The cryptocurrency market had yet another field day with Bitcoin Cash (BCH) leading the gains in top 10 with nearly a 10% surge by the end of Monday’s trading day. The additional bullish movement in Bitcoin Cash may have been due to the announcement that the Robinhood trading app has added the cryptocurrency to its platform, along with Litecoin.
A few months ago, the mobile stock trading app launched its cryptocurrency trading service, starting with Ethereum and Bitcoin. It has now announced it’s extending its crypto options due to “strong customer demand.” You can now buy and sell all four cryptocurrencies, including BCH, commission-free using their mobile app. Learn more about different types of cryptocurrency exchanges here.
In the announcement, Robinhood also said they are planning to “further expand their coin offerings and add support for coin transfers” soon with the company’s co-founder Baiju Bhatt previously saying he expects Robinhood Crypto to “cover the entire US by the end of 2018.”
This is a super positive news for the cryptocurrency market in general, which can lead to a temporary bullish reversal in many major cryptocurrencies.
- Robinhood is a popular financial service and trading app originally offering stocks and ETF services. It now also provides fiat pairings to digital currencies as a cryptocurrency exchange. It also supports real-time market data for more cryptos such as Dash, Ripple (XRP), Stellar (XLM) and more. One of my personal favorites due to ease of use. Here’s my referral link for you, so that we both get some free stocks in our portfolio: http://share.robinhood.com/kianad1
BCH/USD Technical Analysis
With Bitcoin Cash, in particular, the chart pattern is very similar to the Stellar Lumens price action that I covered yesterday. The BCH/USD pair appear to have formed a double bottom chart pattern, testing the neckline while moving below the daily Ichimoku cloud. A break above the neckline at $790 could open doors for a temporary bullish uptrend. But that could be capped by the lower band of the Ichimoku cloud.
A break above the cloud is required for a longer-term bullish reversal indication. At the moment, the second pivot level is at $909. The resistance levels are at 38% and 50% Fibonacci retracement levels of $1069 and $1203 respectively.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don't forget to complete your risk management due-diligence before developing your investment strategy.
*This article was originally published here.