Market Overview for iExec RLC/Bitcoin (RLCBTC) - 24-Hour Summary (2025-09-17)

• Price declined from 1.091e-05 to 1.066e-05, closing near the 24-hour low.
• RSI and MACD signaled weakening momentum, with bearish divergence.
• Volatility expanded mid-session, with Bollinger Bands widening.
• Volume spiked during the downward move, confirming bearish sentiment.

At 12:00 ET on 2025-09-17, the iExec RLC/Bitcoin (RLCBTC) pair opened at 1.091e-05, traded as high as 1.107e-05, as low as 1.063e-05, and closed at 1.066e-05. Over the past 24 hours, the pair recorded a total volume of 14,226.8 units and a notional turnover of 0.1514 BTC, with bearish momentum dominating price action.

Structure & Formations

The pair formed a key bearish engulfing pattern at 1.091e-05–1.082e-05 during the morning session, signaling a shift in sentiment. A series of lower highs and lower closes from 1.097e-05 to 1.063e-05 established a clear descending trend. Notable support levels emerged around 1.063e-05 and 1.066e-05, where price found temporary bids. A doji at 1.063e-05 suggests indecision, while 1.066e-05 appears to be the current short-term floor.

Moving Averages

On the 15-minute chart, the 20-period MA (SMA20) crossed below the 50-period MA, forming a bearish death cross. Over the daily timeframe, the 50-period MA was above the 200-period MA, indicating intermediate-term bearishness. The 100-period MA acted as a resistance level near 1.071e-05, which the price failed to reclaim after its mid-session high.

MACD & RSI

MACD turned negative early in the session and remained below the signal line, suggesting bearish momentum. RSI declined from overbought levels (>60) to mid-40s, indicating oversold conditions at the 24-hour close. The divergence between price and RSI during the late-night pullback hinted at exhaustion in the bearish move, though it was not enough to halt the downward trend.

Backtest Hypothesis

Given the bearish divergence in RSI and the death cross in the 15-minute MA, a potential backtesting strategy could involve shorting the pair upon a break below 1.065e-05 with a stop-loss above the 1.071e-05 resistance and a take-profit target at 1.056e-05, based on the 38.2% Fibonacci level. This approach could be tested over the next few days to assess its effectiveness in a volatile market environment.

Bollinger Bands

Bollinger Bands expanded mid-session as volatility increased, with the upper band peaking near 1.107e-05. Price remained below the 20-period moving average for most of the session, with the lower band acting as a temporary floor. A contraction in band width occurred during the late-night hours, signaling a period of consolidation before the final leg down.

Volume & Turnover

Volume surged during the late-night and early-morning hours, confirming the bearish move toward 1.063e-05. However, volume waned during the final hours, suggesting a lack of conviction in the current bearish phase. Notional turnover spiked at 03:15–04:30 ET and again at 10:00–11:30 ET, aligning with key price declines and consolidation periods.

Fibonacci Retracements

Applying Fibonacci to the 1.091e-05 to 1.063e-05 swing, the 38.2% level is at 1.071e-05, while the 61.8% level is near 1.067e-05. The price has found support at 1.066e-05 and may test the 1.063e-05 level again in the near term. A breakout above 1.071e-05 could indicate a reversal, but this appears unlikely unless bullish volume picks up.

Looking ahead, the pair could see a short-term bounce off the 1.063e-05 support level, but bearish momentum remains intact. Traders should watch for a potential breakdown below 1.063e-05, which could trigger a test of the 1.056e-05 Fibonacci level. Investors are advised to remain cautious, as volatility and volume have been inconsistent, and a false breakout or breakdown is possible in the short term.