Market Overview for Treasure/Bitcoin (MAGICBTC)

Summary
• Price declined from 1.24e-06 to 1.19e-06 with bearish momentum.
• Volatility rose on 24658.8 volume at 20:15 ET before consolidation.
• RSI oversold and MACD negative suggest further downside risk.

Treasure/Bitcoin (MAGICBTC) opened at 1.24e-06 on 2025-11-11 12:00 ET, touched a high of 1.31e-06, and closed at 1.29e-06 by 12:00 ET on 2025-11-12. Total volume reached 636,121.3 over 24 hours, while notional turnover remained consistent with price direction.

Structure & Formations

Price action over the past 24 hours formed a bearish trend, with several lower highs and lower lows. A key resistance level appears to form around 1.31e-06, where a bearish breakout occurred. A support level around 1.19e-06 has held for several hours, but a break below this could signal further downside. Notable candlestick patterns include a bearish engulfing pattern at 1.24e-06 and a hanging man near 1.21e-06.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA, confirming a bearish bias. On the daily chart, the 50-period MA is below the 100- and 200-period MAs, suggesting a long-term bearish trend.

MACD & RSI

The MACD histogram has remained negative for most of the session, with a recent bearish crossover reinforcing downward momentum. RSI has dipped below 30, entering oversold territory, but without a strong reversal signal, further consolidation or decline may follow.

Bollinger Bands

Price has traded near the lower Bollinger Band for most of the session, indicating low volatility and bearish bias. A contraction in the bands occurred during early morning hours, suggesting a potential breakout is likely in the near term.

Volume & Turnover

Volume spiked at 1.24e-06 and again at 1.21e-06, confirming key bearish pivots. Notional turnover increased during these periods but did not support a strong reversal. Divergence between volume and price was observed near 1.29e-06, suggesting caution.

Fibonacci Retracements

Applying Fibonacci levels to the recent high of 1.31e-06 and low of 1.19e-06, key retracement levels sit at 1.27e-06 (38.2%) and 1.23e-06 (61.8%). A break below the 61.8% level could trigger a deeper bearish correction.

Backtest Hypothesis

A recent attempt to backtest Bullish-Engulfing candlestick patterns for BLSH.N from 2022-01-01 returned no pattern occurrences, indicating either a lack of signal density or a highly range-bound or trending nature in the asset. This underscores the importance of refining pattern criteria, including additional formations like Morning Stars or Hammers, or widening the universe to include more volatile or liquid assets. A robust backtesting framework should account for varying market regimes and incorporate multi-timeframe analysis to improve signal capture and reliability.