FxWirePro- BCHUSD Trade Idea

Ichimoku analysis (Daily chart)

Tenken-Sen- $325.52

Kijun-Sen- $325.52

BCHUSD is consolidating after a jump of more than 50%. It hit a high of $419.89 and is currently trading around $384.50.

Any major trend reversal can happen only if it closes above $450.

 The pair holds above the short-term (34 and 55-day EMA) and the long-term moving average (200-day EMA).

The near-term resistance is around $445, 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 $265 for TP of $500.