BOMEIDR Dips Below 7.2 Amid Surging Overnight Volume

Summary
• Price formed a bearish engulfing pattern at 7.2, followed by a 1.4% decline to 7.0.
• Volume surged over 380k at 04:45 ET, with heavy accumulation at 7.1–7.2.
• RSI hovered near 50, signaling neutral momentum but no clear overbought/oversold extremes.
• Bollinger Bands contracted overnight, with a late expansion indicating rising volatility.

BOOK OF MEME/Rupiah (BOMEIDR) opened at 7.2 on 2026-02-07 12:00 ET, reached a high of 7.3, fell to a low of 7.0, and closed at 7.0 by 12:00 ET on 2026-02-08. Total volume was 596,195, and notional turnover amounted to 4,351,551.9 Rupiah.

Price Action and Structure

Price opened in consolidation around 7.2 but saw a sharp bullish move at 17:15 ET, forming a small bullish candle with a 0.1 Rupiah rise. This was followed by a bearish engulfing pattern at 07:30 ET, which confirmed a shift in sentiment. The price then drifted lower, finding temporary support at 7.1 and 7.0. These levels correspond to 38.2% and 61.8% Fibonacci retracements from the recent high of 7.3.

Volatility and Momentum

Bollinger Bands contracted overnight, suggesting a lull in volatility, before a notable expansion occurred at 04:45 ET, coinciding with a surge in volume and price. MACD showed a bearish crossover in the early morning hours, confirming downward momentum. RSI remained in neutral territory, hovering around 50, suggesting neither strong buying nor selling pressure, but with potential for a directional shift if the trend continues.

Volume and Turnover Dynamics

Volume remained subdued for most of the session until 04:45 ET, when a large 5-minute candle recorded 381,929 in volume and 2.73 million in turnover. This suggests a significant participation event, possibly from large orders or market makers. In contrast, the volume at the 07:30 ET bearish engulfing candle was only 7,790, indicating that the bearish signal may not have been broadly confirmed by volume.

Looking ahead, the next 24 hours may see a test of the 7.0–7.1 support range. A break below this could open the door for further declines toward 6.9 or 6.8, depending on order book depth. Investors should remain cautious of potential short-covering or buying interest at these levels. Volatility could remain elevated if the market reacts to broader macroeconomic catalysts.