What Is A Market Network?

What Is A Market Network?

Market Network Image

Back in 2015, it was exhibited that the next 10 years would be all about Market Networks whereas the last decade was focused on Social Networks. There were a few companies mentioned that were deemed to be market networks and essentially had the key factors of a market network and what it is purported to be. However, since then we have gone next level with blockchain technology. But has any of those market networks actually adopted this new and beneficial technology?

 

So what exactly is a Market Network?

 A market network is a combination of a marketplace and a social network that includes SaaS which helps the individuals in the market network to work with customers and other service providers to build relationships rather than just quick transactions we experience on eBay or Amazon. 

Marketplaces are essentially about selling your product or service even though reviews of goods purchased by the customer are there to guide potential customers’ purchasing decisions. However, marketplaces are predominantly where buyers and sellers meet for one-off transactions. Typically, marketplaces are an accumulation of sellers. 

Marketplace

 

We all know what social networks are. Over the last 15 years, most of us have participated in Facebook or Linked to communicate with people and build relationships for whatever reason. However, commerce is not the core objective of social networks.

 

SaaS (Software as a Service)are business applications, including email and collaboration, customer relationship management (CRM), billing/payroll processing, sales management, human resources management, financial management, database management, enterprise resourcing planning (ERP), content management, and document editing and management.

So what we had was two separate places for your online presence and commerce. A marketplace to sell stuff, and a social network to build relationships. The SaaS doesn’t exist on these platforms, that’s separate and an added expense for business owners and marketers.
Software as a Service

But what if you provide a service that is more involved than a simple buy-sell transaction. On top of that, what if you need collaboration with other professionals in your industry to form a team to provide a complete service?

Well, that’s what market networks are all about. In the market network, you are a service provider, but also a person with a profile, with history, reviews, score, etc. You can team up with other people to provide a complex service to a customer and channel the workflow through a SaaS solution.

 

How Does Blockchain Fit Into The Market Network Model?

To be successful in online branding and operating a business in the ever-expanding internet world, you must maintain your profile in many networks, social and market. It’s difficult to effortlessly scale your reputation from one network to a different one. They are pretty much isolated from each other and they can’t communicate with each other, nor do they really want to because they generally belong to someone. And it so happens that “someone” is never the community that brings value to the platform. It’s not easy for a centralized market network to diversify among service providing platforms and it takes a lot of effort to build and maintain individual profiles that you can only use in an isolated network. 

What if your online identity always belonged to you, not a service or platform? And also, the reputation of your branding was maintained by the network and that network also belonged to you? In other words, a decentralized reputation that would enable you to plug into any other centralized network. You see, when your reputation is decentralized, the entire digital space becomes your network.

Blockchain is the ultimate framework or infra-structure tool that gives individuals true ownership of their digital selfhood and reputation. It creates self-sovereignty.

 

Decentralization

Decentralization In The Marketplace

Decentralization has many features that are beneficial for industries and users around the world. Reduced fees, increased efficiencies, removal of biased agendas and tiers of corruption and greed.

There have been companies like Airbnb and Uber that introduced a new era allowing people to rent out and monetize items. Or eBay and Etsy allowed people to sell products online and Upwork and Fiverr helped freelancers to sell their services. At this stage, these companies are all centralized and very linear with no collaboration between them.

Enter Blockchain.

A decentralized marketplace allows for true peer-to-peer transactions without centralized authorities taking their fees. This is made possible through blockchain technology and smart contracts. We no longer need the trusted third party verifying sellers and ensuring payments. 

 

Decentralization In Social Media

The traditional social media platforms are losing their edge, and their users have taken a massive beating. While some have given up on their social media world completely because it’s affecting their psychological well-being, some have become very disappointed with the fact that the benefit of their work was being passed onto the site more than them or their hard work has been deleted by centralized authorities due to hidden agendas.

If this wasn’t enough, user data, which is meant to be confidential, is being made available in the open market, with governments, advertising companies and more having access to it. This has made users apprehensive about sharing personal details of their lives.

