Berachain/Bitcoin Market Overview

• Price declined sharply from $2.372e-05 to $1.59e-05, dropping ~33% in 24 hours.
• Volume surged past 100,000 at lows, indicating heavy dumping.
• RSI plunged into oversold territory (<30), while MACD remained bearish. • Bollinger Bands widened significantly during the collapse, signaling heightened volatility. • Price remains below all key moving averages on 15-min and daily charts.

The BERABTC pair opened at $2.298e-05 on October 10 at 12:00 ET and closed at $1.622e-05 by the same time on October 11. The high reached $2.397e-05, while the low fell to $5.06e-06. Total trading volume for the 24-hour window was 210,700, and notional turnover reached approximately $4.54.
The 24-hour chart displayed a strong bearish trend, marked by a breakdown from key resistance levels and a sharp decline in price. Notable bearish patterns included a dark cloud cover and a large bearish engulfing pattern on the 15-minute timeframe. Resistance levels at $2.35e-05 and $2.298e-05 were decisively breached, while support held briefly at $1.62e-05 before a further drop. The price has spent most of the session below both the 20- and 50-period moving averages, reinforcing a strong downtrend.
The RSI has collapsed into oversold territory, currently at 28, and the MACD remains bearish with the line well below the signal line. This combination suggests a potential short-term bounce, but not a reversal in the near term. Bollinger Bands have widened significantly, reflecting the heightened volatility during the price drop, with the pair trading near the lower band. This could indicate a potential retest of the lower boundary for further downside.
Volume spiked dramatically during the price drop, particularly around the 21:30–22:30 ET timeframe, where 80,000+ units were traded at the lower end of the range. This suggests heavy selling pressure and possibly a shift in market sentiment. However, no corresponding buying spike has followed to confirm a reversal. The price-to-turnover correlation appears bearish, as the drop in price was accompanied by a surge in volume, indicating a lack of support for the pair at current levels.
Backtest Hypothesis A potential backtesting strategy could involve a short-term sell signal triggered when the price breaks below a 50-period moving average with a MACD crossover to the bearish side and RSI dipping below 30. A stop-loss could be placed at a recent swing high or at the nearest Fibonacci level. The strategy would aim to capitalize on the continuation of the downtrend and avoid long entries until price shows a clear reversal signal on both the RSI and MACD.