Bitcoin Cash on the Rise: Dip to $559 Sets Stage for $715 Rally

BCHUSD showed a minor sell-off due to profit booking. The pair surged more than 20% in the past ten days. It hit a high of $625 and is currently trading around $607.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 $580, and any violation below targets $559/$514/$490.

Indicators ( 4- hourchart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $559 with SL around $500 for TP of $715.