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Bloomberg: Bitcoin Price Is About to Form Death Cross First Time Since March 2018

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  • Alex Dovbnya
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    The Bitcoin price could experience another drastic price drop once it forms a bearish death cross

Bloomberg: Bitcoin Price Is About to Form Death Cross First Time Since March 2018
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

According to Bloomberg, Bitcoin is on the verge of forming a death cross for the first time since March 2018. 

This bearish pattern is formed when the 50 moving average (MA) of a certain asset drops below its 200 MA. It's a technical signal, which usually serves as a harbinger of further sell-off, which essentially happened last year. The top coin by market capitalization plunged to as low as $3,100 back in December after brutal crypto winter.      

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While it's tempting for the bears to assume that another crypto winter is coming, a looming bearish crossover could also result in a significant price increase. Coindesk's Omkar Godbole mentioned that it's a lagging indicator, which could set up a nice bear trap. Based on historical data, the top coin could find a new bottom once another death cross is confirmed. 

Conversely, when the long-long term MA of a certain asset falls below its short-term MA, a golden cross is formed. However, this bullish chart pattern served as a bull trap this year. 
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On July 30, U.Today reported about Bitcoin forming its first golden cross since February 2016 when the top coin was changing hands at around  $9,700. Despite a few fakeouts, Bitcoin never went to the proverbial moon and experienced a significant correction to the current level of $7,400, CoinStats data shows. 

Will Bitcoin find a local bottom at the $7,400 price level? Share your take in the comments!     

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple's Partner Wants to Transform Gaming Industry with XRP

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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
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San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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