Bitcoin Price Analysis: BTC Bounce Back, Wells Fargo to Reimburse $575 Million

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Among other advantages, the blockchain is transparent, and once there is a registration, it’s easy to track all transactions related to that address. That’s why this technology is perhaps the most significant innovation of the 21st century. If traditional companies incorporate this technology, then talks of scams and other unscrupulous activities will be unheard of. This is because everything would be open and transparency on another level.

The opaque nature of bank operations is the reason why the third largest bank in the US, Wells Fargo was able to scam their customers for 15 straight years. As a result of their illegalities, the bank now has to pay a $575 million fine payable to all affected customers in all the 50 US States.

Interestingly, after an investigation, it was found that the bank employees did open credit cards and bank accounts using customers’ names without their approval. These were the same customers that the bank barred from buying cryptocurrencies using their credit cards because there are “multiple risks associated with this volatile investment.” In an announcement made on June 2018, the company’s spokesperson said:

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency. We’re doing this to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

Bitcoin (BTC) Price Analysis

At the time of press, BTC is down 1.4 percent against the USD in the last 24 hours. If anything, this is pretty stable, and it means prices are oscillating within a tight $150 or so trade range. Going forward, we shall maintain a positive outlook on this pair. As stated in yesterday’s BTC/USD trade plan, bulls are in control.

Notice that despite lower lows during yesterday’s NY session, there were sharp recoveries in the Asian session. We expect this to continue and the best approach, therefore, is for the aggressive type of traders is to load up on every undervaluation in the 1HR or 30 Min charts as long as prices are steady above Dec 28 lows at $3,700.

If not and there is degradation below this minor support line then prices could collapse towards $3,400 and even last year’s lows at $3,220.This is our shorter BTC/USD trade plan:

Buy: Spot, $4,100

Stop: $3,750, $3,900

Target: $4,400, $5,000

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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