Market Overview for SHELLBTC - 2025-10-08

• SHELLBTC traded lower in a narrow range overnight but broke higher in late morning ET, closing up 0.31% at $0.00000101.
• Momentum is mixed: RSI is neutral at 53, while MACD shows a shrinking bullish histogram.
• Volatility remains low, with Bollinger Bands compressed and price near the midline.
• Notable volume spikes occurred during the 1815–1845 ET and 0415–0445 ET hours, but no strong directional confirmation followed.
• A bullish engulfing pattern formed at 0800–0815 ET after a key support test at $0.00000099.

MyShell/Bitcoin (SHELLBTC) opened at $0.00000098 at 12:00 ET–1 and traded in a tight range before breaking higher in late morning. The 24-hour range was $0.00000095 to $0.00000103, closing at $0.00000101. Total volume was 200,178.5 units, and notional turnover was $199.18. The price action appears to be testing key levels with no clear breakout yet.

Structure & Formations

SHELLBTC tested support at $0.00000099 twice in the overnight session, forming a bullish engulfing pattern at 0800–0815 ET. A small bearish gap at $0.00000097–$0.00000098 in the 1615–1630 ET candle failed to hold, and price recovered quickly. The midday range was narrow, suggesting consolidation. Resistance at $0.00000102–$0.00000103 appears firm for now, with a potential pullback expected from recent highs.

Moving Averages

On the 15-minute chart, the 20-period moving average is at $0.000000995, and the 50-period is at $0.000001002. Price is currently above both, signaling a potential short-term bullish bias. On the daily chart, the 50-period MA is at $0.000000992, and the 200-period MA is at $0.000000979, with price holding above both. A move above $0.00000102 may attract more buyers, but a close below $0.00000098 could invite further selling pressure.

MACD & RSI

The MACD line is positive but trending sideways, with a shrinking histogram suggesting weakening bullish momentum. The signal line is at $0.0000000003, and the crossover remains intact. The RSI is at 53, indicating a neutral market, with no overbought or oversold signals. This suggests traders are cautious and waiting for a clear catalyst or breakout.

Bollinger Bands

Bollinger Bands are currently compressed, indicating low volatility and a potential breakout scenario. Price is trading near the midline, suggesting a lack of directional bias. A break above the upper band or below the lower band could signal the start of a more defined trend. For now, the price appears to be consolidating in a tight range.

Volume & Turnover

Volume spiked in the 1815–1845 ET and 0415–0445 ET periods, but price failed to make a decisive move on either occasion. This suggests buying interest at lower levels is strong but selling pressure at higher levels is still significant. Turnover increased during these hours as well, confirming the higher activity. However, the lack of follow-through in price indicates a potential stalemate between bulls and bears.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $0.00000095 to $0.00000103, the 38.2% level is at $0.00000097 and the 61.8% level is at $0.00000099. Price tested the 61.8% level twice in the overnight session before bouncing. On the daily chart, a retracement from the key support at $0.00000097 to the recent high at $0.00000103 places the 50% level at $0.000000998, where price is currently consolidating.

Backtest Hypothesis

A potential backtest strategy could involve entering long positions after a bullish engulfing pattern forms near key Fibonacci retracement levels, such as the 61.8% level at $0.00000099, and exiting when the price breaks below the 38.2% level or when RSI enters oversold territory. Stop-loss could be placed at the recent low at $0.00000095. Given the recent price behavior and volume spikes, this setup may offer a favorable risk/reward ratio for short-term traders.