Market Overview for Bitcoin Cash/Yen (BCHJPY) — 24-Hour Period

• BCHJPY opened at ¥83,128, dropped to ¥82,133, and closed near ¥83,478 on increased volume.
• A strong bullish reversal occurred in the overnight session, with a 7-hour rally above ¥83,000.
• Volume spiked during the late-night and early-morning hours, confirming the bullish breakout.
• RSI and MACD show positive momentum, but Bollinger Bands indicate moderate volatility.
• A key 61.8% Fibonacci level at ¥83,600 may act as resistance ahead of ¥84,000.

Price Action and Key Levels

Over the last 24 hours, BCHJPY traded in a range from ¥82,133 to ¥83,478, closing at ¥83,478, with a total volume of 27.6289 and a notional turnover of ¥2,335,119. The price action suggests a strong reversal after a bearish early session, with a bullish engulfing pattern forming around ¥82,500–83,000. Key support levels are at ¥82,133 (first), ¥81,800 (second), and ¥81,500 (third), while resistance is at ¥83,600 (Fib 61.8%), ¥84,000, and ¥84,500.

Technical Indicators and Momentum

The RSI moved from oversold territory (around 30) into neutral (50–60), indicating improving momentum. The MACD crossed above the signal line with a positive histogram, reinforcing the bullish bias. Bollinger Bands showed a moderate expansion during the rally, with the price closing near the upper band. The 20-period and 50-period moving averages on the 15-minute chart were both bullish, with the price above both. On a daily basis, the 50/100/200-day moving averages suggest the pair is trading above its trend.

Fibonacci Retracements and Volume

Using the recent swing from ¥82,133 to ¥83,478, the 38.2% and 61.8% Fibonacci retracements are at ¥82,729 and ¥83,600, respectively. Price closed near the 61.8% level, suggesting consolidation ahead. Volume spiked during the late-night rally, particularly around ¥82,500–83,000, confirming the move. Notional turnover increased in tandem with volume, reinforcing the bullish narrative.

Backtest Hypothesis

A potential backtesting strategy involves entering a long position when the 20-period moving average crosses above the 50-period on the 15-minute chart, and the RSI is rising above 50. A stop-loss could be placed below the 61.8% Fibonacci level, with a take-profit at the upper Bollinger Band or ¥84,000. This approach would align with the observed support/resistance structure and confirmed reversal pattern.