An oil-backed cryptocurrency? Introducing Venezuela’s ‘Petro’

On December 3, 2017, Venezuelan president Nicolas Maduro announced plans to create a national cryptocurrency called the ‘Petro’ that will be backed by the country’s natural resources, most notably its substantial oil reserves. Currently, Venezuela is facing US government led sanctions that make moving money through international banks difficult — and Maduro believes a government-backed cryptocurrency will allow the Venezuelan government to regain control over its finances.

Source: An oil-backed cryptocurrency? Introducing Venezuela’s ‘Petro’

Bitcoin Price Analysis: Possible Bear Pennant Suggests End to Market Consolidation

Looking back at bitcoin’s parabolic curve, we can see notable lines of support and resistance throughout its market cycle. Two highly reliable sources of support and resistance are the set of 50/200 EMAs and the Fibonacci Retracement set from the beginning of the bull market to the top of our current all-time high: Figure 1: BTC-USD, 1-Day Candles, Macro Trend Over the last couple days, bitcoin has attempted to break the overhead resistance surrounding the 38% retracement values and the 50 EMA on the daily candles.

Source: Bitcoin Price Analysis: Possible Bear Pennant Suggests End to Market Consolidation