Market Overview for Pendle/Bitcoin (PENDLEBTC) - 2025-11-07

Summary
• PENDLEBTC formed a bullish breakout pattern after testing key resistance.
• Volume surged during the final 8 hours, confirming upward momentum.
• RSI near overbought suggests potential short-term reversal risk.
• Price closed 12.3% above the 24-hour open amid rising volatility.
• Turnover spiked by 60% in the final 6 hours, signaling increased participation.

Pendle/Bitcoin (PENDLEBTC) opened at 2.521e-05 on 2025-11-06 12:00 ET and closed at 2.738e-05 by 2025-11-07 12:00 ET, hitting a high of 2.738e-05 and a low of 2.517e-05. Total volume for the 24-hour period was 19,126.9, and total turnover reached $5.19 (assuming a BTC price of $67,000 for calculation).

Structure & Formations

Price action revealed a clear bullish breakout, with resistance at 2.661e-05 and 2.695e-05 being breached decisively. A strong green candle on the 15-minute chart formed after a prior bearish consolidation, forming a bullish reversal pattern. Key support levels include 2.553e-05 and 2.527e-05. A doji near 2.595e-05 indicated indecision, while the final 8 hours of trading featured a strong rally with no bearish shadows.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed to the upside in the last 4 hours, indicating strengthening momentum. On the daily timeframe, the 50DMA is now below the 200DMA, suggesting a potential shift from bearish to bullish trend. The 100DMA appears to offer support at 2.57e-05.

MACD & RSI

MACD turned positive and remained above the signal line for the final 6 hours, confirming bullish momentum. RSI crossed into overbought territory at 76, suggesting short-term overextension. However, this was accompanied by strong volume and price confirmation, which may indicate continuation rather than exhaustion.

Bollinger Bands

Volatility expanded during the final 6 hours as price surged near the upper band. Earlier in the session, price traded in a narrow range near the center of the bands, suggesting a contraction. The current position near the upper band and the widening of the bands may indicate a continuation of the trend.

Volume & Turnover

Volume spiked to 2,845.7 in the 15:45–16:00 ET timeframe, coinciding with the breakout above 2.661e-05. Notional turnover also surged during this period, aligning with price action and confirming the move. However, a divergence in volume occurred between 03:00–03:45 ET, where price made a high but volume declined, signaling potential exhaustion.

Fibonacci Retracements

Key Fibonacci levels for the recent swing low to high (2.517e-05 to 2.738e-05) include 38.2% at 2.632e-05 and 61.8% at 2.603e-05. Price broke above the 38.2% level with strong volume, but 61.8% appears to be a potential consolidation zone. Daily Fibonacci levels from the prior major low to high also show strong alignment with recent pivots.

Backtest Hypothesis

A backtesting strategy using the “Bearish Engulfing” pattern was attempted but failed due to an unrecognized ticker format. To proceed, the exact exchange-specific symbol for PENDLE-BTC (e.g., BINANCE:PENDLEBTC or KUCOIN:PENDLE-BTC) is required. Once confirmed, the strategy can be re-run using the dataset, leveraging the 20SMA/50SMA for trend filtering and RSI thresholds to avoid overbought conditions. The aim would be to identify high-probability short entries during overbought divergences, similar to the 03:00–03:45 ET divergence seen in this session.