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According to a November 14, 2019 press release, Walmart Canada is now embracing the use of blockchain as they will be launching its use for freight tracking and payment info management.

And such an initiative is not surprising. Besides cryptocurrency, it’s most famous offering, taking over the world, there has also been the talk of blockchain becoming the next big technology used across various industries and this is for good reason. Blockchain, by its design, creates an irrefutable ledger of all transactions that are tracked across it and this has made its particularly favored within industries that require a lot of tracking such as supply chain, payroll management and so on.

Even universities across the globe have started issuing their degrees via blockchain in a means to combat certificate fraud as everything recorded on the blockchain can never be removed and can always be made reference to with ease.

Bringing Blockchain to Walmart

This new initiative was developed in conjunction with DLT Labs and allows customers to track their orders, manage their payments and verify transactions. This new development allegedly can also fit into a business’ legacy system and help them coordinate the various aspects, as in the case of Walmart, it “manages, integrates and synchronizes all the supply chain and logistics data in real-time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger.”

This is particularly beneficial for them because their business model has to do with large amounts of inventory and blockchain gives them the chance to keep all of it tracked in a single place across various actors and locations with ease.

“This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners. Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability,” said John Bayliss, senior vice-president of logistics and supply chain at Walmart Canada. 

This is not the first time that Walmart as a corporation is embracing blockchain as in 2018, they launched an initiative that would help in the tracking of fresh produce to prevent E. coli in the United States. It was also applied in August 2019 to some of their Sam’s Club locations in order to track their shipment of shrimp which came from India. Also, superstores such as Carrefour have also been implementing blockchain into some of their products by giving consumers the ability to trace the product to its point of origin and this has proven particularly popular for those who have dietary restrictions and so on.

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Anna Lee , 2019-11-15 08:54:53 ,

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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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