April 16, 2019

Amazon Rival Rakuten Targets Crypto Adoption with Wallet Registrations

By CCN: Japanese e-commerce giant Rakuten has thrown open the account registration process for its cryptocurrency trading service, Rakuten Wallet. The company plans to launch the exchange in June, and prospective users who wish to use the platform will now be able to sign-up for the same.

Popularly known as the Amazon of Japan and famous for providing cash backs, Rakuten revealed its plans for the crypto exchange service last month.

I get way too excited when I see my @RakutenUS cash back come through. pic.twitter.com/wK66igpkEc

— Suzanne Weller (@suza_well) March 19, 2019

Getting Started

Users must hold an account with Rakuten Bank to sign-up for the wallet service.

“Customers who have a bank account of Rakuten Group’s “Rakuten Bank” can start opening an account by entering necessary information on the web application format.”

The sign-up page states that deposits and withdrawals into the Rakuten Wallet are possible only through the specified bank. This means that those who don’t hold the said bank account might not be able to access the wallet.

The company has set up an artificial intelligence-enabled automated chat service that will respond to customer queries around the clock.

The e-commerce player also plans to launch a smartphone app to allow customers to make deposits and withdrawals into their trading account. The app will also enable customers to trade cryptoassets on the go.

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Rakuten’s Love Affair with Crypto Continues

The launch of Rakuten Wallet is the latest in a series of steps that the Japanese internet giant has undertaken to integrate cryptocurrencies into its operations. Last year, Rakuten purchased crypto exchange Everybody’s Bitcoin in a $2.4 million deal, stating that it is planning to enter the cryptocurrency exchange market. Starting the registration process for Rakuten Wallet is the next logical step for the company before the exchange goes live in a couple of months. The company previously stated:

“Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.”

Rakuten’s rollout of its own cryptocurrency exchange will boost crypto adoption. Apart from trading cryptoassets, consumers making purchases on the e-commerce site might be able to make payments using Rakuten Wallet as well. Rakuten is known for providing cash back to customers. There’s a possibility they might provide incentives to customers who make payments using Rakuten Wallet.

Published at Tue, 16 Apr 2019 19:00:06 +0000

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Bitcoin Price Analysis: Choppy Market Conditions Lead to Tests of Parabolic Resistance

The bitcoin market has been getting chopped to pieces for weeks as the market has faked up, faked down, consolidated and routinely stopped out traders. Last week, we discussed a potential large move due to a consolidated symmetrical triangle. However, the breakout failed to garner any momentum and ultimately flopped as the move upward quickly died down and ultimately reversed.

At the time of this article, however, the market is poised in a precarious situation as it tiptoes around historic support/resistance along the parabolic envelope:

Figure 1: BTC-USD, 2-Hour Candles, Parabolic Curve Test

As noted in previous bitcoin analyses, this parabolic envelope has been the dominating trend for the last three years:

Figure 2: BTC-USD, 1-Day Candles, Macro Trend

Over Thanksgiving, the parabolic trend that was previously governing much of the three-year bull market broke upward as the market’s parabolic movement accelerated aggressively upward. Since the break to the top of the parabolic envelope, the market has been on shaky ground where, at one point, it even did a massive 50% retracement. Since that aggressive retracement, the market has yet to fully recover and resume any semblance of a bullish continuation. Currently, the once-supportive parabolic curve is now proving to be a point of resistance as the market has made several tests of the upper resistance.

To date, this marks the fifth test of the parabolic trend. This time, however, we are testing it from the bottom of the parabola. Previous tests from the top side of the parabola were swiftly rejected causing very little market activity to take place below the parabolic trend. It seems, yet again, bitcoin is at a crossroads as it decides if the upper parabolic resistance is too strong to resume an uptrend.

If the market continues downward, we can expect to find support along the low boundaries of the trading range (shown in blue), the linear trend (shown in pink) and the lower parabolic curve (shown in black):

Figure 3: BTC-USD, 2-Hour Candles, Next Lines of Support

Summary:

Choppy market conditions have led bitcoin to test the parabolic support — a previous guiding trend for the last three years.
A failure to break the upper parabolic resistance may cause a test of lower values.
Support will be found at the lower ranges of the trading range and along the linear and parabolic trend lines.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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