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Welcome to your crypto-week summary. Let’s see what happened. While financial professionals say BTC will outperform S&P 500, a Manhattan condo was paid for with BTC and Buterin said that Bitcoiners may change their minds on PoS. Bakkt opened its Bakkt Warehouse to all institutions, Justin Sun confirmed that he invested in Poloniex and TRX went up, and Brave 1.0 came out and BAT went up too, but BCH went down, and Kraken CEO says altcoin hype has largely died off. Meanwhile, a trader that’s transparent on BitMEX handles USD 1 billion daily.

On the regulation and business side of news, IRS somewhat clarified its cryptocurrency tax guidelines, Vietnam unveils its blockchain plans and have started working with South Korean companies towards their goals, blockchain gaming may be doomed in South Korea, and South Korean court jailed nine executives of Coinup for fraud. Furthermore, China’s DCEP is not created for total surveillance according to an official, and two Chinese crypto & blockchain heavyweights are targeting the American capital market. In the meantime, Line-Yahoo Japan merger will shake up the crypto scene, Google joined banking race while stressing BTC’s importance, Singapore and JPMorgan created a blockchain-powered prototype for foreign exchange payments, and the Royal Bank of Canada might open a cryptocurrency exchange.

And here is your weekly dose of crypto jokes.

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First, choose your character.

Surveillance, Blockchain Importance and 20 Crypto Jokes 101
Source: btcclicks / Instagram

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Bye, 9K! See you soon.

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And you know something’s bound to happen.

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Bitcoin playing with alts always.

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The truest of truths.

Surveillance, Blockchain Importance and 20 Crypto Jokes 102
Source: cryptomemes.us / Instagram

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Show this to your newbie friend as a beginner’s guide.

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You first.

Surveillance, Blockchain Importance and 20 Crypto Jokes 103
Source: cryptoexplorer / Instagram

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Heey, look at that! Might get cheaper still.

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Legend tells of a legendary hodler…

Surveillance, Blockchain Importance and 20 Crypto Jokes 104
Source: Brekkie von Bitcoin / Facebook

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“Hahaah, they said…they said…ahahaha!!”

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And what do you do all day?

Surveillance, Blockchain Importance and 20 Crypto Jokes 105
Source: u PM_ME_CRYPTO_OR_TITS / Reddit

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This is another method of spending time in the Cryptoverse on a good weekend.

Looking at my altcoins this weekend is like…. from r/cryptocurrencymemes

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Brilliant!

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The moment’s most popular meme has infiltrated crypto.

Surveillance, Blockchain Importance and 20 Crypto Jokes 106
Source: u/Bitvalex-exchange / Reddit

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Found some!

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And then things turn bizarre.

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Expert mode.

Surveillance, Blockchain Importance and 20 Crypto Jokes 107
Source: u/TheMarbleBust / Reddit

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Tell me more about this ‘beat coin’.

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‘No, no, no, no.’

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And your Bitcoin Slang song for the weekend.

Sead Fadilpašić , 2019-11-16 11:00:00 ,

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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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