Social Media

 

Enter Blockchain

Blockchain is going to transform the user experience in social media networking. These are important factors like the users’ information is encrypted on the blockchain network, so the privacy of data is maintained. Also, a platform can offer monetary compensation and loyalty programs for any and all activity performed by the user. Imagine producing viral content on the platform and getting paid for it? This does not happen on traditional social media, fast becoming a product of drama, agendas, and antiquity.

There are upcoming platforms that are classed as social media on the blockchain whereby you can monetize your blogs, some even have a messaging app integrated, but it stops there. Imagine a complete Market Network as described above that is decentralized, pluggable, and portable which are key components and that have the capabilities to have your marketing, blogging, Storefronts, in fact, all your branding goes viral across all platforms in the internet space?

Enter Markethive – Embracing Blockchain Technology

Markethive is a social marketplace, digital media platform for entrepreneurs that have the combined power of Facebook/LinkedIn, Marketo/Hubspot and Amazon/eBay along with Crypto News Sites like Cointelegraph/Bitcoin.com. Delivering a dynamic social network, integrated with Inbound Marketing (SAAS), numerous commerce platforms, storefronts coupled with augmented reality, and multiple traffic portals, built on the blockchain.

Markethive Logo

Does It Pay?

Markethive is a next-generation Market Network and the first to adopt blockchain technology that has positioned itself as a complete ecosystem for Entrepreneurs. Using the latest technology, it provides prosperous solutions for all business owners, marketers who require an online presence. Including Markethive’s own Coin (MHV) and Crypto Exchange for ease of liquidity as well as purchasing products and services within the Markethive ecosystem.

Creating a “Universal Income” for entrepreneurs, Markethive is delivering an infinity airdrop incentive to new subscribers, Bounty, and Loyalty programs and has set up the entire system with faucet like or micropayment rewards for using the system, including “Tips” instead of “Likes” This means the whole system is monetized for the benefit of all users. The income potential is huge and the MHV Coin ensures that all users will earn money for everything they do in Markethive.

3 Pillars of Market Network

 

So What Do You Get?

Markethive's functionalities include SEO features, Analytics, Customer Management System, Traffic Portals, Capture Page and Lead Creation, Profile Page, Resume, E-commerce portals, Video Conferencing, Blogging PlatformMessaging, Press Release, and Sponsored Article distribution, Banner Program and much more. Also included are significant training tutorials and weekly live support meetings, with a step by step automated tutorial system in the works.

Inbound Marketing is a key component of Markethive’s embodiment. Markethive plugs into all Social Media, simplifying your marketing efforts, with automated email campaigns allowing for lead flow into your designated business. Markethive incorporates collaboration building relationships within the community.

Did I mention that the inbound marketing component is free to use while being rewarded with MHV? The only thing that is more rewarding beyond your wildest dreams is the loyalty program which enables you to profit from all facets of the Markethive system including receiving dividends from the company’s net profits. It basically means you as part of the Markethive community own a piece of Markethive, unlike the centralized companies with their venture capitalists and shareholders.

Market Annotation

Conclusion

The potential of what the blockchain offers is extremely exciting. And although we are seeing some companies integrating the blockchain as they see what it can do for them and the world holistically, large scale adoption may still take some time. However, the unconventionality of this next-level technology shouldn’t deter marketers, business owners, entrepreneurs, in fact, anyone with a social or marketplace profile from embracing this new protocol given that it offers people many advantages in the form of transparency, security, anonymity, and performance with the added benefit of self-sovereignty.

In the next article, we will explore Inbound Marketing and blockchain. Stay tuned…

 

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Deb Williams

A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals. 

Original article posted on the Markethive.com site, by Deb Williams.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Volvo To Use Blockchain To Trace Cobalt Used In Electric Car Batteries

Volvo To Use Blockchain To Trace Cobalt Used In Electric Car Batteries

By RTTNews Staff Writer | Published: 11/8/2019 9:05 AM ET

Volvo Cars Group is set to become the first carmaker to use blockchain technology to trace the cobalt used in lithium ion batteries used for its electric cars. The company announced last month the launch of its first fully electric car, the XC40 Recharge.

