BCHUSD(Chart of the day)Horizontal trend line- $405
Downtrend channel resistance- $392
BCHUSD has performed well after a minor sell-off.
Any daily close above $390 confirms further bullishness.
The pair traded weak after forming a minor top around $525 on May 21st, 2024. Any major trend reversal can happen only if it closes above $525.
BCHUSD prices have surged more than 20% in the past three days. It hit a high of $423 at the time of writing and is currently trading around $418.59. 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 $432, any indicative breach above will take the pair to $466/$500/$525/$600. On the lower side, immediate support is $380, and any violation below targets $345/$300.
Indicators ( 4- hour chart)
Directional movement index - Bullish
It is good to buy on dips around $400 with SL around $340 for TP of $524/$600.
