EDENTRY Dives on Surging Volume as Bear Traps Emerge

Summary
• Price swung between 1.46–1.54, forming bearish engulfing and bear trap patterns.
• Volume surged past 300,000 at 19:45 ET, coinciding with a sharp price drop.
• RSI entered oversold territory near 1.47, suggesting potential short-term bounce.
• Bollinger Bands narrowed mid-day, signaling a potential breakout toward the downside.
• Turnover reached 465,129.7 TR at 19:45 ET, confirming bearish momentum.

Market Overview

OpenEden/Turkish Lira (EDENTRY) opened at 1.52 TR at 12:00 ET–1 and traded between 1.46 and 1.54 over the next 24 hours, closing at 1.49 TR by 12:00 ET. Total volume reached 308,525.5 TR, with a notional turnover of 468,047.1 TR, driven by a sharp bearish move on heavy volume late in the session.

Structure and Patterns

Price action displayed bearish engulfing patterns around 1.51–1.52 and a bear trap near 1.53–1.52 as buyers failed to hold key levels. A doji formed at 02:00 ET, signaling indecision, followed by a breakdown below 1.50 TR. A major support level appears to have formed near 1.47 TR, where price consolidated briefly.

Trend and Moving Averages

On the 5-minute chart, the 20- and 50-period moving averages trended lower after 19:45 ET, aligning with the bearish bias. Daily moving averages (50, 100, 200) were not clearly visible due to limited data, but the overall trend appears bearish.

Momentum and Indicators

RSI dropped into oversold territory below 30 near 1.47 TR, potentially suggesting a near-term rebound. MACD turned negative after 19:45 ET, reinforcing bearish momentum. Bollinger Bands showed a contraction around 04:00–07:00 ET, followed by a sharp expansion to the downside, indicating increased volatility.

Volume and Turnover

Volume spiked dramatically at 19:45 ET to 308,525.5 TR as price dropped from 1.52 to 1.48 TR, suggesting strong distribution. Turnover also surged to 465,129.7 TR at that time, confirming the strength of the bearish move. Volume declined after 07:00 ET, indicating reduced conviction in the downward trend.

Fibonacci Retracements

The 61.8% retracement level from the 1.52–1.47 swing appears to have acted as resistance around 1.49 TR, preventing a deeper rebound. A potential test of the 1.46 TR level, or its 38.2% retracement of 1.48 TR, could signal further consolidation or a reversal.

The market appears to be in a period of bearish consolidation, with strong support at 1.47 TR. A break below that level could trigger a test of 1.45 TR, while a rebound above 1.50 TR may offer short-term buyers. Investors should remain cautious of increased volatility and watch for any divergence in volume.