Ichimoku analysis (4- hour chart)
Tenken-Sen- $518.50
Kijun-Sen- $505.15
BCHUSD has performed well after a long consolidation.
Any daily close above $580 confirms further bullishness.
BCHUSD prices have surged more than 65% in the past one week. It hit a high of $576.18 and is currently trading around $566. The pair is holding 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 $580, any indicative breach above will take the pair to $600/$642. On the lower side, immediate support is $505, and any violation below targets $485/$435.
Indicators ( 4- hour chart)
Directional movement index - Bullish
It is good to buy on dips around $525 with SL around $485 for TP of $640.
