Market Overview for Bitcoin Cash/Yen (BCHJPY)

Summary
• BCHJPY declined sharply from 103,923 to 97,549, losing ~6.1%.
• Key support at 97,549 tested; no strong bounce observed.
• Volume surged during the selloff but waned near 97,500–97,600.
• RSI hit oversold territory, suggesting potential rebound risk.
• Bollinger Bands show low volatility in the final 3 hours.

Bitcoin Cash/Yen (BCHJPY) opened at 103,833 and reached a high of 103,923 before closing at 97,549 after a 24-hour period of sharp declines. Total volume was 158.37 units with a turnover of ~11,050,417 JPY.

Structure and Key Levels

The price dropped through a prior 5-minute resistance at 103,723 and broke key support at 102,310, 101,977, and 100,057, eventually testing 97,549. A bearish engulfing pattern formed at the 103,103–102,366 range, followed by a long bearish candle at 101,599–99,853. A doji appeared near 98,865, suggesting temporary indecision but was quickly broken lower.

Volatility and Momentum Indicators

Bollinger Bands showed a widening expansion during the early sell-off but began to contract during the final 3 hours, indicating fading volatility. The 5-minute RSI hit oversold levels (~28) by the end of the period, pointing to potential short-term buying interest. MACD remained bearish, with both lines in negative territory, confirming ongoing downward momentum.

Volume and Turnover Analysis

Volume spiked significantly during the initial 5-hour sell-off (12:00 ET–17:00 ET), especially between 18:15 and 18:45 ET, when the price fell from 103,972 to 103,617. However, volume waned after the price hit 97,500–97,600, suggesting reduced conviction. Notional turnover mirrored the price action, peaking at 1.2M JPY during the 22:30–23:00 ET selloff and dropping sharply afterward.

Forward Outlook and Risk Consideration

The recent oversold RSI reading may hint at short-term buying interest, but without a strong bullish reversal pattern or volume confirmation, a rebound remains uncertain. A test of 97,500–97,300 is likely, with a break below 97,000 signaling further weakness. Investors should monitor for a potential short-term bounce but remain cautious on long exposure until a clear reversal occurs.