Market Overview: EigenLayer/Bitcoin (EIGENBTC) 24-Hour Analysis

Summary
• Price declined from 7.85e-06 to 7.34e-06, closing at 7.34e-06
• Volume spiked during key selloffs but remained subdued at the close
• Momentum weakened as RSI dipped toward oversold territory
• Volatility expanded during early hours before stabilizing
• Bollinger Bands showed price consolidation toward the lower band

At 12:00 ET−1, EIGENBTC opened at 7.85e-06 and traded within a 7.85e-06–7.34e-06 range, closing at 7.34e-06. The 24-hour total volume was 19,863.36, and notional turnover was approximately $140.83 (based on average close price). The pair displayed bearish momentum and a weakening trend, with several key technical signals reinforcing this narrative.

Structure & Formations

Price action formed a distinct bearish trend with multiple lower highs and lower lows. A key bearish engulfing pattern appeared at 19:30–20:00 ET on 2025-11-11, confirming a shift in sentiment. A doji formed at 03:15–03:30 ET on 2025-11-12, indicating a potential pause in the downtrend. Strong support was identified at 7.34e-06, with resistance at 7.64e-06.

Moving Averages & MACD/RSI

Short-term moving averages (20/50-period) were both below price, reinforcing the bearish bias. The 50-period MA crossed below the 20-period MA, forming a death cross. MACD turned negative early on 2025-11-11, with bearish divergence observed. RSI dropped to 30 by 04:00 ET, signaling potential oversold conditions.

Bollinger Bands & Volatility

Volatility expanded sharply during the first half of the session as price approached the lower Bollinger Band. After stabilizing, price remained near the band floor, indicating a possible continuation of the downtrend. A contraction in bandwidth was seen near 05:00 ET, hinting at a potential breakout or reversal.

Volume & Turnover

Volume spiked sharply during the selloff from 7.85e-06 to 7.66e-06 on 2025-11-11, confirming bearish sentiment. Later in the session, volume waned despite price testing key levels, suggesting weakening conviction in the downtrend. Notional turnover showed a negative correlation with price during the early part of the session.

Fibonacci Retracements

Fibonacci levels applied to the major 15-minute swing showed price testing the 61.8% retracement at 7.47e-06 before continuing lower. On the daily chart, the 38.2% retracement at 7.5e-06 acted as a temporary barrier. A breakdown below 7.34e-06 may trigger a retest of the 61.8% daily level at 7.23e-06.

Backtest Hypothesis

The absence of historical data for the ticker "EIGENBTC" in standard market feeds limits the ability to run a backtest for the Bearish Engulfing pattern. This may indicate that the symbol is either unavailable in our dataset or the pair is illiquid. To proceed, confirmation on the exact exchange and symbol format (e.g., "BINANCE:EIGENBTC") is needed. Alternatively, a user-supplied dataset (CSV/JSON) for EIGENBTC could allow for local backtesting. If a different symbol is preferred (e.g., BTC/USDT), testing can begin immediately. Upon confirmation, the strategy would detect bearish engulfing patterns and execute 3-day short trades with defined entry/exit rules and performance metrics.