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Vietnamese ‘Upbeat’ About Crypto as Blockchain Plans Unveiled 101
Source: iStock/Natnan Srisuwan

Could a crypto comeback be on the cards in Vietnam? And could South Korean blockchain firms provide a catalyst for change?

In the past few days, Ho Chi Minh (HCM) City authorities have stated that they will “develop a blockchain infrastructure” to power smart city construction initiatives, claiming they would use blockchain to “mitigate risk and streamline processes,” per Vietnam News.

HCM’s High-tech Park tech incubator has also sealed a deal with South Korean firm CBA Ventures, who will provide tech support and blockchain training.

Another South Korean company looking to do business in Vietnam is cryptocurrency exchange Bitsonic, per News1. Leading South Korean exchanges such as Upbit and Coinone have previously launched trading platforms in Indonesia and other South East Asian nations.

Bitsonic says it will partner with Innovantech, a Vietnamese blockchain firm, and says it plans to launch the exchange, which will be named M2Bit, in the first quarter of next year.

The companies say they will work with Vietnamese bank Techcombank, and plan to offer crypto to dong (Vietnamese fiat) pairings.

Van Nguyen, a Hai Phong-based accountant, told,

“People have noticeably started talking about blockchain and cryptocurrencies in a more positive light in recent weeks. The mood is upbeat during these discussions. I don’t know if that’s because of developments related to the Chinese government and South Korean companies or not. But we do pay a lot of attention to tech developments in both countries.”

While regulation continues to hinder the progress of blockchain and crypto companies in South Korea, a number of firms are looking elsewhere in Asia, developing expansion plans in Vietnam.

HCM’s blockchain move comes as the central government steps up its own blockchain game. The country’s Ministry of Science and Technology says that a new SME accelerator project will “give priority to blockchain startups.”

HCM officials also spoke of “working with agencies to build a roadmap for the application of blockchain in the country.”

In September, the Korea Times reported that South Korea’s NEEO Apps had joined forces with a Vietnamese firm to launch the Exvina crypto exchange, while blockchain firm Sigma Chain is also active in Vietnam.

The newspaper added,

“Korean blockchain companies are rushing to Vietnam to find business opportunities and new revenue sources in the Southeast Asian market.”

Tim Alper , 2019-11-13 05:43:45 ,

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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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