Ichimoku analysis (4- hour chart)
Tenken-Sen- $617.50
Kijun-Sen- $632.45
BCHUSD has performed well after a long consolidation.
Any daily close above $705 confirms further bullishness.
BCHUSD prices have surged more than 20% today. It hit a high of $683.87 at the time of writing and is currently trading around $667.17. 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 $705, any indicative breach above will take the pair to $742/$800. On the lower side, immediate support is $619, and any violation below targets $565/$500.
Indicators ( 4- hour chart)
Directional movement index - Bullish
It is good to buy on dips around $600 with SL around $500 for TP of $800.
