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Nov 02, 2019 at 10:29 // News

Recently, a statement came from Certification of Raw Materials (CERA), the certifying authority for raw materials, announcing that it had implemented a distributed ledger technology (DLT) and blockchain system to trace and track minerals, and many other valuable materials in Italy, U.S. and other parts of the world. The largest automaker by worldwide sales in 2016 and 2017 based in Germany Volkswagen, is also part of CERA.

When it comes to the area of minerals it is vital to have a certificate confirming to various info and data connecting to the extraction and mining of raw material. For instance, the geographical site of the mining, the mining method and the quality of the work environment, data that is fundamental to see and control the goings-on of firms, particularly if they take on unorthodox ways and means to obtain the massive profit.

On account of CERA, each and every raw material and mineral has its individual certification and there are now more than 40 various certifications which a firm must have so as to be appropriate and acceptable.

Blockchain-based Mineral Tracking System

For this matter, therefore, to ensure a more transparent and secure progression, CERA has decided to develop a new effective blockchain system to shape it to their requirements and demands. It is an amalgam and an exclusive database, so all data will be controlled by a central body. Also, the public view will contain just some data.

The project manager, Dr. Andreas Hucke, is optimistic that CERA will try to solve the multifaceted challenge regarding minerals and raw materials.

It is such an interesting thing to see that among the project advisors there are popular and big names including academic institutions, research centers and even the popular car manufacturer Volkswagen, that clearly has every interest in using licensed materials for the construction of its automobiles.

What is certain is that, o’er, the DLT and blockchain appears to be castoff as a secure kind of advertising action, as in real sense and actuality it is, even in this way, a private blockchain and hence it has to be highly trustworthy and reliable, a thing completely different from that of the genuine public blockchains like Bitcoin, the world’s original cryptocurrency. By Coin Idol , 2019-11-02 10:29:00 ,

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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.

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Nick Chong , 2019-11-10 12:00:38

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