Analyst: Bitcoin Indicator That Called Three Massive Rallies Flashing – BTC, XRP, BCH Updates
From a bullish take on Bitcoin’s price movements to new adoption for Bitcoin Cash, here’s a look at some of the stories breaking in the world of crypto.
Crypto analyst Scott Melker of Texas West Capital says an indicator that preceded three major Bitcoin rallies is now flashing.
In a series of tweets, Melker says the Stochastic Relative Strength Index is moving higher while the price of BTC posts lower lows, creating a significant bullish divergence.
“The weekly XBT chart confirmed the massive bullish divergence in oversold territory on Stochastic RSI. This is the fourth time that this has happened since the Bitcoin top. The first moved price from $6,400 to $9,900.
The second preceded the pump from $3,200 to $14,000 (!!!) and the third predicted the move from $7,400 to $10,400 just weeks ago. What will the fourth one in the sequence do?”
Melker says he’ll really begin to feel like a reversal is in the works if the leading cryptocurrency can cross $7,800.
BTC is down 3.41% at $7,329 at time of publishing, according to CoinMarketCap.
Ripple and XRP
Ripple senior vice president of customer success, Marcus Treacher, says he’s looking for blockchain and crypto assets such as XRP to change the way people pay for goods and services in 2020.
According to Treacher, one use case in particular could make it easier for travelers to spend money without having to rely on debit and credit cards, which charge hefty foreign transaction fees.
“Imagine if a Japanese tourist visiting Thailand could buy goods using a mobile app or QR code, triggering an immediate cross-border payment from their Japanese yen account to a Thai baht merchant’s account.
If more consumer purchase solutions start leveraging blockchain technology in the same way, the payoff will—quite literally—be huge!”
A Burger King restaurant in Slovenia is one of the first major fast food franchises to accept cryptocurrency.
This particular Burger King restaurant has partnered with crypto payments merchant GoCrypto, which allows people to pay with Bitcoin Cash (BCH) or with the GoCrypto token (GoC) using QR codes on their smartphones.
The CEO of Eligma, which runs GoCrypto, posted a video on Twitter that shows two people buying food at Burger King using Bitcoin Cash.
— Dejan Roljic (@DejanRoljic) December 20, 2019