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Biomembranes --- Human biochemistry --- Physiology of nutrition. Metabolism --- Gastroenterology

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quantitative analysis --- kwantitatieve analyse (chemie) --- Electrochemistry --- electrochemistry --- fysicochemie --- elektrochemie --- elektrochemische analyse --- Physicochemistry

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This paper investigates the profitability of technical analysis on the Bitcoin market. Earlier studies have reported that technical trading strategies can have predictable value on certain types of markets, in particular on the foreign exchange markets. These findings are in sharp contrast with the predications made by the widely accepted Efficient Market Hypothesis. We add to the literature by investigating the use of technical analysis on the Bitcoin market. We show that several popular technical trading rules cannot significantly outperform a Buy-and-Hold strategy over our sample period. We account for data-snooping bias by applying the False Discovery Rate (FDR) method developed by Benjamini and Hochberg (1995). Our results suggest that the Bitcoin market is at least weak-form efficient with respect to the tested trading rules from 01/01/2017 to 31/12/2017. These findings are line with Urquhart (2016) who suggests that the Bitcoin market might becoming more efficient in the period after July 2016.