The carmaker is providing traceability of raw materials, such as cobalt, used in the production of the batteries used in its cars as part of its commitment to provide its customers the information that materials for the batteries has been sourced responsibly.

By implement global traceability of cobalt using blockchain, Volvo Cars will gain provenance of cobalt used in lithium-ion batteries for their electric vehicles and provide customers with transparency of the raw material supply chain as the information about the material's origin cannot be changed on blockchain.

The data on the blockchain will include the cobalt's origin, attributes such as weight and size, the chain of custody and information establishing that participants' behavior is consistent with the Organization for Economic Co-operation and Development (OECD) supply chain guidelines.

Volvo Cars has already reached agreements with its two global battery suppliers, China-based Contemporary Amperex Technology Co., Limited (CATL) and South Korea-based LG Chem to implement traceability of cobalt starting this year.

Last month, Volvo Cars also launched an ambitious climate plan to reduce carbon emissions by 40 percent per vehicle by 2025, as well as a continued commitment to ethical business across its entire operations and supply chain.

Volvo Cars Group, founded in 1927, has been under the ownership of the Zhejiang Geely Holding of China since 2010. It has sold 642,253 cars in 2018 in about 100 countries. Volvo Cars said it expects half of its global sales to consist of fully electric cars and the rest hybrids by 2025.

In April, German car maker Volkswagen Group joined an industry consortium that will use blockchain technology for the responsible sourcing of strategic minerals which are used in the production of vehicles. Other members in the blockchain network include Volvo Cars, Ford Motor Co., Huayou Cobalt, IBM and LG Chem along with co-founding responsible sourcing specialists RCS Global Group.

The network is built on the IBM Blockchain Platform, and powered by the Linux Foundation's Hyperledger Fabric.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Price Tanks Below 9000 What Comes Next?

Bitcoin Price Tanks Below $9,000; What Comes Next?

The volatility that analysts expect in the Bitcoin (BTC) markets is finally here. Over the past few hours, the leading cryptocurrency has started its first notable price move in literal days, tanking from $9,200 to $8,700 — a 6% move lower — in the space of only a few hours.

So, how are analysts responding to this latest move, which comes after two weeks of price ranging between $9,000 and $9,500?

Well, analysts aren’t too bullish, at least for a short-term time frame. Popular cryptocurrency trader DonAlt observed that a chart he posted a few weeks ago, which indicated strong support at $9,000, is still valid. His chart indicates that BTC must hold $8,400 or may fall further.

This move satisfies bearish divergences that printed earlier. As reported by Ethereum World News, CryptoHamster, a popular trader, remarked in a tweet last night that BTC has seen bearish divergences form on the one-hour time frame with the Stochastic, Stochastic Relative Strength Index, and Moving Average Convergence Divergence all trend higher while BTC has fallen, signaling weakness.

Where Will Bitcoin’s Pain Stop?

So, where will the pain stop for Bitcoin in this move?

According to a Bloomberg columnist, $8,000 is where the selling pressure should end.

Su Zhu, the chief executive of Three Arrows Capital, recently released an excerpt of a report from Bloomberg’s “monthly crypto market columnist.” And according to them, Bitcoin is looking a bit more bullish than bearish but remains stuck in a tight range.

The excerpt reads that “the worst of this year’s Bitcoin price correction… in our view.” The analyst elaborated that they expect for Bitcoin to remain bound to the $8,000 to $12,000 range until year-end; Bloomberg wrote that increasing institutional investment and a “favorable macroeconomic environment” should produce upside potential, but that “hangover selling from 2017’s price surge” should limit the upside, and potentially create some room for downside to the $8,000 region.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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How Swell for XRP: Ripple Reveals it Has Above 300 Customers

How Swell for XRP: Ripple Reveals it Has Above 300 Customers

How swell for XRP. According to a recent report from Forbes, Ripple Labs has just crossed a key milestone, accentuating that the firm’s fintech projects continue to gain traction, despite the downturn in the cryptocurrency and blockchain market.

