Market Overview: Mina/Bitcoin (MINABTC) 24-Hour Technical Snapshot

• Mina/Bitcoin tested a key support at 1.07e-06, bouncing with volume confirmation before consolidating near 1.10e-06.
• A sharp sell-off in late ET hours saw the pair drop ~2.5% on high volume, indicating short-term bearish momentum.
• Volatility expanded during the 24-hour period, with a 2.3% range between highs and lows.
• RSI failed to show oversold conditions, suggesting lack of a strong bullish reversal signal.
• Price remains below both 20-period and 50-period moving averages, indicating continued bearish bias.

The Mina/Bitcoin pair opened at 1.12e-06 on October 13 at 12:00 ET, reached a high of 1.17e-06, and a low of 1.07e-06, closing at 1.10e-06 by 12:00 ET on October 14. Total 24-hour volume was 168,588.9 units, with a notional turnover of 184.07 BTC, marking a moderate increase in activity compared to recent sessions.

Structure and trend suggest a bearish continuation, with a key support at 1.07e-06 recently tested and bounced off. A small bearish engulfing pattern formed after 06:00 ET as the price dropped sharply from 1.11e-06 to 1.07e-06. This was followed by consolidation near 1.10e-06, with a doji appearing at 08:45 ET indicating indecision. The 20-period and 50-period moving averages both sit above current levels, reinforcing the bearish bias. A break below 1.07e-06 may open the path to the next support at 1.04e-06, while a retest of 1.11e-06 could trigger a short-term bounce.

Bollinger Bands reflect moderate volatility with the price hovering near the lower band at 1.07e-06, consistent with bearish momentum. MACD has remained below the signal line with negative histogram bars, signaling ongoing downward pressure. The RSI is hovering between 40 and 50, failing to enter oversold territory. This suggests the market may be waiting for a more significant trigger to reverse, though current conditions do not favor a bullish breakout.

Volume and turnover were most active during the sharp drop in early morning ET, with a large block of ~17,391.2 units traded at 02:45 ET as the price fell from 1.15e-06 to 1.15e-06. This coincided with a sharp downward leg on the chart, suggesting liquidity pressure or order block exhaustion. A divergence between falling price and flat volume after 04:00 ET indicates a potential pause in the bearish move. Fibonacci retracement levels from the 1.07e-06 low to the 1.17e-06 high suggest key retracement targets at 1.11e-06 (61.8%) and 1.14e-06 (38.2%), with the former likely to be the next resistance level if bulls attempt a counterattack.

Backtest Hypothesis: The data-retrieval service does not recognize the trading-pair symbol formats for “MINABTC,” which is preventing the retrieval of RSI data. This is a common issue in backtesting where symbol formats or exchanges are not standardized. To proceed, the following options are available: 1. Use a corrected symbol format such as “MINA-BTC” or “BINANCE:MINABTC” if supported by the data source. 2. Alternatively, switch to a more widely supported pairing like “MINA-USDT” to perform the backtest using RSI(14) as an oversold indicator. 3. If historical RSI(14) < 30 levels for the MINA/BTC pair are available, those can be manually input to continue the strategy validation.