Market Overview: FLUXBTC (Flux/Bitcoin) – 24-Hour Technical Analysis

Summary
• Price surged to a 24-hour high of 2.15e-06 before retreating to 1.9e-06.
• A strong bullish engulfing pattern appeared at 1.9e-06 after a bearish close.
• Volatility spiked as volume jumped from 1327.1 to 128,191.62 in the final hour.

Flux/Bitcoin (FLUXBTC) opened at 1.62e-06 (12:00 ET–1) and reached a high of 2.31e-06 before settling at 1.94e-06 as of 12:00 ET today. The pair experienced a total volume of 936,645.24 and a turnover of approximately $1,772,844.70 over the 24-hour period. The market showed strong signs of bullish momentum after a key reversal pattern.

Structure & Formations

Price action showed a clear consolidation around 1.6e-06 before breaking out to 2.15e-06. A significant bullish engulfing pattern formed at 1.9e-06, indicating a potential reversal from a bearish to a bullish trend. Key support levels emerged at 1.6e-06 and 1.59e-06, while 1.9e-06 and 2.07e-06 acted as resistance. The market appears to be entering a phase of retesting these levels.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a narrowing gap as price surged past the 50-period line. This suggests a short-term bullish bias. On the daily chart, the 50-period MA is above the 100-period MA, indicating a longer-term positive bias, though the 200-period MA remains bearish, signaling a mixed outlook.

MACD & RSI

The MACD crossed above the signal line, confirming a bullish divergence. RSI climbed into overbought territory around 75–80 during the late morning and afternoon, but has since pulled back into neutral to slightly overbought levels. This could suggest a continuation of the upward move, but with caution due to the overbought readings.

Bollinger Bands

Volatility expanded significantly during the breakout phase, with price touching the upper band multiple times. The Bollinger Band width increased from a narrow consolidation phase to a wide spread, indicating a shift from a low-volatility range to an active breakout phase.

Volume & Turnover

Volume surged during the final 3 hours of the session, with the 15-minute candle at 12:00 ET recording a turnover of $331,610.01. This aligns with a price close of 2.00e-06, suggesting accumulation and confirming the strength of the breakout. Volume and price action moved in sync, indicating strong conviction.

Fibonacci Retracements

On the 15-minute chart, price found resistance at the 61.8% Fibonacci level of 2.07e-06 and retested the 38.2% level of 1.97e-06. On the daily chart, the 61.8% retraction of the previous bear wave is at 1.93e-06, which has become a new support level. These levels will be key for trend continuation or reversal.

Backtest Hypothesis

A bullish-engulfing pattern, when followed by a 3-day hold, can be a viable short-term strategy in markets with strong momentum. The backtest logic is designed to capture reversal strength after a bearish close, aligning with the formation seen on today’s 1.9e-06 candle. The performance metrics are available for further analysis in an interactive dashboard. This approach is consistent with the current market behavior, where volume and momentum confirm key price levels.