Remitano Weekly: Price Analysis and Most Highlighted News

It has been familiar to us that cryptocurrency can be immediately moved by news and events. If you didn’t catch up, Remitano will provide you a comprehensive view of highlighted stories in these past few days. A lot has happened in the cryptocurrency and blockchain world, and here’s a round-up of the crypto news that you may have missed.

The Financial Action Task Force (FATF), a global anti-money laundering (AML) supervisory body, will set up rules to monitor cryptocurrencies by June of next year. This is a welcome step that will create uniform regulations and reduce the use of virtual currencies for money laundering and terrorism financing.

In 2017 and in early 2018, Bitcoin’s volatility was a hot topic. It was cited as one of the key deterrents in the mass adoption of cryptocurrencies. Fast forward to the last quarter of 2018, and the 20-day historical volatility (HV) of Bitcoin has fallen to 31.5 percent, below that of top stocks like Amazon, Netflix, and Nvidia Corp, whose HV is 35 percent, 52 percent, and 40 percent respectively.

Bitcoin (BTC) price forecast

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Last week Bitcoin made a big movement. From the volume perspective, it was not the highest week, but from the price range perspective, it was definitely one of the highest weeks since April (from low to high ~$1,370). Currently, the price trades above the major down-trendline which is the most important criterion. It shows that we have broken the down-trendline and are ready to go to the higher prices. The second important price action criterion is the red line — the curve support. At the moment, the price is under the curve support, but this criterion is pretty subjective to make any bigger assumption.

If we look at this chart, we can see a candlestick pattern — a bullish pattern called “Inverted Hammer.” This is a type of candlestick pattern found after a downtrend and is usually taken to be a trend-reversal signal. The pattern will indicate the price actions this week as a movement upwards.

Ethereum (ETH) price forecast

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Like Bitcoin, on the weekly chart, Ethereum shows the same bullish candlestick pattern called “Inverted Hammer.” Last week, Ethereum got rejected from $240 and fell back into the triangle. The triangle has been there since September, and after the breakout from either direction, it is easier to say where the price wants to go.

Currently, it has found a support from the round number at $200, from the brown trendline which is pulled from March and from the triangle bottom trendline crossing area (together they make a very strong support).

Litecoin (LTC) price forecast

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If we watch it from the candlestick perspective, Litecoin is not an exception and has also got the “Inverted Hammer.” The last week pump guided us to the $62 where we got rejected back below the 200 EMA. It’s possible we’ll see a movement this or the next week because the price is in the trendlines crossing area tip and is ready to make a move. The move depends on the market because altcoins don’t move without Bitcoin, they need a support from the whole market and from the BTC. The price movement allows drawing two clean trendlines — the down-trendline and the counter trendline.

Fidelity dives into crypto with new subsidiary

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Headlines of the past week was the entering of another Wall Street major. Fidelity Investments, the world’s fifth largest asset manager will be the first large-scale financial institution to establish its separate company, Fidelity Digital Assets, to provide institutions with crypto custody solutions. Say five times faster. Fidelity will begin by providing three major solutions including custody of bitcoin and ether. In addition, the company will provide a transaction service that connects customers to existing exchanges via a smart order router as well as creating a dedicated team to help customers onboard to the platform.

Cryptocurrency donations baffle US colleges

As an increasing number of graduates of prestigious universities are finding success in the rapidly growing Cryptocurrency industry, the universities are finding themselves at the receiving end of donations made using digital assets. However, despite the fact that their alumni have embraced the technology, many universities have no clue as to what to do with the funds gifted to them.

The list of institutions receiving donations in the form of bitcoin and other digital assets continues to grow each year. However, it seems not all universities are exactly keen on accepting unfamiliar assets as payment owing to the fact that most endowment managers have are clueless as to how to handle cryptocurrencies.

Launch date for Bitcoin futures on Bakkt Platform revealed

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The parent company of NYSE, Intercontinental Exchange (ICE), has announced that Bakkt Bitcoin (USD) Daily Futures Contracts will be listed for trading on Dec. 12 this year. Bakkt is a platform for trading, storing, and spending digital assets that was established earlier this year by global exchange operator ICE. Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. The announcement is backed by a previous statement in September that the company’s “first contracts will be physically delivered BTC futures contracts versus fiat currencies” against U.S. dollars, pounds sterling, and euro.

As previously reported, Bakkt will not support margin trading for its BTC contract. By refraining from allowing for margin, leverage and cash settlement, the platform will reportedly better support market integrity and enable the “trusted price formation” that it says is the key to “advancing the promise of digital currencies.”

Visa set to launch blockchain-based digital identity system with IBM in Q1 2019

Visa is readying its blockchain-based digital identity system for cross-border payments for launch in the first quarter of 2019, according to a press release published October 21. The system, dubbed Visa B2B Connect, will provide a blockchain-based digital identity solution for financial institutions to securely process cross-border payments. The system reportedly tokenizes sensitive business data – such as banking details and account numbers – granting them a unique cryptographic identifier that will be used for transactions on the platform.

From a technical standpoint the solution will integrate a Hyperledger Fabric framework (which is hosted by the Linux Foundation and was developed with input from IBM) with Visa’s “core assets,” which the release claims will establish a scalable permissioned network for use in the financial sector.

TRON reveals partnership with Baidu

Tron, a blockchain startup trying to decentralize the internet, has announced a partnership with China’s largest Internet search provider, Baidu. Tron and Baidu will collaborate on cloud computing plans, according to an official tweet from the TRON Foundation.

Tron Foundation revealed in its latest tweet that it will corporate with Baidu, an Internet giant in China, to utilize their cloud solutions. Tweets confirms some of the unofficial stories that have been broadcast since Oct. 13. The initial sign that the essence of the Baidu-TRON union would be particularly focused on cloud service procurement. In this collaboration, both companies will work on Blockchain Commercialization Super Partner Program 1.0. This will promote the research method in the field of blockchain for internet service providers and will help create a reliable blockchain ecosystem for society with the participation of many companies and institutions.

*** Please note the analysis above is not investment advice. The views and opinions expressed here are solely those of the authors and do not necessarily reflect the views of Remitano and other sources. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Collected and compiled by Remitano