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South Korea to Make Government-led USD 383m Blockchain R&D Drive 101
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The South Korean government will stump up USD 383 million worth of funding for Seoul-led blockchain research incentives over the next six years.

Per a report from ZDNet Korea, the country’s Ministry of Science and ICT plans to utilize the funds to develop original blockchain technology, with the government taking the lead in creating a blockchain-powered “data-driven economy.”

The government is thought to be keen to work on projects including improving the reliability of smart contracts, boosting cross-blockchain platform interoperability and developing consensus algorithms that will help overcome performance, stability, and scalability issues.

Seoul is also believed to be favoring open-source blockchain technology.

The same media outlet quotes an unnamed government official who is “familiar with the project” as saying,

“We need to overcome data trust problems in order to activate a data-driven economy. Blockchain technology can help create a base of trust for data sharing.”

The same official also said that the new funding drive was not an attempt to make South Korea the “world’s leading blockchain nation,” but rather a genuine, concerted drive to improve the nation’s economic development.

Readers may recall that earlier this week, researchers in Japan claimed that China is currently leading the global blockchain patent registration race – although South Korean companies and government agencies followed in second place, registering 1,150 applications in the period 2009-1018.

Also, as reported, South Korea’s blockchain industry is experiencing teething issues – while only 20% of domestic blockchain-related companies are actually selling anything.

Tim Alper , 2019-11-22 05:58:50 ,

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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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