Ripple Continues to Gain Traction

Announced in an official blog post published on Wednesday prior to its Swell conference in Singapore, Ripple has claimed to have surpassed 300 customers, which consists of a “global network of banks, financial institutions and payment providers that sends money globally, instantly and reliably for fractions of a penny.” Indeed, the post elaborated that Ripple has customers “in more than 45 countries and 6 continents using RippleNet, with payout capabilities in 70+ countries.”

Ripple’s On-Demand Liquidity product, which is also known as xRapid, has also seen growing level adoptions. This comes in spite of the fact that ODL was just announced at 2018’s iteration of Swell.

“In less than a year since the commercialization of ODL, we have seen tremendous growth and customer interest with two dozen customers signed on to use the product.

Some of the notable customers committed to using ODL include MoneyGram, goLance, Viamericas, FlashFX and Interbank Peru. There have been more than 7x the number of transactions using ODL from the end of Q1 to the end of October,” Ripple wrote, confirming that its products are truly gaining steam.

For some context, ODL is a product that leverages XRP as a bridge currency to “eliminate the need for pre-funding in cross border payments.” Ripple’s chief executive Brad Garlinghouse has previously stated that MoneyGram’s use of ODL is a clear sign that the cryptocurrency is beneficial. MoneyGram, according to Garlinghouse, is currently “experiencing real-time [transaction] settlement (around 60 seconds) in U.S. dollars to Mexican pesos” through the solution.

XRP Readies to Push Higher

This positive development for Ripple comes as XRP has purportedly begun to build price strength.

Per previous reports from Ethereum World News, Peter Brandt, a long-time commodities trader with years in the business, recently remarked that the cryptocurrency’s latest move to the upside has only corroborated one of his bullish analyses of the XRP chart. Referring to the chart below, he remarked that this “chart interpretation remains valid — it is taking another run at a breakout.”

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Huobi Global to Phase Out US Customers: Crypto Crackdown

Huobi Global to Phase Out U.S. Customers: Crypto Crackdown

Large Crypto Exchange to Drop American Clients

Revealed in a blog post published on November 3rd, Huobi Global, a popular crypto exchange that has reported some $1 billion worth of volume over the past 24 hours, will be pulling out of the U.S. market. Huobi will purportedly do so by “gradually disabling the accounts of U.S. users from further trading or transferring.” By November 13th, all U.S. accounts will be frozen, meaning that American crypto traders should withdraw all funds and close all margin positions in the time until then.

Explaining the rationale behind this decision, Huobi cited “the laws and regulations of the United States with respect to crypto assets,” which it claimed it needs to strictly comply by.

It is important to note that Huobi isn’t completing stranding its U.S. clientele. The Chinese upstart has a “strategic partner” for the U.S. market, HBUS, which has and can service American crypto traders. HBUS is Huobi’s version of Binance.US.

Huobi’s decision to start moving away from servicing American clients comes as there has been an exodus of other crypto exchanges and markets from the U.S. Over the past few months, we’ve seen Bittrex delist an array of altcoins in fear of SEC action, Binance restrict access to its flagship platform in the U.S. while launching an alternative platform, and altcoin-centric Poloniex stop servicing customers entirely.

And while the cryptocurrency market in the U.S. isn’t “dead” per se because of this exodus, with much of this space’s firms having offices or headquarters in places like Silicon Valley or New York, the regulatory uncertainty around exchanges and altcoins likely isn’t doing anything to help the development of the industry.

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U.S. Politicians Call for Clarity

Sentiment in Washington, D.C. seems to be largely against the cryptocurrency space, especially considering the grilling that Facebook’s Mark Zuckerberg has had to sit through. Yet, there are some politicians on the Hill that are supportive of the adoption of blockchain technologies and related innovations.

