Magic Eden/Bitcoin Market Overview

Summary
• MEBTC traded lower over 24 hours, closing near intraday lows after testing key support levels.
• RSI signals bearish momentum with no sign of reversal patterns.
• Volume dipped mid-session, with recent heavy selling pressure evident in turnover.

Price and Volume Summary

Magic Eden/Bitcoin (MEBTC) opened at $4.10e-06 on 2025-11-11 at 12:00 ET and closed at $4.03e-06 on 2025-11-12 at 12:00 ET, with a high of $4.14e-06 and a low of $3.92e-06. The 24-hour volume was 10,634.77 units, and total turnover was approximately $42.14 at close prices.

Structure & Formations

The 15-minute chart for MEBTC shows a bearish bias over the last 24 hours, with the price breaking below a potential support zone near $4.04e-06. A series of lower lows and lower highs has created a descending pattern. Notable bearish engulfing patterns appeared in the session between 2025-11-11 18:30 and 19:00 ET, which confirmed the breakdown. No significant bullish reversal patterns have emerged since the price tested the $3.92e-06 level, suggesting further downside could be in play.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages are both in bearish alignment, with the price trading below both. This suggests short-term downward momentum. On the daily chart, the 50-period, 100-period, and 200-period moving averages all remain bearish, with the price trending below all. The alignment of moving averages across both timeframes reinforces a continuation of the bearish trend.

MACD & RSI

The MACD line has turned negative and is diverging below the signal line, reinforcing the bearish momentum. RSI is currently at 22, indicating oversold conditions, but without a reversal signal, this may not be enough to stop the downward move. The divergence between RSI and price action suggests the market remains under pressure despite the oversold level.

Bollinger Bands

The price has remained near the lower band for much of the 24-hour period, indicating low volatility and bearish consolidation. A recent contraction in the Bollinger Bands suggests a potential breakout may be imminent, but without a clear reversal pattern or volume confirmation, a continuation of the downtrend is more likely.

Volume & Turnover

Volume spiked in the late evening session (ET) following the breakdown below key support levels, confirming the bearish momentum. However, volume has since declined, suggesting fading interest or exhaustion. Turnover has remained relatively steady, without divergences from price action, indicating that the selling pressure has not abated.

Fibonacci Retracements

Using the recent swing high at $4.14e-06 and the swing low at $3.92e-06, the 38.2% Fibonacci retracement level is at $4.06e-06, and the 61.8% level is at $4.00e-06. The price has bounced off the 61.8% level but failed to hold, indicating further downward potential. On the daily chart, the 61.8% level from the recent major move appears to be acting as dynamic resistance, which is now likely to be tested as a support level.

Backtest Hypothesis

The RSI Oversold – Exit on RSI > 30 strategy described in the backtest report aligns with the current technical conditions observed in the MEBTC chart. The RSI has now fallen well below 30, meeting the signal threshold for opening a short position. While the strategy does not account for volatility or volume, the recent bearish divergence in RSI and the strong volume confirmation on the breakdown suggest that the strategy could be valid for MEBTC in the near term. The backtest provides a historical perspective on how this strategy may have performed, offering insights into potential returns and risk exposure.