Market Overview for Bitcoin/Eurite (BTCEURI)

Summary
• BTCEURI declined from $86,837 to $83,447, with notable bearish momentum in early hours.
• RSI signaled oversold conditions by 10:00 ET, hinting at a potential short-term bounce.
• Volatility expanded during the 12-hour window following a Bollinger Band contraction.

Structure & Formations

Bitcoin/Eurite (BTCEURI) opened at $86,717.62 on 2025-11-13 at 12:00 ET and closed at $83,447.47 on 2025-11-14 at 12:00 ET. The 24-hour period saw a high of $86,837.92 and a low of $81,777.0, reflecting a $5,060.92 range. Notable bearish formations included a large bearish engulfing pattern near $85,000 and a morning star at $84,500, indicating possible exhaustion in selling pressure. The price found temporary support at $83,500 and $83,200, suggesting these could be key levels for a short-term reversal.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages (SMA) crossed bearishly, confirming the downtrend. The daily chart showed the 50-day SMA at $84,500 and the 200-day SMA at $86,000, with price closing significantly below both, suggesting a stronger bearish bias. The MACD (12,26,9) turned negative by 02:00 ET, confirming the loss of bullish momentum. RSI reached oversold territory (30–35) by 10:00 ET, hinting at a possible bounce or accumulation phase.

Bollinger Bands and Fibonacci Retracements

Bollinger Bands (20, 2) widened significantly during the sell-off, reaching a width of $7,500, indicating heightened volatility. Price remained in the lower band for most of the session, reinforcing bearish sentiment. Fibonacci retracements from the $86,837 high to the $81,777 low showed critical levels at 38.2% ($85,100) and 61.8% ($83,400), both of which saw price consolidation or rejection, suggesting strategic entry or support levels.

Volume and Turnover

The total volume for the 24-hour period was approximately 11.68 BTC, with the most concentrated selling occurring between 04:45 ET and 07:00 ET, when a $1,918.66 price drop coincided with a volume spike of 0.90158 BTC. Notional turnover was $982,604 across the session, with the largest single turnover spike at $140,105 during the 04:45–05:00 ET candle. Price and turnover diverged slightly during the final 4 hours, as turnover increased without significant price movement, suggesting possible order flow exhaustion.

Backtest Hypothesis

A potential backtest could involve identifying bearish engulfing candlesticks during strong declines and entering long (buy) on the assumption that oversold RSI conditions could trigger a rebound. A sell target could be set at the nearest Fibonacci resistance level (e.g., 38.2% at $85,100) or the next swing high. A stop-loss could be placed just below the last support (e.g., $83,200), and the trade could be closed after 3–5 days or if RSI turns bearish again. This approach leverages oversold conditions and Fibonacci retracement levels identified in today’s data.