Bitcoin Cash Blasts Off: Is $500 the Next Stop?

Ichimoku analysis (4 -hour chart)

Tenken-Sen- $359.75

Kijun-Sen- $363.27

BCHUSD surged more than $30 after taking support near the cloud. It hit an intraday high of $377 and is currently trading around $374.24.

Any major trend reversal can happen only if it closes above $420.

 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 $385, any indicative breach above will take the pair to $420/$450/$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.