Bitcoin ‘Market God’ Indicator Signals BTC’s Next Big Move: Analyst – Plus Ethereum, XRP, Ripple Updates
From two very different outlooks on Bitcoin to new adoption for Ethereum and XRP, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A proprietary indicator that called Bitcoin’s big sell-off in November of 2018 and the bull run in April of this year has turned bearish.
Crypto Thies tells his 31,000 followers on Twitter that his ‘Market God’ indicator just posted a sell signal. The indicator is based on a proprietary algorithm and is designed to confirm trends while removing bias and human emotion.
Thies says he’s “working on a theory” that altcoins could fare better than BTC during the potential downturn, but he’s convinced the short term isn’t looking great for the leading cryptocurrency.
Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.
Short the corn. pic.twitter.com/AiVLec0sUs
— CryptoThies 📈 (@KingThies) December 1, 2019
A separate, long-term data set is looking far more bullish.
An analyst who posts under the alias Bitcoin Charts has released a new set of data to 8,700 followers on Twitter. It shows BTC’s long-term price action, with each year represented by a single candle.
The chart highlights the past impact of Bitcoin’s halvings, which cut the amount of new Bitcoin entering the market by half every four years.
Historically, the chart shows a pattern: BTC’s yearly price action rises for three years, followed by a year in the red. If past is prologue, the chart indicates BTC could be gearing up for two years of positive price action.
Ethereum
The accounting and consulting giant EY is touting its new Ethereum-based marketplace called TATTOO Wine.
The maketplace is designed to give people a way to confirm that their beverage is the real deal and not a counterfeit.
“The system is hosted on the public Ethereum blockchain, which guarantees that no one party has complete control, leading to increased trust in the integrity of data and enabling new collaborators to easily and inexpensively join the network.
The platform connects the vineyard and the consumer directly, through a transparent and immutable digital supply chain.”
According to EY, the platform remains in a trial run and is currently available in China.
Ripple and XRP
International money transfer company and Ripple partner FlashFX says it’s partnering with the crypto exchange Bitstamp.
The partnership will utilize Ripple’s cross-border payment solution On-Demand Liquidity, allowing users in Australia to instantly turn their AUD into USD, where it can then be traded on the exchange.
“Instead of waiting days for a Swift transfer to be completed via traditional payment methods using your bank or another payment service, FlashFX users now are able to move funds at a moment’s notice and see better results than ever before.
FlashFX’s service uses XRP to bridge AUD & USD currencies in seconds. FlashFX will deliver your USD to your Bitstamp account in minutes and you can enjoy unlimited USD Bitstamp liquidity for your AUD/USD transfers.”
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