Bitcoin Cash/Yen Market Overview (2025-11-09)

Summary
• Price climbed from 75,098 to 77,288 Yen before consolidating near 76,600.
• High volatility and strong volume signaled bullish momentum during key breakouts.
• A bullish engulfing pattern formed mid-session, indicating potential upward continuation.
• RSI near 60 suggests moderate strength, with no immediate overbought concerns.

BCHJPY opened at 75,098 Yen on November 8 at 12:00 ET and reached an intraday high of 77,288 before closing at 76,672 Yen on November 9 at the same time. Total 24-hour trading volume was 114.71 BCH, with a notional turnover of approximately ¥8,670,700. Price showed strong upward bias in the early afternoon session.

Price action on the 15-minute chart showed a clear bullish trend from 18:15 ET to 22:30 ET, with a sharp rally to 77,288 Yen. A key bullish engulfing pattern emerged at 22:30 ET, confirming the resumption of upward momentum. The 20-period EMA was above the 50-period EMA throughout the session, suggesting a continuation of the bullish bias.

MACD lines showed positive divergence during the mid-day rally, with the histogram expanding into bullish territory. RSI remained between 55 and 60, indicating steady but not extreme momentum. Volatility was high during the 18:00–22:30 ET window, as seen by the widening of Bollinger Bands. Price traded near the upper band multiple times, signaling strong buying pressure.

Fibonacci retracement levels drawn from the 75,098 to 77,288 swing showed the current price near the 78.6% level, suggesting a potential pullback or consolidation phase. Volume was above average during the key breakout, confirming the validity of the price movement. The 50-period daily EMA appears to be a critical support level for near-term price action.

Backtest Hypothesis
The bullish engulfing pattern identified in the 15-minute candlestick chart is a key reversal signal often used in technical analysis to confirm upward momentum. Given that this pattern occurred during a period of strong volume and price breakout, it could serve as a robust entry trigger for a 1-day holding strategy. However, the backtest cannot be completed due to the absence of a validated data source for the BCH/JPY pair. To proceed with testing, a reliable ticker symbol (such as “BCH-JPY” or “BCHJPY=X”) is needed to access historical price data. If confirmed, this pattern could be tested for profitability using a 1-day exit strategy over a multi-year period.