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Technical Analysis on the Bitcoin Market: Trading Opportunities or Investors’ Pitfall?

Marina Resta (), Paolo Pagnottoni () and Maria Elena De Giuli ()
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Marina Resta: Department of Economics and Business Studies, University of Genova, 16126 Genova GE, Italy
Paolo Pagnottoni: Department of Economics and Management, University of Pavia, 27100 Pavia PV, Italy
Maria Elena De Giuli: Department of Economics and Management, University of Pavia, 27100 Pavia PV, Italy

Risks, 2020, vol. 8, issue 2, 1-1

Abstract: In this paper we aimed to examine the profitability of technical trading rules in the Bitcoin market by using trend-following and mean-reverting strategies. We applied our strategies on the Bitcoin price series sampled both at 5-min intervals and on a daily basis, during the period 1 January 2012 to 20 August 2019. Our findings suggest that, overall, trading on daily data is more profitable than going intraday. Furthermore, we concluded that the Buy and Hold strategy outperforms the examined alternatives on an intraday basis, while Simple Moving Averages yield the best performances when dealing with daily data.

Keywords: technical analysis; trading rules; profitability; Bitcoin (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 M2 M4 K2 (search for similar items in EconPapers)
Date: 2020
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