BCHUSD Daily Outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- $402.72

Kijun-Sen- $378.85

Re test level- 405-407

BCHUSD has re-tested the level around $407 and shown a minor pullback.

Any major trend reversal can happen only if it closes above $525.

BCHUSD pared some of its gains after a massive jump. It hit a high of $458.79 and is currently trading around $419.13. 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 $466, any indicative breach above will take the pair to $500/$525. On the lower side, immediate support is $405, and any violation below targets $380/$345/$300.

Indicators ( 4- hour chart)

Directional movement index - Neutral

It is good to buy on dips around $405 with SL around $380 for TP of $500.