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Since our previous analysis, Bitcoin was mainly ‘stuck’ trading between the range of $8600 – $8700. We had mentioned the possibility of a bullish breakout; However, the breakout did take place, but quickly turned into a fake-out upon reaching $8800.
Overall, despite the lower highs trajectory, which is a bearish pattern, we can see that Bitcoin is forming a bull flag, and this is still intact (till proven otherwise). Besides, the $8500 area is the Golden Fibonacci level of 61.8% from the vast 42% surge on October 26.
The last level, along with support at $8400, might be serving as a substantial support area, at least for the short-term.
Keeping in mind the above, we’re expecting a breakout to either direction over the coming days, and the fact that a weekend is nearby is not a coincidence since Bitcoin loves producing price moves during weekends.
Total Market Cap: $236.7 billion
Bitcoin Market Cap: $155.8 billion
BTC Dominance Index: 65.8%
*Data by CoinGecko
Key Levels to Watch
– Support/Resistance: The first level of support is today’s low around $8500, along with the mentioned Golden Fib level. The bull flag formation’s lower angle is around $8430; hence, the $8400 horizontal support can also be kept in mind here.
Further below is $8200 before reaching the good old $8000 support area. A break below $8400 is likely to ignite a quick bearish move back to $8K.
From above, the first level of resistance is the support turned resistance area of $8650 – $8700. Little above lies the $8800 level, which is currently where the bull flag’s upper boundary lies. Further above is the area of $9000 – $9150, which is the past week’s high.
The significant 200-days moving average line is getting further – hovering around $9320 as of writing this. In my opinion, the level of $9300- $9400 is the critical mid-term level.
The RSI Indicator: The daily RSI is barely holding the 44-support level. However, anything is possible from here, as the RSI needs to take a decision.
Both the 4-hour and the daily chart are in their oversold territory, as can be concluded by looking at the Stochastic RSI oscillator. This can turn bullish and fuel the next price rise, in case of a bullish cross over.
Trading volume: Despite the recent price drop, the volume is far from being significant.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
The post Bitcoin Price Records 3-Weeks Low, But Can The Situation Turn Bullish? (BTC Analysis & Overview) appeared first on CryptoPotato.
Permabull Tom Lee believes Bitcoin will grow in value following a similar logic to the Silicon Valley tech titans
Fans of boxing champion Manny Pacquiao have reason to celebrate this week. The star is launching his PAC token on the Sparkle IEO platform of the GCOX exchange. Pacquiao, who is currently the reigning world welterweight champion, announced he would be launching his own token back in September. The IEO is running over three days starting November 12, after which the token will be listed for trading on GCOX.
PAC is the first such “celebrity token” and the latest entrepreneurial effort from the multi-talented Manny Pacquiao. Alongside his stellar boxing career, he’s also an elected Senator in his home country of the Philippines, and has made successful forays into basketball, music recording, and acting.
Now, he also has his own digital currency. The PAC token will enable fans to interact with the Pacquiao brand, including buying merchandise, requesting mentions on social media, and even attending exclusive events. It’s the first time a celebrity has launched a cryptocurrency like this, effectively tokenizing their brand.
Pacquiao is partnering with Singaporean exchange GCOX, which is planning to become the exchange of choice for “celebrity tokens.” Other stars will no doubt be following the progress of the PAC launch very closely.
Former England and Real Madrid striker Michael Owen, tennis player Caroline Wozniacki, and R&B singer Jason Derulo are all reportedly already invested in the idea of launching their own tokens on GCOX. A member of the Abu Dhabi royal family is also involved.
GCOX CEO, Sir Dr. Jeffrey Lin, GCOX CEO, said that this kind of IEO might be the first of many: “The PAC token is the first asset to combine blockchain technology with fan culture and given the devotion of Manny’s supporters – not just in Asia but throughout the world – we are confident that the newly-issued tokens will be a success.”
A Ripe Market
Does this mean we’re headed for a celebrity token revolution? Well, the success of the PAC token remains to be seen, but it seems inevitable that Pacquiao’s legions of fans will be interested in owning a token that gives them privileged access to their hero. And if the PAC token is successful, others will surely follow.
