Ichimoku analysis (Daily chart)
Tenken-Sen- $402.72
Kijun-Sen- $378.85
Re test level- 405-407
BCHUSD has re-tested the level around $407 and shown a minor pullback.
Any major trend reversal can happen only if it closes above $525.
BCHUSD pared some of its gains after a massive jump. It hit a high of $458.79 and is currently trading around $419.13. The pair holds above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).
The near-term resistance is around $466, any indicative breach above will take the pair to $500/$525. On the lower side, immediate support is $405, and any violation below targets $380/$345/$300.
Indicators ( 4- hour chart)
Directional movement index - Neutral
It is good to buy on dips around $405 with SL around $380 for TP of $500.
