Bitcoin Cash overview: BCH now supported by Coinbase Wallet

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  • Coinbase Wallet users will be able to b=send and receive BCH via mobile app.
  • BCH/USD needs to reclaim $150.00 as soon as possible.

Coinbase Wallet added support for Bitcoin Cash, which means that the sixth largest coin by market value now can be assessed via Coinbase mobile app along with Bitcoin, Ethereum, Ethereum Classic and over 100,000 tokens to ERC20 and ERC721 standards.

“Starting today, you can now store your Bitcoin Cash (BCH) directly in the Coinbase Wallet app. Our goal with Coinbase Wallet is to create the world’s leading user-custodied crypto wallet. Coinbase Wallet already supports Bitcoin, Ethereum, Ethereum Classic, and over 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum. Adding support for Bitcoin Cash is an important next step in that direction,” Coelho-Prabhu wrote in the official blog of the company.

The updated apps for iOS and Android devices will be available in the respective stores within a few weeks. BCH support will be activated by default, which means that users won’t need to do it manually.

Coinbase Wallet does not keep the keys of users; they are encrypted and stored on users’ devices via Secure Enclave technology.

Meanwhile, Bitcoin Cash is changing hands at $140.98, down 1% since this time on Wednesday. BCH/USD touched $150.0 handle on Tuesday but retreated below $141.00 since that time. On the intraday level, BCH/USD is capped by SMA50 (1-hour) at $143.58. The initial support is created by psychological $140.00. If this barrier is cleared, the sell-off may be extended towards $134.00 guarded by SMA100 (1-hour).

On the upside, $150.00 is the primary target of the bulls. However, we will need a strong catalyst to push the price higher.

BCH/USD, 1hour chart

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