Bitcoin Cash (BCH) Prices Cool Off, Correction to $140 in Progress

Dalmas Ngetich

Last Updated: June 11, 2024 6:27 pm

2 mins read

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Bitcoin Cash outperforms all assets in the top 10
The ABC team will implement Schnorr signatures in May 2019
Participation levels drop despite BCH registering double-digit gains

Schnorr Signatures, it appears, will first call Bitcoin Cash home before implementation at Bitcoin core. Nonetheless, Bitcoin Cash (BCH) is outperforming other assets and up 24 percent from last week’s close.

Bitcoin Cash Price Analysis

Fundamentals

In recent weeks, Bitcoin Cash has been on a roll. With supportive fundamentals such as Digitec and Galaxus, Avnet and Vordex Suisse all offering support, it’s only a matter of time before prices respond and that will culminate in surges above key liquidation levels. All the same and perhaps a worthy mention is Bitcoin Cash ABC plan of integrating Schnorr signatures before Bitcoin.

According to Amaury Séchet, a lead developer for ABC, Schnorr Signatures is a “cryptographic tool which allows for any actor in a group to sign, without revealing which actor did. The idea was introduced as a tool for whistle-blower but is now most importantly used for anonymous cryptocurrencies such as Monero for the anonymity it provides.” The reasoning behind this upgrade is Bitcoin Cash drive to “help create sound money that is usable globally to drive freedom and prosperity for everyone.”

Accomplishing this vision, therefore, requires a network that is efficient and private, a feat that is achievable via Schnorr signatures. During the upgrade planned for May 21, ABC team will also activate Segwit Recovery Transactions which corrects the “enforcement of the CLEANSTACK rule” which made it “impossible to recover funds from Segwit transactions” after the last controversial implementation. The upgrade will, therefore, make “exception to this rule to enable recovery of funds once again.”

Candlestick Arrangement

At the time of press, Bitcoin Cash (BCH) was up 18 percent from last week’s close reflecting how robust Bitcoin Cash bulls have been against bears. While we expect prices to edge higher despite downward pressure from Nov 2018 sell-off, bulls are trading at Feb 24 highs which doubles up as a minor resistance level.

Therefore, for trend continuation, it is preferable that BCH bulls build enough momentum and close above $170 complete with high transaction volumes. Such a move will confirm bulls of Feb 18, fueling participation as conservative traders flow in with targets at $230 or Dec 2018 highs.

Technical Indicators

In a ranging market, BCH prices are re-testing a critical resistance level. Even so, our anchor bar is Feb 18—117k versus 30k. At the moment, bulls have been successful, reversing losses of Feb 24 which is positive.

However, a breakout above this three-month consolidation demands participation. As such, gains above $170 must have high volumes above 120k exceeding those of Feb 24.

Chart courtesy of Trading View

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.

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.
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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.
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