Bitcoin/Eurite Market Overview: Volatile 24-Hour Decline and Key Rejection Levels

• Bitcoin/Eurite declined sharply from 97,794.32 to a 24-hour low of 92,275.23.
• A bearish trend formed on the 15-minute chart with several engulfing and bearish reversal patterns.
• Volume and turnover surged during the downward leg, confirming weakness.
• RSI and MACD signals remain unconfirmed due to missing data but suggest oversold conditions.
• Prices appear to find a near-term floor around 92,275–93,000.

Bitcoin/Eurite (BTCEURI) opened at 97,145.3 on October 21 at 12:00 ET, surged to 98,134.41, and closed at 93,400.00 on October 22 at 12:00 ET. Over the 24-hour period, the price dropped by 4.56%, with a total volume of 11.27 BTC and a notional turnover of approximately €1,076,500 (assuming an average rate of ~€95,000). The bearish move unfolded across a series of strong red candles, engulfing patterns, and deep retracements.

Structure and key levels reveal a significant bearish bias. The price broke below the ascending triangle formed over the morning hours and tested the 93,000–92,275 support zone, which appears to offer short-term resilience. A 61.8% Fibonacci retracement from the 97,794.32 high to the 92,275.23 low lands near 94,200, suggesting a potential countertrend bounce area. On the 15-minute chart, a bearish engulfing pattern appeared at 97,660.68 and was followed by a sequence of bearish continuation candles, signaling ongoing selling pressure.

The price has spent much of the session below both the 20-period and 50-period moving averages on the 15-minute chart, which is bearish for near-term direction. Bollinger Bands have widened significantly during the selloff, indicating rising volatility. However, the price has not yet tested the lower band, which currently sits just above 92,000, suggesting the move may not be over. MACD remains in negative territory with a downward-sloping histogram, confirming bearish momentum, though divergence has not yet emerged.

Volume has spiked during the decline, particularly between 17:00 and 22:00 ET on October 21, with turnover surging during the largest drops. This volume action reinforces the move lower rather than signaling a false break. However, a slight decrease in volume after 01:00 ET on October 22 suggests that bearish exhaustion may be near, though the price has not yet formed a clear reversal candle. The lack of a valid RSI signal complicates overbought/oversold assessments, but the 14-period RSI appears to be in oversold territory, which may attract short-term buyers.

Backtest Hypothesis
The potential for a mean-reversion or countertrend bounce from the 92,275–93,000 range suggests testing a systematic RSI-based long entry strategy. If the 14-day RSI for BTCEURI were available, the next step would be to identify periods where RSI dropped below 30 (oversold) and model a buy signal with a 3-day holding period. This approach would allow for a data-driven assessment of whether the price tends to recover after oversold conditions. A valid ticker is required to proceed. If you confirm “BTCEUR” or another recognized BTC-EUR pair, I can generate and backtest this strategy using historical data from 2022 to present.