Market Overview for Bitcoin Cash/Yen (BCHJPY): Volatile 24-Hour Move with Mixed Momentum

• BCHJPY opened at ¥82,900, surged to ¥87,659, then declined to ¥85,736.
• A volatile 24-hour swing saw price fall 7.0% from peak to close amid mixed momentum.
• Volume spiked during the 01:15–01:30 ET session as price broke ¥86,508.
• RSI signaled overbought levels during the upswing but failed to sustain above 60.
• No strong candlestick patterns emerged to confirm a clear reversal bias.

The Bitcoin Cash/Yen (BCHJPY) pair opened at ¥82,900 on 12:00 ET–1 and peaked at ¥87,659 during the 01:15 ET session, reaching a 5.7% intraday high before closing at ¥85,736 at 12:00 ET. Total volume for the 24-hour period was 553.82 BCH, while notional turnover reached ¥47,341,027. The price action exhibited a bearish bias toward the end of the session despite a sharp mid-cycle rally.

Structurally, the 24-hour OHLC data shows two distinct bearish phases: a sharp sell-off between 19:30–20:15 ET, which dropped the price from ¥82,295 to ¥81,711, and another broad pullback from ¥86,508 to ¥85,543 between 01:30–05:30 ET. Key resistance levels emerged around ¥83,002, ¥84,598, and ¥86,508, while support levels were observed near ¥82,573, ¥83,002, and ¥82,189. No classic reversal patterns like doji or engulfing candles were clearly visible, but a potential bearish divergence in the RSI at the end of the session may hint at exhaustion in the short-term bullish move.

The 20-period and 50-period moving averages on the 15-minute chart remained below price throughout the day, indicating a bearish bias in the intraday trend. On the daily chart, the 50-period MA sits slightly above the 200-period MA, suggesting a neutral to bullish bias on a longer time frame. However, the 15-minute chart shows a clear divergence between price and volume, with price surging toward ¥87,659 on relatively average volume, followed by a steep decline on significantly higher volume. This may indicate increased bearish conviction among traders.

Bollinger Bands widened sharply during the peak at ¥87,659, indicating a high volatility event. Price then rapidly contracted into the lower band as the trend reversed. The bands are currently in a neutral position with price near the midline, suggesting no immediate overbought or oversold conditions. The 38.2% and 61.8% Fibonacci retracement levels from the ¥81,711–¥87,659 swing sit near ¥85,000 and ¥83,500, respectively, where traders may look for potential support or reversal signs.

Backtest Hypothesis

The data source returned an error for Bearish Engulfing pattern detection, likely due to the lack of a supported ticker for BCHJPY in the database. To proceed, we must either confirm an alternative symbol (e.g., BCHUSDT or BCHUSD) or manually input historical Bearish Engulfing dates. Given the recent structure of BCHJPY’s 24-hour data—namely, the sharp decline from ¥87,659 to ¥85,543 on increased volume—a backtest using a closely related symbol could provide meaningful insight. If the same pattern occurred on BCHUSDT during this period, it could indicate strong bearish conviction across multiple Yen-based pairs. Confirming the correct symbol or providing pattern dates would allow us to evaluate the performance of a trading strategy based on this candlestick formation.