Secret/Bitcoin Market Overview (SCRTBTC): 24-Hour Technical Breakdown

Summary
• SCRTBTC declined sharply from 2.79e-06 to 2.19e-06 over 24 hours amid rising bearish momentum.
• Strong bearish engulfing patterns and declining RSI suggest overbought reversal potential.
• Volatility expanded as price broke below key support levels into consolidation range.

Secret/Bitcoin (SCRTBTC) opened at 2.71e-06 on 2025-11-07 12:00 ET, reached a high of 2.88e-06, fell to a low of 2.14e-06, and closed at 2.2e-06 as of 2025-11-08 12:00 ET. Total volume was 1,199,766.5 units with turnover amounting to USD 263.94 (assuming BTC price as base). The 24-hour period saw aggressive bearish momentum, with SCRTBTC entering a consolidation phase.

Structure & Formations

The candlestick formation over the past 24 hours featured a strong bearish engulfing pattern at the start of the decline, which signaled a shift in sentiment from bullish to bearish. A key support level emerged around 2.2e-06, with price finding temporary stability after breaking below prior resistance. A double bottom pattern appears to be forming near this level, offering possible short-term support. A doji occurred around 2.27e-06, suggesting indecision in the market ahead of the breakdown.

Moving Averages

On the 15-minute chart, SCRTBTC closed below both the 20-period and 50-period moving averages, confirming bearish bias. The 50-period line appears to be acting as a dynamic resistance-turned-support. On the daily chart, the 50-period and 200-period lines are converging, with the price well below both, suggesting continued downward pressure unless a sharp rebound occurs.

MACD & RSI

MACD turned sharply negative with bearish divergence, amplifying the sell-off. RSI dipped below 30, entering oversold territory, which could either signal a potential rebound or continued bearish exhaustion depending on volume confirmation.

Bollinger Bands

Volatility expanded significantly as the upper band widened, with SCRTBTC spending much of the session near the lower band. A period of contraction occurred before the breakout, suggesting a potential continuation of the bearish move if the price holds below the 2.24e-06 level.

Volume & Turnover

Volume surged during the early part of the decline, confirming the bearish breakout. A volume spike occurred around the 2.2e-06 level, reinforcing the strength of the consolidation. Notional turnover was relatively low in the final hours, suggesting a lack of conviction in further short-term movement.

Fibonacci Retracements

A key 61.8% Fibonacci retracement level at 2.26e-06 acted as a short-term support, with price testing this level twice. A 38.2% retracement at 2.46e-06 appears to be a potential resistance level for any near-term bounce.

Backtest Hypothesis

The bearish engulfing pattern is a strong candidate for backtesting as a sell signal. Given the confirmation of bearish momentum via MACD and RSI, and the price holding below key moving averages, the signal appears robust. However, due to potential data-source issues, a retry using the indicator code “bearish_engulfing” is recommended to ensure accurate identification of historical patterns for backtesting.