One of these is Ohio Congressman Warren Davidson, who recently wrote on Twitter to celebrate Bitcoin’s 11th birthday that “It’s time the US harnesses this potential and establishes a framework for American blockchain innovators.”

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Analysts Expecting Bitcoin Fireworks as Major Move Looms on Horizon

Analysts Expecting Bitcoin “Fireworks” as Major Move Looms on Horizon

Bitcoin has been experiencing a very boring bout of sideways trading for the past several days and weeks, which has come about shortly after the crypto’s meteoric run from lows of $7,300 to highs of $10,600 – which marked one of the largest single-day movements ever experienced by the cryptocurrency.

Now, analysts are anticipating another large movement in the near-future for the crypto, and several indictors may point to the possibility that this movement will favor BTC’s bulls.

Bitcoin Continues Flatlining but a Big Move Might be Coming

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,300, which marks a significant surge from its daily lows of $9,100 that were set yesterday.

It is important to note that Bitcoin is squarely in the middle of the trading range between $9,000 and $9,500 that it has been caught in for the past couple of weeks, but analysts anticipate this period of consolidation to quickly come to a close.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referencing the key price levels that lie directly above the crypto’s current price, and further noting that he is “ready for fireworks”

“20 Week SMA: $9825 -Resistance- Current Price: $9300 -Support- 200 Day SMA: $9100. Ready for fireworks one way or the other. $BTC” He explained.

Furthermore, it is important to note that bulls may currently have the upper hand over bears, as FlibFlib – another popular crypto analyst – explained in a tweet that Bitcoin’s OBV looks very strong, making the crypto’s TA look bullish at the moment.

“Bitcoin looks a lot better than I thought tbh. OBV looks strong,” he said while pointing to the indicators seen in the below charts.

In the near-term, it is imperative that Bitcoin begins inching higher and pushes up against its range high at $9,500 that has proven to be a strong resistance level, and if bulls are able to decisively push it past this level, then significantly further gains could be in store for the crypto.

The next few days will likely provide further insight into just how strong this range is and how influential it will be for BTC’s price action in the coming weeks and months.

Original article posted on the EthereumWorldNews.com site, by Cole Petersen.

Article re-posted on Markethive by Jeffrey Sloe

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Will 2020 Be the Year of Kinesis?

Will 2020 Be the Year of Kinesis?


SOURCE:123rf.com

2019 has been a difficult year for traders of every persuasion. Whilst global stock exchanges have hit record highs, the forex exchanges have not fared so well. The British Pound has suffered over Brexit, the Euro hit 2-year lows as recession fears mount and the US Dollar is at the same level it was in May 2017. The global economic slowdown seems to be in full swing with recessions ahead for the world’s largest economies.

Meanwhile, after enjoying a year of consolidation in 2018, this year has been a volatile rollercoaster for cryptocurrencies with Bitcoin (BTC) seemingly unable to break the $8,000 barrier.

So, what is the answer? Commodities? Gold has seen a steady enough climb from September 2018 $1215 price to be $1510 today. The fragility and volatility of Oil were exposed by the Iranian drone attack on Saudi Arabia’s largest oil processing plant.

Is Kinesis the Solution?

One possible solution that is gaining traction amongst investors is Kinesis. After going live in September, Kinesis currencies appear to be filling a void in investment portfolios.

Based 1:1 on allocated silver and gold, the Kinesis monetary system is designed to bring back precious metals as an everyday currency. Comprising of a blockchain-powered exchange, marketplace and a financial network, Kinesis offers a viable solution to crypto volatility whilst offering the upward stability of precious metals.

Whilst there have been many false dawns in the age of crypto, the fact that the kinesis currencies are tied to actual physical gold and silver, stored cheaply at multiple locations around the world, bodes well for the future of Kinesis. In the world of crypto, stability equals longevity and they don’t come more trusted and stable than precious metals, so often the safe haven for investors for centuries.

The ready-to-use kinesis financial network includes a debit card which is available to use at more than 46 million locations worldwide. The ability to spend your digitalized gold and silver so easily, made possible via the established Allocated Bullion Exchange (ABX), makes Kinesis an attractive option for crypto enthusiasts.

