Market Overview: Plume/Turkish Lira (PLUMETRY) – 24-Hour Summary

• PLUMETRY traded 1.31% higher in 24 hours with strong bullish momentum.
• Key resistance formed around 3.318 while support emerged near 3.284–3.287.
• Volume surged in the final 6 hours, confirming a breakout above 3.31.
• RSI showed overbought conditions, indicating potential pullback.
• Bollinger Bands expanded, signaling heightened volatility.

The Plume/Turkish Lira pair (PLUMETRY) opened at 3.230 on 2025-09-04 at 12:00 ET, reaching a high of 3.330 and a low of 3.230, and closed at 3.330 at 12:00 ET on 2025-09-05. Total 24-hour volume reached 4,263,250.0 and notional turnover totaled approximately 13.81 million TRL, indicating strong participation.

Structure & Formations

The price action formed a strong bullish structure throughout the day, with a key resistance level forming at 3.318 after a large bullish candle. A 15-minute engulfing pattern was observed at 06:15 ET, confirming a breakout above 3.31. A doji near 3.297 at 23:45 ET acted as a temporary consolidation. The 3.284–3.287 range emerged as significant support after a pullback in the late evening hours.

Moving Averages

On the 15-minute chart, the 20-period MA moved above the 50-period MA midday, signaling bullish momentum. On the daily chart, the 50-period MA remains above the 200-period MA, suggesting a longer-term bullish bias. However, the price remains above the 50-period MA, reinforcing the short-term strength.

MACD & RSI

MACD remained in positive territory, with a growing histogram from 06:00 ET onward, reflecting sustained buying pressure. RSI reached overbought territory (above 70) multiple times in the final hours of the day, especially around 06:15 and 06:30 ET, indicating potential exhaustion of bullish momentum and a possible pullback.

Bollinger Bands

Bollinger Bands expanded significantly in the early morning hours, particularly from 04:00 to 06:30 ET, with the price trading near the upper band during the breakout phase. This expansion indicates heightened volatility and increased speculative activity. The price has stayed outside the upper band for the last four hours, suggesting a continuation of bullish sentiment may require a pullback to consolidate.

Volume & Turnover

Volume increased sharply in the 6-hour window from 04:00 to 10:00 ET, with a massive spike at 06:15 ET. This coincided with a breakout above 3.31 and strong closing candles. Notional turnover also spiked during this period, confirming the volume surge. A divergence between price and volume was observed in the late evening, indicating some short-term profit-taking.

Fibonacci Retracements

Fibonacci levels drawn from the 3.230 low to the 3.330 high showed the price consolidating near the 61.8% retracement level (around 3.288) before breaking out. The 15-minute swings suggest a strong support at the 38.2% retracement level (3.303), which the price tested and rejected multiple times.

Backtest Hypothesis

The backtesting strategy described focuses on combining RSI overbought conditions with volume confirmation and breakout levels on the 15-minute chart. A hypothetical approach could involve entering long positions when price breaks above a key Fibonacci level (e.g., 3.303–3.31) and RSI is in overbought territory, provided volume is increasing. Exit rules could be set using trailing stops or taking profit at the next Fibonacci or Bollinger Band level. Given the recent performance, this strategy appears viable in the short term but should be tested for drawdowns during consolidation phases.