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Swiss media outlet Handelszeitung has published a full-page spread singing the praises of cryptocurrencies and underlying Distributed Ledger Technology (DLT). Accompanied by a step-by-step guide to help newbies learn how to buy and properly store the coins, the article is a welcome sign that enthusiasm is strong and adoption is still on the rise despite recent price woes in the industry.

Also out of Switzerland, the country’s Federal Council has proposed updates to its banking infrastructure laws to accommodate DLT and help keep the country a top industry destination, moves that have been broadly welcomed by the country’s growing blockchain industry.

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The article provides an optimistic view of the future of digital currencies in Switzerland, and outlines how they make it easier to “trade, exchange, and send” assets across the globe. The author takes readers on a journey from finding and buying cryptocurrency, storing it, and then selling the coins back for Swiss banknotes — all on a smartphone — in an attempt to highlight the ease of using the coins in daily life.

An important distinction is also highlighted: the difference between true cryptocurrencies like Bitcoin — which are decentralized and operate through a “global, boundless, and unregulated” blockchain — and centralized, enterprise or state-controlled ones like Facebook’s Libra or China’s digital Yuan.

Finally, readers are reminded that as this is still a growing industry, trading and transacting in the coins is only going to get easier and more user-friendly.

True coins, like Bitcoin, are “not a speculative phenomenon, but a piece of amazing technology that allows one to suddenly have and control assets and money virtually without relying on other banks or companies.”

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Swiss to Update DLT framework

Swiss blockchain regulations are set for an overhaul, as federal government officials submitted revisions to current banking infrastructure laws at a meeting November 27. The proposal sets to amend the current outdated laws related to blockchain and distributed ledger technology (DLT), and is aimed at decreasing legal uncertainty, removing barriers for applications based on DLT, and reducing the risk of potential abuse.

One example given if the legislation goes through parliament relates to shares, which would become digital-only (not paper), allowing the instant settlement of trades, as opposed to a few days.

“The development of DLT is predicted to have significant potential for innovation and efficiency gains in the financial sector as well as other sectors of the economy,” read the government statement

Blockchain industry bodies welcomed the proposed legislation, which sets out to amend existing laws rather than create a new legal framework just for DLT; the consultation process has ironed out any major problems presented in the initial proposals, said Jacques Iffland, chairman of the Capital Markets and Technology Association.

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Thomas Delahunty , 2019-11-29 04:01:01

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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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