MANTRA/Bitcoin Market Overview for 2025-11-06

Summary
• Price drifted lower over the 24 hours, closing near session low after a key sell-off at 19:15 ET.
• Volume surged briefly but failed to support a meaningful reversal.
• RSI indicates oversold territory, suggesting potential for a bounce ahead.

MANTRA/Bitcoin traded between $0.0000009 and $0.00000086 over the past 24 hours, closing at $0.00000086 at 12:00 ET. Total volume reached 108,466.6, with a notional turnover of approximately $97.9. The asset displayed a weak bearish bias on the 15-minute chart, with limited momentum and thin trading interest.

Structure & Formations

Price spent the majority of the session consolidating within a narrow range between $0.0000009 and $0.00000086, with no clear reversal patterns emerging until the 19:15 ET candle, which opened at $0.00000092 and closed at $0.0000009, marking a bearish gap and a strong sell signal. Subsequent candles showed a continued lack of bullish conviction, with price failing to reclaim key resistance levels above $0.0000009. Support around $0.00000088 appears firm, but a break below $0.00000086 could open the door to further losses.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remain in a downtrend, with price currently below both, indicating bearish momentum. Daily moving averages (50/100/200) also remain bearish, with the 50-period line sitting above the 100- and 200-period lines. Price remains below the 50-period daily MA, a bearish sign for near-term sentiment.

MACD & RSI

MACD remains in negative territory, with a bearish crossover occurring at the start of the session. The histogram has been flat for most of the day, signaling waning momentum. RSI has dipped into oversold territory at times, reaching as low as 28, suggesting a potential short-term rebound could occur. However, RSI has not shown a convincing reversal above 30, indicating caution is warranted.

Bollinger Bands

Price has spent much of the session near the lower Bollinger Band on the 15-minute chart, indicating low volatility and bearish pressure. The bands have slightly widened in the last few hours, suggesting potential for a breakout, but with no clear direction yet. Price remains within the daily Bollinger Band range, but has been biased toward the lower end, consistent with bearish sentiment.

Volume & Turnover

Trading volume was minimal for most of the session, with a few notable spikes at 19:15 ET and 06:15 ET, both associated with price declines. These spikes coincided with sharp sell-offs but lacked follow-through, indicating potential liquidity exhaustion. Notional turnover also remained low, with only 3.5k–6.0k BTC transacted per candle on average, well below typical levels for higher volatility periods.

Fibonacci Retracements

Key Fibonacci levels from the recent swing high at $0.0000009 to the swing low at $0.00000086 include 38.2% at $0.00000088 and 61.8% at $0.00000087. Price has tested the 61.8% level but failed to find support there. A break below that level may target $0.00000085 as the next downside target. On the daily chart, the 61.8% retracement from the prior major high remains a key watch level for further declines.

Backtest Hypothesis

To confirm a valid ticker for reliable price data is essential before proceeding with a backtest using candlestick patterns such as Bearish Engulfing or Morning Star. Once a confirmed ticker is provided (likely “HOLD”), I can pull relevant candlestick signals and build a backtest strategy. This would involve buying at the next open and holding up to three days for a fixed exit. Given MANTRA/Bitcoin's recent bearish structure, such a strategy may benefit from a focus on short-term reversal patterns if volatility increases. Please confirm the correct ticker and earliest usable date to begin the test.