Market Overview for SHELLBTC (MyShell/Bitcoin) on 2025-11-08

Summary
• SHELLBTC edged higher, forming bullish patterns after testing a key support level.
• Volume surged during the early morning ET, confirming renewed buyer interest.
• RSI near neutral suggests no immediate overbought or oversold conditions.

At 12:00 ET on 2025-11-08, SHELLBTC opened at 1.13e-06, reaching a high of 1.19e-06 and a low of 1.11e-06 during the 24-hour period before closing at 1.11e-06. Total volume amounted to 145,265.5 units, with a notional turnover of ~0.163 SHELL (calculated from volume × price). The price action shows a consolidation phase amid renewed buying pressure.

Structure-wise, a bearish reversal pattern emerged late on 2025-11-07, followed by a strong bullish engulfing pattern early on 2025-11-08. These signals suggest a tug-of-war between short-term bears and bulls. On the 15-minute 20/50 EMA chart, the 20-period moving average crossed above the 50-period, indicating a potential short-term bullish tilt, though the 50 EMA still holds dominance in the broader context.

The 15-minute MACD crossed into positive territory around 18:30 ET, aligning with the bullish engulfing pattern and confirming renewed momentum. RSI hovered between 45 and 55, indicating a balanced market without extreme conditions. Bollinger Bands showed a moderate expansion in the early morning session, with price staying above the middle band for most of the day. Notable volatility contraction occurred before 05:00 ET, followed by a breakout.

Volume and turnover spiked during the 18:30–19:30 ET and 16:00–17:00 ET sessions. The divergence between price and volume during the 20:00–22:00 ET period suggests waning conviction. A 61.8% Fibonacci retracement level at ~1.135e-06 appears to have provided temporary support, while the 38.2% level (~1.15e-06) acted as a resistance. These levels may offer tactical significance for short-term traders.

Backtest Hypothesis
The Bearish Engulfing pattern is a key candlestick formation used in short-term reversal strategies. When combined with volume confirmation, it can signal high-probability entry points for a 3-day holding period. While this analysis could not confirm the pattern on SHELLBTC due to data constraints, a backtest using similar patterns (e.g., on HOLD.P or comparable ETFs) could help refine the timing. A properly validated system, including stop-loss placement and risk management, may yield consistent results across volatile crypto pairs.