Dolomite/Turkish Lira Market Overview

Dolomite/Turkish Lira (DOLOTRY) traded between 2.543 and 2.615 over the last 24 hours, opening at 2.573 and closing at 2.543. Total volume reached 973,706.4, with a notional turnover of 2,473,372.50. Price action displayed a bearish drift after a short-lived bullish breakout.

Structure & Formations

DOLOTRY formed a bearish continuation pattern following a small breakout above 2.57. A bearish engulfing pattern was seen at 2.575, confirming pressure to retake the 2.543 support level. A Doji at 2.543 suggests indecision near the 24-hour low. Support appears at 2.525 and 2.54, with resistance at 2.565 and 2.595.

Moving Averages

On the 15-minute chart, the 20SMA (2.55) and 50SMA (2.554) crossed in a bearish divergence, reinforcing downward momentum. On the daily chart, the 50SMA (2.53), 100SMA (2.51), and 200SMA (2.50) remain aligned bearishly, indicating a longer-term downtrend.

MACD & RSI

The MACD remained in negative territory, with a bearish crossover on the 15-minute chart confirming a short-term weakening. RSI fluctuated between 45 and 60, avoiding overbought territory but showing a gradual decline, suggesting a likely continuation below 50.

Bollinger Bands

DOLOTRY traded within a narrow range during the early session but expanded volatility later, with the price closing near the lower band at 2.543. A contraction occurred around 2.547, followed by a breakout to the downside, which may signal a resumption of the bearish bias.

Volume & Turnover

Volume spiked at 131,343.1 during the 22:30 ET session, aligning with a sharp drop to 2.54. Notional turnover followed a similar pattern, with the highest turnover during the 08:00 ET hour (83,932.1). Price and turnover diverged slightly during the 06:45 ET rebound, raising potential sell pressure.

Fibonacci Retracements

Key retracement levels on the 15-minute swing from 2.543 to 2.615 include 2.60 (61.8%), 2.595 (50%), and 2.59 (38.2%), which could serve as dynamic resistance levels. On the daily chart, the 61.8% retracement of the recent high to low sits at 2.55, which was briefly tested but rejected.

Backtest Hypothesis

The backtest will evaluate a short-selling strategy triggered by a bearish engulfing pattern, with a stop-loss placed at the recent swing high and a target set at the next key support. The setup aims to capture mean-reversion momentum while managing risk through defined levels.