FxWirePro- BCHUSD (Chart of the day)

Ichimoku analysis (4- hour chart)

Tenken-Sen- $402.77

Kijun-Sen- $384.86

Horizontal trend line- $405

Downtrend channel resistance- $392

BCHUSD has performed well after a minor sell-off.

Any daily close above $390 confirms further bullishness.

The pair traded weak after forming a minor top around $525 on May 21st, 2024. Any major trend reversal can happen only if it closes above $525.

BCHUSD prices have surged more than 20%  in the past three days. It hit a high of $423 at the time of writing and is currently trading around $418.59. 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 $432, any indicative breach above will take the pair to $466/$500/$525. On the lower side, immediate support is $380, and any violation below targets $345/$300.

Indicators ( 4- hour chart)

Directional movement index - Bullish

It is good to buy on dips for around $400 with SL of around $340 for TP of $520.