Market Overview for Bittensor/Bitcoin (TAOBTC)

• Price tested key resistance levels before consolidating near 0.00295–0.00296
• Volume surged during bullish attempts, but price failed to hold above 0.002967
• RSI and MACD show weakening momentum, with no overbought/oversold signals
• Bollinger Bands constricted mid-day, hinting at potential breakouts
• Turnover divergence observed in late-session bearish moves

The Bittensor/Bitcoin pair (TAOBTC) opened at 0.00296 on 2025-09-16 12:00 ET, peaked at 0.002971, and closed at 0.002945 on 2025-09-17 12:00 ET. Total traded volume was 175.55 BTC-equivalent, with a notional turnover of $514.80 million (assuming $60,000 BTC).

Structure & Formations

TAOBTC spent much of the session consolidating in the 0.002946–0.002962 range. Notable bearish patterns include a dark cloud cover at 22:45 ET and a hanging man at 03:30 ET. A bullish harami formed at 00:30–00:45 ET, but failed to drive a sustainable breakout. The 0.00296 level acted as a strong resistance, with price failing to close above it in multiple attempts.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA during the early morning hours, signaling a short-term bearish bias. The daily chart shows the 50-period MA above the 200-period MA, indicating a longer-term bullish trend, although it appears to be under pressure.

MACD & RSI

The MACD line crossed the signal line in the bearish direction mid-day, confirming the bearish momentum. RSI remained within a 40–60 range for most of the session, with no clear overbought or oversold signals, suggesting a continuation of range-bound trading.

Bollinger Bands

Volatility expanded in the late afternoon as TAOBTC broke below the lower band at 04:00 ET, closing at 0.002944. The bands were relatively narrow earlier in the session, hinting at a consolidation phase. Price retesting of the mid-band from the 0.002935–0.002951 range suggests a potential setup for a reversal.

Volume & Turnover

Volume spiked during bullish attempts (notably at 22:15 ET and 02:30 ET), but bearish moves were confirmed by lower-volume action. The highest notional turnover occurred during the 21:30 ET–22:15 ET window. Price and turnover diverged in the 05:30–06:15 ET window, indicating a potential weakening of the bearish trend.

Fibonacci Retracements

Key retracements for the 15-minute swing from 0.002931 to 0.002971 include 61.8% at 0.002955 and 38.2% at 0.002952. TAOBTC closed just below the 61.8% level. On the daily chart, the 50% retracement of a recent major bear leg aligns with the 0.002945–0.002948 cluster, offering near-term support.

Backtest Hypothesis

A potential backtesting strategy could focus on identifying key support and resistance levels with confirmed bearish candlestick patterns (e.g., dark cloud cover) and bearish divergences in MACD. A short entry could be triggered below the 0.002946 level with a stop above the 0.002955 resistance. The 0.002935–0.002931 zone could serve as a target. Given the recent volume confirmation of bearish moves, this setup appears valid for a short-term bearish bias.