Bitcoin price, after looking like it was safe and about to emerge from the woods on Sunday trading, now looks as uncertain as ever on Monday morning, with price middling below USD 8,400 for most of the past 12 hours, going ever slightly downwards even in afternoon Central Europe trading time.
The day’s high at USD 8,624 now looks distant and price is closer to the 24-hour low so far at USD 8,351 before North America takes over (CoinDesk).
Zoomed out version;
▫️ Still in the golden pocket area here at $8,400 zone.
▫️ Holding here would flip $8,400 support.
▫️ Overall still downwards trending.
▫️ Losing $8,400 would make bias turn to $7,400.
But overall still not bad. pic.twitter.com/JDWKE8R9Pn
— Crypto Michaël (@CryptoMichNL) November 17, 2019
Price at USD 8,450 is believed by many to be a crucial area to determine if bulls or bears will dictate the market for the rest of the week, but it is here that we are now waiting for signals to proceed. Twitter trader Michaël van de Poppe believes that this is where bulls must hold well and hold long in their “do or die” moment, maintaining that even if the market does fall to USD 7,400 as many see it will, it will only be a return to the lows of last month before crypto surged past USD 10,000.
$BTC 4 Hour RSI
RSI has broken through both major descending resistances. Price usually follows. pic.twitter.com/Axbh932NQt
— The Wolf Of All Streets (@scottmelker) November 17, 2019
Relative strength index (RSI) is also notoriously unclear right now, with most signs showing that it is about to break. Crypto trader Scott Melker says that once RSI breaks down resistance, “price usually follows” so that is what we should be prepared for in this short term.
Crypto news is heating up on Monday, which is good news, though neither of the headlines seem to be particularly positive or negative for Bitcoin price. We’ll start with Venezuela, where under-fire President Nicolas Maduro appears to be the bearer of good news, by announcing Christmas bonuses for local pensioners.
They won’t exactly be too pleased, though, given that bonuses will be paid out in national cryptocurrency Petro, which has been rocked by scandal — not to mention that very few places outside of the country will actually be accepting Petro as trade or currency.
Already in the throes of hyperinflation, Venezuela is desperate to find solutions for money, with economic and trade embargoes also in place. Petro was seen as the savior for a while, but after failing to launch properly last year, it has been rebuked by most of the international community as a “stunt” perpetrated by a non-transparent regime.
Last week, the Deputy of the National Constituent Assembly of Venezuela, Francisco Torrealba, stated the state belief that crypto would one day replace all currencies globally, and that Maduro was responsible for Petro, the “great contribution” to the nation’s economy and that “everything will be from this currency [the Petro]”.
One of the big news last week, which seemed to usher in yet another era of mainstream adoption for Bitcoin, was when Alibaba purportedly now issued users rewards in Bitcoin via rewards shopping app Lolli.
We're excited to announce that we just partnered with Alibaba on Singles Day (11/11), the biggest shopping day of the year! 🛍
Lolli users can now earn 5% bitcoin back on millions of products. 🎉
Read more on the Alibaba x Lolli partnership here: https://t.co/CGX8ecoUND
— Lolli 🍭 (@trylolli) November 11, 2019
However, the China-based internet shopping giant has apparently refuted this partnership, after a breathtaking and record-breaking Singles Day marketing event last week.
Alibaba Group representatives denied that there was ever a partnership as stated by Lolli CEO Alex Adelman. An official statement from the Chinese firm set forth a clarification as quoted by CoinDesk:
“One of Alibaba.com’s contractors hired a subcontractor who brokered an affiliate marketing program with Lolli. This was done without the knowledge of Alibaba.com. Alibaba.com’s contractor is terminating the relationship with the subcontractor who was working with Lolli. As a result, Lolli should no longer promote or bring traffic to Alibaba.com.”
The spokesperson for Alibaba Group also said that Lolli “never had the right to claim a partnership with Alibaba.com or imply one with Alibaba Group”.
Adelman has been quick to respond to this, saying that: “There has to be an integration for us to send sales to someone’s site.”
Emailing his statement to Cointelegraph, the Lolli CEO insisted that a partnership had been in place:
“We’ve been partnered with Alibaba Group since May through AliExpress. We have driven AliExpress significant revenue and distributed bitcoin rewards to our users.”
Coinbase itself seems to agree with Adelman, saying that it had seen contractual agreements permitting Lolli to use “Alibaba related keywords” on the web. Lolli has already been giving out Bitcoin rewards to AliExpress shoppers since May 2019.
Lolli head of communications Aubrey Strobel in fact says that Alibaba.com itself trialed Lolli’s services for 24 hours throughout the Singles Day event and it was only the publicity from the Bitcoin partnership that caused the reaction.
Will this affect Bitcoin price? Let’s see.
Image Courtesy: Pixabay