not be considered a threat.

“Accounting firm professionals need to step into technology. If you really want to succeed as a firm or a professional, you need to start learning. I would say in the next five to 10 years the role of accountants will change from being financial accountants to technology accountants. Rather than the pen and the spreadsheet, you will be using blockchain and smart contracts.”

Adrian Barkley , 2019-11-27 02:01:00 ,

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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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