BCHUSD has broken the significant trend line resistance $580 and holds above that level. The pair surged more than 15% in the past three days. It hit a high of $604.75 and is currently trading around $602.33.The overall trend is bullish as long as the support $440 holds.
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 $625; any indicative breach above will take the pair to $640/$715. On the lower side, immediate support is $559, and any violation below targets $514/$490.
Indicators (4-hour chart)
CCI(50)- Bullish
Directional movement index - Bullish
It is good to buy on dips around $559 with SL around $500 for TP of $715.
