FxWirePro-BCHUSD Trade Idea

Ichimoku analysis (4-Hour chart)

Tenken-Sen- $325.52

Kijun-Sen- $325.52

Bitcoin Cash (BCH) has surged in recent days, up over 7% to around $342 on March 5, 2025, on the back of an all-time high 3.6 transaction rate, reflecting rising network use and liquidity, and a significant jump in BCH futures open interest from $174.48 million to $238.48 million, suggesting new capital into the market and validating a bullish scenario.

Any major trend reversal can happen only if it closes above $400.

BCHUSD gained more than 40% in the past five days. It hit a high of $382.50 and is currently trading around $377. The pair holds above the short-term (34 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $400, any indicative breach above will take the pair to $466/$500/$525. On the lower side, immediate support is $325, and any violation below targets $269/$250/$225/$175.

Indicators ( 4- hour chart)

Directional movement index - Bullish

It is good to buy on dips around $325 with SL around $269 for TP of $500.