Market Overview for Bittensor/Bitcoin (TAOBTC) on 2025-10-10

• Price surged from 0.002671 to 0.003265 before consolidating below 0.00316.
• RSI hit overbought territory early, followed by divergence with price.
• Volume and turnover spiked during the morning highs but faded later.
• Key resistance at 0.003157–0.003227; support at 0.003119–0.00314.
• 15-minute candlestick patterns showed strong bullish momentum and bearish exhaustion.

Bittensor/Bitcoin (TAOBTC) opened at 0.002671 at 12:00 ET−1 and closed at 0.003146 by 12:00 ET, reaching a high of 0.003265 and a low of 0.002667. The pair posted a total volume of 1,857.56 BTC and a notional turnover of $0.002999 BTC over 24 hours.

Structure & Formations

The 15-minute chart showed multiple bullish signals, including a strong hammer at 0.003052 and a morning star pattern at 0.002843. Resistance levels at 0.003157 and 0.003227 were tested twice, with price failing to hold on the second attempt. A bearish exhaustion gap emerged near 0.003198, suggesting potential reversal. Support is forming near 0.003119, with a wide range of consolidation observed post-noon.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages were bullish, with price holding above both. On daily data, the 50 and 200-period moving averages were crossed over during the early hours, suggesting a shift in trend. Price is currently below the 200SMA, indicating a mixed bias between short and long-term trends.

MACD & RSI

MACD showed a strong bullish crossover early in the morning, followed by a bearish crossover near 10:00 ET as selling pressure intensified. RSI hit overbought levels at 78 during the peak and has since pulled back into neutral territory. Divergence between price and RSI is emerging near 0.003159, hinting at bearish exhaustion.

Bollinger Bands

Volatility expanded significantly during the morning highs, with price touching the upper Bollinger band at 0.003265 before retreating. The bands have since contracted, indicating potential for a breakout or reversal. Price is now hovering near the middle band, suggesting a possible continuation or consolidation phase.

Volume & Turnover

Volume surged during the morning high, with a notable spike at 0.003265, confirming strength in the move. However, turnover began to weaken after 13:00 ET, indicating diminishing conviction. A divergence between rising price and falling volume suggests caution for the next 24 hours.

Fibonacci Retracements

Key Fibonacci levels include 0.003157 (38.2%), 0.00314 (61.8%), and 0.003227 (78.6%) from the recent high. Price appears to have found initial resistance at 0.003157 before pulling back, and the 61.8% level is now acting as a key support.

Backtest Hypothesis

Given the formation of key candlestick patterns (e.g., morning star, bearish exhaustion) and the recent overbought RSI divergence, a potential short-term strategy could involve entering short positions on a break below 0.00314 and exiting on a rebound above 0.003165. This approach would aim to capture the bearish momentum in a defined risk framework. The 15-minute MACD crossover and Bollinger contraction also support this timing strategy, offering both technical and momentum-based signals for entry and exit.