Bitcoin Cash/Yen Market Overview: Strong Rally and Elevated Momentum

• BCHJPY surged 7.2% over 24 hours, closing near a new high of ¥95,009.
• Strong bullish momentum was observed, with RSI reaching 68 and MACD crossing above zero.
• Price traded above the 50- and 20-period moving averages, indicating a strong short-term bias.
• Volatility expanded significantly, with price moving well above the upper Bollinger Band for part of the session.
• Turnover spiked sharply during the overnight Asian session, aligning with upward price momentum.

Bitcoin Cash/Yen (BCHJPY) opened at ¥87,080 on September 17, 2025, at 12:00 ET–1, and closed at ¥95,009 by 12:00 ET the following day. The pair surged 7.2% during the 24-hour period, reaching a high of ¥96,332 and falling to a low of ¥86,338. Total volume traded was 229.85 BCH, with a notional turnover of ¥20,929,119. The price action suggests strong institutional participation and bullish momentum.

The 15-minute chart showed a series of higher highs and higher lows, with the 20- and 50-period moving averages sloping upward in favor of the bulls. A key resistance level appears to be forming around ¥96,300, where the price stalled briefly during the Asian session. Notable patterns included a bullish engulfing candle on the 15-minute chart during the early overnight hours and a long white candle on the 1-hour timeframe as the rally accelerated. A potential support zone lies around ¥94,000–94,500, coinciding with the 38.2% Fibonacci retracement of the recent upward move.

The RSI climbed to 68, indicating moderate bullish momentum but not yet overbought. The MACD line crossed above the signal line in the morning Asian session, reinforcing the bullish bias. Bollinger Bands expanded significantly as the price pushed higher, with the upper band reaching ¥96,600. Price spent much of the session above the upper band, suggesting high volatility. The relative positioning of the price within the bands and the divergence between price and volume suggest that a short-term correction could be due, but the overall trend remains intact.

The price action and technical indicators collectively suggest that BCHJPY is in a strong uptrend, supported by robust volume and momentum. While a pullback toward ¥94,000 could provide a favorable entry point for long positions, investors should remain cautious of a potential short-term overextension. Traders may want to monitor the ¥96,300 resistance level and consider managing risk through stop-loss orders placed below ¥93,000 to protect gains.

Backtest Hypothesis

Based on the observed price dynamics and technical setup, a potential backtesting strategy could involve entering long positions when the 20-period moving average crosses above the 50-period moving average on the 15-minute chart, combined with a bullish MACD crossover and RSI above 50. A stop-loss could be placed just below the previous swing low on the 1-hour chart, while the take-profit target could be aligned with the 61.8% Fibonacci level or the upper Bollinger Band. Given the high volatility and strong volume during the Asian and Pacific sessions, this strategy may perform best when executed during these timeframes. However, it should be tested on historical data to account for false breakouts and overextended momentum scenarios.