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Article

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

1
Department of Economics and Business Studies, University of Genova, 16126 Genova GE, Italy
2
Department of Economics and Management, University of Pavia, 27100 Pavia PV, Italy
*
Author to whom correspondence should be addressed.
Risks 2020, 8(2), 44; https://doi.org/10.3390/risks8020044
Received: 16 January 2020 / Revised: 23 April 2020 / Accepted: 24 April 2020 / Published: 6 May 2020
(This article belongs to the Special Issue Financial Networks in Fintech Risk Management)
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. View Full-Text
Keywords: technical analysis; trading rules; profitability; Bitcoin technical analysis; trading rules; profitability; Bitcoin
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MDPI and ACS Style

Resta, M.; Pagnottoni, P.; De Giuli, M.E. Technical Analysis on the Bitcoin Market: Trading Opportunities or Investors’ Pitfall? Risks 2020, 8, 44. https://doi.org/10.3390/risks8020044

AMA Style

Resta M, Pagnottoni P, De Giuli ME. Technical Analysis on the Bitcoin Market: Trading Opportunities or Investors’ Pitfall? Risks. 2020; 8(2):44. https://doi.org/10.3390/risks8020044

Chicago/Turabian Style

Resta, Marina, Paolo Pagnottoni, and Maria Elena De Giuli. 2020. "Technical Analysis on the Bitcoin Market: Trading Opportunities or Investors’ Pitfall?" Risks 8, no. 2: 44. https://doi.org/10.3390/risks8020044

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