Bitcoin Cash price analysis: BCH/USD bullish momentum returns; possible reaction to Robinhood BCH listing

The bullish momentum seems to be coming back to give the buyers a breather from the selling activity that has ensued since the beginning of the week. Bitcoin Cash price is correcting higher on Friday morning (GMT) following a brief surge around the closing of the session on Thursday and the opening of today’s trading session.

Robinhood commission-free trading application has been widening its portfolio with the listing of new assets. The digital asset space is growing fast and Robinhood desires to be at the forefront of this new revolution. The platform has been in existence for over six years now and is committed to serving more than 5 million users in the United States. The new assets on the investment platform are Bitcoin Cash (BCH) and Litecoin (LTC). There are two more assets which include Bitcoin (BTC) and Ethereum (ETH). Robinhood has expressed the intentions to add more assets to this list in future.

Bitcoin Cash price analysis

Bitcoin Cash is currently seeking a support above the 23.6% Fib retracement level with highs of $816.78 and lows of $655.40 marginally above $690. The price is also trading between the moving average support and resistance with the 50 SMA providing support at $691.5 whiles the 100 SMA standing in the way of upward movement at $705.65. The zone at $700 is the immediate resistance that must be clear for BCH/USD to gain momentum towards the current upper critical supply zone at $760. The bullish momentum is likely to continue in the in the short-term as the MACD moves towards the positive territory.