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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Cash (BCH) Mirrors, Bulls Likely to Reverse Nov-2018 Losses

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin cash

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  • Bitcoin Cash up 10.6 percent in last week
  • Opaque bank operations aid in money laundering
  • Transaction volumes low averaging 30k according to CoinBase data

For her bank involvement in a $151 billion money laundering scandal, Birgitte Bonnesen is no longer the CEO of Swedbank. With diminishing trust, advantages of cryptocurrencies as Bitcoin Cash (BCH) coupled with its security will permeate aiding in thrusting digital assets to the mainstream.

Bitcoin Cash Price Analysis

Fundamentals

Regulators, more so in the US and Europe are quick to impose heavy penalties on rules-flouting banks. According to a report by BCG, banks have paid a staggering $321 billion in fines since the last value-wiping financial crisis of 2008-09. Of the $321 billion, North American banks shoulder $204 billion in penalties.

What’s interesting is that though falsely blamed as tools of money laundering, crypto related cases are ultra-low thanks in part to KYC and AML adhering exchanges and the transparent nature of the ledger.

Now, the ax has been swung, and Birgitte Bonnesen was dismissed as CEO of Swedbank following the bank’s involvement in a $155 billion money-laundering scandal that the board says is “heaping enormous pressure” on the bank’s operation.

“…the board has decided to dismiss Birgitte Bonnesen from her position. With that said, Birgitte Bonnesen has during her three years as CEO made an important contribution by creating a leading digital bank with a physical presence.”

Candlestick Arrangement

Bitcoin Cash

Lodged at sixth, Bitcoin Cash (BCH) is up 10.6 percent against the USD in the last week. As a result, its market cap stands at $2,989 million at the time of press as BCH price action trend within a bullish breakout pattern. Besides, it is clear that bulls are successful, reversing losses of Feb 24.

As prices diverge away from the middle BB thanks to Mar 27 upswings, all indicators point to further expansion. Because of these developments, risk-off traders should look for entry positions in lower time frames with first reasonable targets at $230 or Dec 2018 highs in line with our last BCH/USD trade plan. Conversely, any drop below the middle BB or $160 could see bears drive prices back to $135 in a retest phase.

Technical Indicators

The breakout above $160 confirm bulls of Feb 18—117k against 30k. Therefore, for trend continuation, any bar that breaches $175 must have high volumes above 70k which is above recent averages of 33k exceeding Mar 18—62k.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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