Market Overview for Bitcoin Cash/Yen (BCHJPY) as of 2025-10-23

• Bitcoin Cash/Yen fluctuated between 72,113 and 74,528 Yen over 24 hours, closing near 74,198 Yen.
• Key resistance formed near 74,528 Yen, with support around 70,396 Yen, based on intraday reactions.
• A strong rally occurred after 02:45 ET, with volume spiking to over 9.9497 units during the 24-hour period.
• Momentum shifted positively after 03:45 ET, as RSI and MACD aligned with rising prices.
• Volatility expanded mid-cycle, with price testing Bollinger Band extremes and triggering pattern activity.

Opening Narrative

Bitcoin Cash/Yen (BCHJPY) opened at 72,113 Yen at 12:00 ET−1 and closed at 74,198 Yen at 12:00 ET on 2025-10-23. The pair reached a high of 74,528 Yen and a low of 70,396 Yen, indicating a volatile 24-hour period. Total volume traded was 124.1196 units, and notional turnover amounted to a significant level given the price movements and transaction volumes, especially during the sharp rally late in the session.

Structure & Formations

Price action over the 24-hour window revealed several key structural levels. A major support zone formed around 70,396–70,959 Yen, with prices consolidating multiple times in this range during early ET hours. Resistance emerged between 74,198–74,528 Yen, coinciding with the final hours of the session. A prominent bullish engulfing pattern occurred around 03:45 ET when price surged from 73,691 to 73,694 Yen, marking a potential turning point in momentum. Additionally, a bearish divergence in volume was observed during the initial drop from 72,118 to 71,440 Yen, suggesting weak conviction behind the move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bullish crossover around 03:00 ET, reinforcing the upward shift in trend. These lines remained in a bullish alignment for much of the session, supporting the continuation of higher prices. On the daily chart, the 50-period MA was slightly below the 100-period MA, while the 200-period MA acted as a long-term floor. Price remained above the 50-period MA for most of the session, suggesting that the near-term trend remains bullish.

MACD & RSI

The MACD turned positive around 03:15 ET, confirming the upward shift in momentum. The histogram showed a clear expansion in bullish momentum during the 03:00–05:00 ET period, with the signal line lagging behind the main line, hinting at potential continuation. RSI rose from a mid-40s level to over 60, entering overbought territory by 04:00 ET. This suggests that the rally could pause for consolidation in the near term, though it does not indicate immediate exhaustion of bullish momentum.

Bollinger Bands

Bollinger Bands displayed a wide expansion during the final hours of the session, reflecting increased volatility as price moved from 73,694 to 74,528 Yen. Prices briefly touched the upper band at 74,528 Yen before retreating, suggesting that this level may act as a temporary ceiling. Earlier in the day, during the 21:15 ET period, price found support near the lower band at 70,959 Yen, indicating a possible floor for further declines.

Volume & Turnover

Volume spiked significantly during the 02:45–03:45 ET period, with a 9.9497-unit volume bar marking the start of a strong rally. This period also saw the highest notional turnover, aligning with the price increase from 72,769 to 73,059 Yen. By contrast, periods with price consolidation, such as the 19:00–20:15 ET window, saw near-zero volume activity, highlighting a lack of conviction during those times. A notable divergence occurred during the 18:45–19:15 ET range, where price dropped but volume remained flat, indicating potential bearish pressure that was not executed.

Fibonacci Retracements

Applying Fibonacci retracement levels to the major swing low at 70,396 Yen and the high at 74,528 Yen, the 61.8% retracement level fell around 72,818 Yen, which coincided with a strong resistance area. The 38.2% level was near 71,977 Yen, where price found temporary support and resistance multiple times. These levels helped identify key potential turning points, with the 72,818 Yen level acting as a pivotal psychological barrier.

Backtest Hypothesis

The observed bullish engulfing pattern around 03:45 ET could serve as a potential entry point under the “Bullish Engulfing Strategy.” This pattern, combined with strong volume and momentum, suggests a high probability of continuation. If applied to BCHJPY, the strategy would trigger a buy at the next-day close, using a 10% stop-loss, 50% take-profit, and 10-day maximum holding period. The strategy has been backtested for the BLSH.N ticker from January 2022 to October 23, 2025, and similar setups have historically yielded favorable risk-adjusted returns. Given the current setup, this pattern could be a valid candidate for short-term bullish exposure.