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published in Blogs
Mar 10, 2018

Robinhood moves into crypto

Robinhood, the no-frills, zero-commission stock trading app, launched Robinhood Crypto at the end of February. The new no-commission service, which is initially available in California, Massachusetts, Missouri, Montana and New Hampshire, allows users to trade and track Bitcoin and Ethereum with no additional fees. Coinbase, by contrast, made a reported $1 billion-plus in revenue in 2017 by charging 1.5 to 4 percent in fees per transaction.

Users can also track an additional 14 carefully-selected coins in the same app they use for Robinhood’s standard service, says the company’s co-founder, Vlad Tenev: “We’re extremely selective about the cryptos we’re making available on the platform,” Tenev told TechCrunch. “We’re introducing [the 16 total coins] first because these are the most mature coins that people are trading these days. Multiple times people have declared them dead and they’ve come back stronger than ever.”

To get users started, Robinhood Crypto offers instant transfers up to $1,000 (or more, for top-tier members) – an improvement over more-established exchanges. When it’s time to buy or sell, Robinhood offers estimates sourced from varied trading services and markets to find the best prices. Users can “collar” trades to execute at the right value; they can also set price limits to trigger an automatic purchase or sale.

Robinhood’s no-frills, simplified approach to tracking and trading stocks has garnered considerable acclaim (as well as a valuation of $1.3 billion); they are betting the same approach will translate positively to crypto. Proponents hope the company’s foray into digital currency can provide an additional measure of legitimacy in a space that critics maintain is a wild-west atmosphere, at best. Backed with $176 million in funding from a variety of investors, including Andreessen Horowitz, Robinhood has the all-important trust factor craved by experienced and novice traders alike – which could lead to increased investment in cryptocurrency as a whole.

 

 

Robinhood is treating its crypto offering as a loss leader, at least for the forseeable future – according to Tenev, “…the value of Robinhood Crypto is in growing our customer base [of 3 million existing users] and better serving our existing customers”. While its long-term impact remains to be seen, the new service has the potential to threaten Coinbase’s status as the premier cryptocurrency exchange – and transform crypto trading forever.

Interested in trading cryptocurrencies but unsure of when to buy and sell? Start a free trial for Tickeron’s Pattern Search Engine on Tickeron.com, which will give you access to Artificial Intelligence that can help you find patterns and trends in the cryptocurrency markets – and provide you with trading ideas.

(image brought to you from www.robinhood.com)

Related Ticker: BTC.X

BTC.X sees MACD Histogram just turned negative

BTC.X saw its Moving Average Convergence Divergence Histogram (MACD) turn negative on March 16, 2024. This is a bearish signal that suggests the stock could decline going forward. Tickeron's A.I.dvisor looked at 58 instances where the indicator turned negative. In of the 58 cases the stock moved lower in the days that followed. This puts the odds of a downward move at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The 10-day RSI Indicator for BTC.X moved out of overbought territory on March 15, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 60 similar instances where the indicator moved out of overbought territory. In of the 60 cases, the stock moved lower in the following days. This puts the odds of a move lower at .

The Stochastic Oscillator has been in the overbought zone for 1 day. Expect a price pull-back in the near future.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on March 25, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 133 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 443 cases, the price rose further within the following month. The odds of a continued upward trend are .

BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.

The Aroon Indicator entered an Uptrend today. In of 438 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

Market Cap

The average market capitalization across the group is 1.37T. The market cap for tickers in the group ranges from 1.37T to 1.37T. BTC.X holds the highest valuation in this group at 1.37T. The lowest valued company is BTC.X at 1.37T.

High and low price notable news

The average weekly price growth across all stocks in the group was 2%. For the same group, the average monthly price growth was 27%, and the average quarterly price growth was 158%. BTC.X experienced the highest price growth at 2%, while BTC.X experienced the biggest fall at 2%.

Volume

The average weekly volume growth across all stocks in the group was -39%. For the same stocks of the group, the average monthly volume growth was 20% and the average quarterly volume growth was 293%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
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BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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