Kinesis, 7 years in development and backed by an experienced and knowledgeable team, is making the right kind of waves. Having already secured partnerships with top hardware providers like CoolBitX, Kinesis looks to be an interesting and viable option for investors and crypto enthusiasts. 2020 looks set to become the year of Kinesis.

Original article posted on the DailyInvestNews.com site, by Ben Myers.

Article re-posted on Markethive by Jeffrey Sloe

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Why IBM Expects Central Bank Crypto Assets Within Five Years

Why IBM Expects Central Bank Crypto Assets Within Five Years

Earlier this year, Facebook famously unveiled Libra to the world. The cryptocurrency project, billed as a way to empower billions, quickly became the talk of the town, with the phrases “Libra” and “Facebook’s crypto/blockchain” gracing the notifications of the phones of millions across the world; effectively every mainstream media outlet covered the news.

Unsurprisingly, central banks, governments, and traditional institutions were quick to take notice of this new entree into the fintech space. And how they reacted has been extremely interesting. Central banks around the world have reacted to the Libra news by looking to launch their own digital assets. Crazy, right?

But how soon will these digital currencies launch, if at all?

Central Banks To Soon Launch Crypto Projects

According to IBM, the American technology giant, very soon. In a report published on October 29th, IBM and the Official Monetary and Financial Institutions Forum (OMFIF) said that they expected for the first central bank digital currency (CBDC) to launch within the next five years, as 73% of global banks have supported such initiatives:

“The principal conclusion is that we are likely to witness the introduction of a central bank — that is fiat — retail digital currency within the next five years, either as a complement to or as a substitute for notes and coins.”

Venezuela has notably launched the Petro, but that seemingly hasn’t been factored in as a bonafide central bank crypto asset.

Interestingly, the report claims that the first CBDC is unlikely to be launched by a G20 central bank, but rather by a smaller economy.

This contradicts the sentiment of ING, whose chief economist said just a month ago that a G20 central bank will launch its own digital asset within the “next two to three years”. The benefits that would come with these assets, he claimed, would aid the economy.

Regardless, it seems that the consensus is that a CBDC is right on the horizon in terms of a macro scale.

To Hurt Bitcoin?

While these digital assets are unlikely being launched under the main premise of directly countering the rise of Bitcoin, some have said that central banks having their own digitized dollars may hurt BTC.

Nouriel Roubini, a New York University professor and economist who is (in)famous for his hatred of Bitcoin, has exemplified this sentiment.

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In his column for Project Syndicate published late last year, Roubini proudly quipped that the rise of CBDCs would “close the door on crypto-scammers.”

“CBDCs [are] likely [going to] replace all private digital payment systems,” Roubini wrote. He explained that unlike retail banks and platforms like PayPal, whose services are subject to friction (high transaction fees, failed transactions, and a high barrier to entry), central banks are “efficient and cost-effective” at intermediating and lending money. The economist went as far as to say that CBDCs would eliminate any need for “not scalable, cheap, secure, or actually decentralized” cryptocurrencies, including Bitcoin, by the simple virtue of central banking technology.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Bollinger Band Fractal Suggests Price Surge to 16000

Bitcoin (BTC) Bollinger Band Fractal Suggests Price Surge to $16,000

Last week, the creator of the Bollinger Bands indicator, John Bollinger, claimed that he expected for Bitcoin (BTC) to see a “head fake”. Bollinger was absolutely right. Big shock, eh?

For some context, the Bollinger Bands (BB) are a technical analysis indicator meant to determine trading ranges for a cryptocurrency. A BB head fake is when an asset being analyzed falls below or above of the band’s range, then violently snaps back into the range as if the asset had entered a bull or bear trap.

This week, the head fake played out. Perfectly.

