Market Overview for Dolomite/Turkish Lira (DOLOTRY) – 24-Hour Analysis (2025-09-20)

• Price surged to 6.477 before retracting to 6.311, showing strong intraday volatility.
• RSI and MACD indicated overbought conditions mid-session, followed by bearish divergence.
• Bollinger Bands widened significantly during the bullish push, suggesting high volatility.
• Turnover spiked in the early morning with a volume of 763k and 524k, aligning with price highs.
• A bullish engulfing pattern formed near 6.300, while 6.232–6.249 levels acted as short-term support.

Dolomite/Turkish Lira (DOLOTRY) opened at 6.257 on 2025-09-19 at 16:00 ET and closed at 6.311 on 2025-09-20 at 12:00 ET. The 24-hour high reached 6.56, while the low was 6.164. Total trading volume was 21,236,518.7, and notional turnover amounted to approximately 132,287,388.7 Turkish Lira.

Structure & Formations

DOLOTRY experienced a sharp bullish breakout during the 07:30–08:45 ET timeframe, reaching a high of 6.56 before retracing lower. Key resistance levels emerged at 6.56 and 6.477, while strong support was noted at 6.232 and 6.249. A bullish engulfing pattern formed near 6.300, suggesting potential for a short-term reversal. A long-legged doji at 6.469 signaled indecision and possible exhaustion in the bullish move. A bearish divergence emerged on the RSI after the 6.477 high, hinting at potential bearish follow-through.

Moving Averages and Volatility Indicators

The 15-minute chart showed the price above both the 20 and 50-period moving averages during the morning rally, indicating bullish momentum. However, by the afternoon, the 20-period MA pulled ahead of the 50-period MA, suggesting a possible slowdown in upward momentum. Bollinger Bands widened significantly during the 07:30–08:45 ET timeframe, aligning with the bullish breakout, and the price spent much of the session oscillating within the bands. Volatility began to contract as the session progressed, suggesting the potential for a consolidation phase.

MACD and RSI

MACD showed a bullish crossover early in the session, coinciding with the price break above key resistance levels. However, by late morning, the histogram began to flatten and turned bearish, signaling weakening momentum. RSI reached overbought territory near 6.56 but failed to hold above 70, confirming bearish exhaustion. A bearish divergence between RSI and price action emerged after the 6.477 high, increasing the likelihood of a pullback.

Volume and Turnover

Trading volume spiked dramatically during the 07:30–08:45 ET period, with 763k and 524k volume reported at key inflection points. These spikes aligned with price highs and validated the bullish breakout. However, volume began to wane after 09:00 ET, suggesting waning conviction in the rally. Turnover mirrored volume patterns, with the largest notional value occurring at 6.56 and 6.477. A divergence between volume and price was observed in the late session, where declining volume failed to support a rally, reinforcing bearish signals.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute move from 6.232 to 6.56, the 61.8% level sits at 6.447 and the 38.2% level at 6.353. Price briefly tested both levels but showed bearish rejection, especially at 6.447. On the daily chart, applying Fibonacci to the swing from 6.164 to 6.56, the 61.8% retrace level is at 6.335, which was tested and failed to hold. The 38.2% level at 6.393 may offer short-term resistance.

Backtest Hypothesis

Given the observed bullish engulfing pattern near 6.300 and the overbought RSI divergence, a potential backtesting strategy could involve entering a short position upon price rejection from 6.447 or 6.393 with a stop-loss below the next Fibonacci support at 6.335. A target for this short could be the 61.8% retrace level at 6.232, offering a risk-reward ratio of 1:1.5 if the bearish divergence and volume weakness confirm the short-term bearish bias. This setup aligns well with the observed patterns and indicators, suggesting that a bearish bias may hold for at least the next 48 hours if support levels continue to hold.