Social media has already created a culture where fans can get closer to their favorite celebrities than ever before. Plenty of big names use social media to interact with their supporters, including megastars such as Lady Gaga, Justin Timberlake, and Chrissy Teigen.
Many celebrities these days achieved their status using nothing more than social media itself, such as YouTube stars like Zoella or PewDiePie. The global Instagram influencer market is expected to net in a cool $1.7 billion this year alone, rising another $600 million next year. If there’s an opportunity to cash in further using digital tokens, it seems inevitable that both celebrities and brands will take it.
The Next New Category of Crypto?
For the cryptocurrency space, it could be that celebrity tokens are the next big token category. If we look at specific categories of coins, it’s clear that in several cases, the early pioneers saw an opportunity.
Tether was the first stablecoin, and now we have TrueUSD, USD Coin, Paxos Standard, along with their decentralized cousins like DAI. Exchange coins are another example, pioneered by Binance with the BNB coin. Since then, Huobi token, KuCoin Shares, and Bitfinex’s LEO token have all followed suit.
Even more intriguing is the possibility that celebrity tokens could be the catalyst for crypto to break into the mainstream. There has been much talk of Facebook’s Libra this year, putting cryptocurrency on the front page of international news outlets. However, so far, Libra hasn’t launched, meaning all the headlines haven’t necessarily translated into increased adoption of digital currency.
If big names do start following in the footsteps of Manny Pacquiao by launching their own token, it will spur people who’ve never previously considered owning crypto to open an exchange or wallet account. After all, it’s the same rationale that brands use when partnering with celebrities and influencers.
Given that Paquiao is one of the most successful sportsmen of his generation with a worldwide fan base, it seems unlikely that his token will fail. It remains to be seen though, whether other celebrities will follow his lead. If they do, and the celebrity token becomes the hot new token category of 2020 – then remember, you read it here first.
The post Manny Pacquiao To Launch His Celebrity PAC Token on GCOX IEO Platform appeared first on CryptoPotato.
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Russia, China, as well as the other members of the international group of emerging nations BRICS, which include India, Brazil, and South Africa, plan to create a cryptocurrency designed for payment settlements.
BRICS Contemplating A Cryptocurrency
BRICS is an international group of emerging nations that includes some of the world’s most prominent economies. Namely, these are Brazil, Russia, India, China, and South Africa.
According to popular Russian media, during the business council of the alliance in Brazil, the countries discussed the creation of a cryptocurrency and a single payment system for operations between the members of the group.
The council reportedly supported the idea brought forward by Kiril Dmitriev, head of the Russian Direct Investment Fund. He proposed the creation of a single payment system for settlements between the members of BRICS. He also reiterated that the transactions can be carried out in cryptocurrency.
Adding more to the matter, Dmitriev said:
“An efficiently operating BRICS payment system is able to stimulate settlements in national currencies and ensure the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment.”
The cryptocurrency settlements within BRICS should be carried out through the union’s payment system. According to Nikita Kulikov, who is a member of the State Duma’s expert council, creating a cryptocurrency shouldn’t pose any serious challenge and that the technology isn’t complicated.
A Possibility Indeed?
A few months ago all of the above might have sounded a bit too far-fetched, especially given the former position of China on the matter of cryptocurrencies. However, the country has pivoted in this regard with president Xi Jinping urging for further involvement with the technology.
Moreover, the country’s CCIEE Chair, Huang Qifan, reiterated that China will be the first to launch a central bank digital currency (CBDC).
Earlier in 2018, Russia’s Central Bank issued a report which outlined that cryptocurrencies do not pose a risk to financial stability. Even though the bank’s chairman has said that there’s no obvious need for a national cryptocurrency, the country has also enacted laws that define smart contracts and cryptocurrency, which could be considered as a step in the right direction.
In any case, should BRICS go ahead and move forward with the plans to create a cryptocurrency for payments, this would undoubtedly be a definitive endorsement for its merit.
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