Market Overview for Bitcoin/Eurite (BTCEURI)

• Price surged 3.5% in the 24-hour period, with a strong bullish bias from 12:00 ET to 12:00 ET.
• Momentum accelerated in the second half of the session, with overbought RSI levels signaling possible near-term volatility.
• A key resistance level at 95,350.0 showed a temporary reversal, but was later broken.
• Bollinger Bands expanded sharply, confirming increasing volatility in the final hours.
• Volume and turnover surged in the last 6 hours, validating the upward price action.

Bitcoin/Eurite (BTCEURI) opened at 94,686.0 at 12:00 ET − 1 and closed at 95,919.12 at 12:00 ET. The pair reached an intraday high of 97,539.83 and a low of 94,536.19. Total 24-hour volume was 15.1058 BTC, and turnover amounted to €1.472M (calculated using average price).

The price trend shifted from consolidation in the early part of the session to a sharp, bullish breakout in the final 6 hours. This upward move was supported by increasing volume and expanding Bollinger Bands, which suggest heightened volatility. A strong candlestick formation—marked by a long upper shadow at 95,350.0 and a decisive close above it—indicates rejection of resistance followed by aggressive buying.

Structure & Formations

Key support levels identified include 94,653.51 and 94,536.19, both of which held during retracements. Resistance levels at 95,350.0, 95,500.0, and 95,683.5 were tested and eventually breached. A notable bullish engulfing pattern formed at 07:30 ET, followed by a confirmed breakout at 12:30 ET when the price surged past 96,354.37. A doji near 95,919.12 at 11:45 ET suggests indecision before the final leg up.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart were bullish, with the 20SMA crossing above the 50SMA multiple times. This golden cross reinforced the bullish momentum in the second half of the session. On the daily chart, the 50-day SMA is below the 100-day and 200-day SMAs, but recent price action is showing a potential crossover, which could signal a longer-term trend reversal.

MACD & RSI

The MACD line turned positive in the final 4 hours, with a growing histogram confirming increasing bullish momentum. RSI approached overbought territory (75–80) near the close, suggesting the market may face a retracement or consolidation phase. However, the absence of a bearish divergence between price and RSI implies that bullish momentum could continue.

Bollinger Bands

Bollinger Bands were in a clear expansion phase during the final 6 hours, with price closing near the upper band. This pattern often precedes either a continuation or a reversal, depending on volume and order flow. Given the recent volume surge and strong candlestick confirmation, the continuation scenario is more probable in the short term.

Volume & Turnover

Volume increased significantly in the 6-hour window preceding the close, particularly from 06:00 to 12:00 ET. Turnover spiked alongside price surges, especially during the 12:30 to 13:00 ET period when the price moved from 96,354.37 to 96,890.0. Price and turnover aligned well, which is a positive sign for continuation.

Fibonacci Retracements

On the 15-minute chart, the price broke above the 61.8% Fibonacci level of the recent bullish swing at 95,350.0, reinforcing the strength of the trend. On the daily chart, the 61.8% retracement of the larger bullish move from 94,536.19 to 96,402.27 is at 95,574.5, which was closely approached but not tested in the 24-hour period.

Backtest Hypothesis

Based on the observed price action and technical setup, a backtest strategy could be designed to enter long positions on a breakout above key resistance levels (e.g., 95,350.0 and 95,500.0) with a stop loss placed slightly below a confirmed support level (e.g., 94,653.51). A trailing stop could be used after the 50-period MA confirms the trend. The strategy would leverage the recent bullish momentum and the alignment of volume and price to manage risk while capturing continuation potential.