On Wednesday, Bitcoin plunged from $8,100 to $7,300 in a secondary breakdown that made analysts across the board flip extremely bearish, partially due to the fact that the lower Bollinger Band was lost. But on Friday, bulls came in to save the day. Within the span of an 18-hour time frame, the cryptocurrency shot from $7,300 to $10,600 — a jaw-dropping 43% move.

What’s interesting is that the BB fractal suggests that Bitcoin’s bullish momentum won’t be pausing here.

Bitcoin Could Surge by 70% in Three Weeks

According to cryptocurrency trader BitcoinGuru, the massive head fake that Bitcoin just saw clearly satisfies a fractal — when historical price action plays out on current time frames at a different magnitude — that he has been tracking for a while now.

The fractal suggests that the recent drop and subsequent recovery is predicting a massive resurgence, one that will bring Bitcoin higher than its $14,000 year-to-date peak. He wrote that if Bitcoin closes around current levels, he expects for $16,000 to be reached by November 16th. This would represent a 70% move higher from the current price point.

Crazy, but Bitcoin just moved by 42% in an 18-hour time frame, so it isn’t off the table per se.

Technicals support this. Analyst CryptoHamster recently observed that Bitcoin is looking bullish on higher time frames. They recently posted the chart below, which shows that Bitcoin’s current one-week Heikin-Ashi candle has two tall wicks on either side and a skinny green body. For those not versed in technical analysis, this implies a “potential trend reversal.”

And, another analyst has pointed out that this recent bounce has allowed BTC to retake an essential level, the 200-day simple moving average of $8,900. This is seen as a “bull market” level, making this recent technical occurrence important for bulls.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Price May See 13 Drop Here’s Why

Bitcoin (BTC) Price May See 13% Drop; Here’s Why

Bitcoin (BTC) took an absolute beating on Wednesday. For those who missed the memo, the cryptocurrency saw a 10% drop within an hour or two, plunging under the key level of $7,700 for the first time in around five months. This dramatic move came after countless analysts expected volatility to hit markets, citing the Bollinger Band amongst other indicators.

While the pain has hit traders hard already, leading analysts are expecting for Bitcoin to continue falling. Here’s why.

Bearish Bitcoin Factors

Speaking to CNBC in the wake of the recent $600 plunge, Mike Novogratz, the CEO of Galaxy Digital and a Wall Street veteran, said that he expects the leading cryptocurrency to fall further in the coming days. He claimed that there be another leg of selling pressure that will take Bitcoin down by at least 13% to $6,500. Novogratz added that for this move to be negated, there will need to be “new energy” that wrests Bitcoin back above $8,000.

He backed this prediction by looking to the “bunch of negative things that have happened recently,” specifically citing the U.S. Securities and Exchange Commission’s (SEC) decision to stop Telegram from launching its crypto asset. Other bearish fundamental trends include Mark Zuckerberg’s hearing in Congress, the SEC’s decisions to make a case against other startups, and the fact that institutions have yet to really delve into the crypto markets.

It is important to note that it isn’t all bearish fundamentals for Bitcoin. CoinMetrics, a top cryptocurrency analytics firm, recently observed that Bitcoin’s implied 24-hour hash rate hit 115 exahashes per second, which is a metric that is seven to eight times higher now than it was during the peak of 2017’s bull run to $20,000.

Also, the Federal Reserve has continued to inject billions into the repo markets, which many see as a sign of impending collapse or at least troubles for the fiat financial system.

Why the Mid-$6,000s?

Novogratz isn’t the only one eyeing $6,500.

In a recent analysis, prominent analyst Dave the Wave, who has been short-term bearish for months now (and essentially called the recent downturn), said that Bitcoin is likely to fall further. This move lower, he claimed citing a geometric/fractal analysis of the last market cycle and the current, will end with Bitcoin bottoming in mid-November — just three weeks away.

In terms of the price at which the cryptocurrency will bottom, Dave’s ideal target is $6,700, which is where there exists a confluence of technical levels: the 0.5 Fibonacci Retracement of the $3,200 to $14,000 move, the bottom of a descending channel, amongst other important levels.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

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