Market Overview for Bitcoin Cash/Yen (BCHJPY)

Summary
• Price opened at ¥71,344 and closed at ¥72,047 with a high of ¥74,932 and low of ¥71,344 in 24 hours.
• Strong bullish momentum seen in RSI and MACD, with price testing upper Bollinger Band.
• Volume surged in late hours, with turnover confirming price strength near ¥74,000.

Opening and Price Range

Bitcoin Cash/Yen (BCHJPY) opened at ¥71,344 at 12:00 ET-1 and closed at ¥72,047 at 12:00 ET on 2025-11-07. The price reached a high of ¥74,932 and fell to a low of ¥71,344 during the period. Total volume was 120.67 BTC, with a notional turnover of approximately ¥8.75M based on trade amounts and closing prices.

Structure & Formations

Price action showed multiple bullish engulfing patterns, notably at ¥72,023 and ¥72,299, indicating strong buying pressure. A key support level appears to form at ¥71,807, while resistance is evident near ¥72,699 and ¥74,932. A long lower shadow at ¥71,429 suggests traders rejected lower prices during a consolidation period.

Moving Averages

On the 15-minute chart, price is above the 20-period and 50-period moving averages, indicating a short-term bullish bias. On the daily chart, the 50-day and 200-day moving averages have not been provided, limiting the ability to assess longer-term positioning.

Momentum and Overbought/Oversold Levels

The RSI on the 15-minute chart rose sharply in the latter half of the day, reaching overbought territory, suggesting potential exhaustion. MACD showed a strong positive crossover early in the session, with the histogram expanding throughout the day, signaling growing bullish momentum.

Bollinger Bands and Volatility

Price expanded well above the upper Bollinger Band during the final hours, particularly in the ¥74,000–¥75,000 range, suggesting a period of heightened volatility. The recent expansion could indicate the beginning of a bullish breakout or a potential pullback as it tests the upper band.

Volume and Turnover

Volume surged in the last 6 hours of the 24-hour period, particularly in the ¥73,000–¥75,000 range, with a large 1.7211 BTC trade at ¥73,759. Notional turnover rose in tandem, confirming the price strength. No significant divergences were observed between price and volume in the dataset.

Fibonacci Retracements

Applying Fibonacci to the ¥71,344 to ¥74,932 swing, the 61.8% level is at approximately ¥73,389, a key area for possible pullback or consolidation. The 38.2% level at ¥72,852 also appears to have been tested multiple times, suggesting a potential retest if the current rally stalls.

Backtest Hypothesis

The proposed backtesting strategy focuses on detecting "Bullish Engulfing" candlestick patterns on the 15-minute chart and holding for one day. Based on today’s data, several such patterns were identified, particularly around ¥72,023 and ¥72,299. A successful implementation would require confirming volume and RSI momentum, as well as a clear break above key resistances like ¥74,000. This approach could align with a momentum-based trading strategy if volume and momentum indicators are in sync.