Market Overview for Ampleforth Governance Token/Bitcoin (FORTHBTC)

Summary
• FORTHBTC opened at 1.942e-05 and closed at 1.923e-05, down 1.0% in the past 24 hours.
• Price ranged between 1.862e-05 (low) and 1.947e-05 (high), showing a 1.0% bearish bias.
• Volume spiked during the 20:30–21:00 ET session, with 321.53 units traded at a critical price level.
• RSI and MACD suggest bearish momentum with moderate overbought/oversold divergence.
• Volatility expanded, with price frequently near or below lower Bollinger Bands, indicating distribution.

The 24-hour period for Ampleforth Governance Token/Bitcoin (FORTHBTC) opened at 1.942e-05 and closed at 1.923e-05 by 12:00 ET on 2025-11-05. The pair reached an intraday high of 1.947e-05 and a low of 1.862e-05. Total trading volume for the period was 6,387.07 units, with notional turnover amounting to 119.57 BTC-equivalent. Price action suggests a bearish bias, especially after the 20:30–22:00 ET window.

Structure & Formations

Price action revealed a series of bearish engulfing and dark cloud cover patterns between 18:00 and 22:00 ET. These formations typically signal short-term bearish momentum. A key support level appears to have formed around 1.903e-05–1.91e-05, where price found temporary support after a sharp decline. Resistance remains at the 1.943e-05–1.947e-05 range, which has been repeatedly tested without a breakout.

Moving Averages

On the 15-minute chart, the 20-period MA sits slightly below the 50-period MA, reinforcing the bearish trend. The 50-period MA crossed below the 100-period MA (not shown here) on the daily chart, a bearish crossover known as a death cross. This suggests continued downside pressure is likely unless volume and buying interest increase significantly.

MACD & RSI

The MACD line has remained below the signal line throughout the 24-hour period, with bearish divergences visible after the 20:00–22:00 ET rally. RSI readings hovered between 28–42 for the latter half of the period, indicating oversold conditions but with no strong reversal signs. Price has failed to close above key RSI levels above 50, signaling weak buying pressure.

Bollinger Bands

Volatility expanded during the 20:30–21:00 ET session when price briefly dipped to 1.862e-05, breaching the lower Bollinger Band. Price has spent most of the session below the middle band, suggesting a bearish bias. However, the band width has since narrowed slightly, pointing to a possible consolidation before the next directional move.

Volume & Turnover

Trading volume spiked during the 20:30–21:00 ET session, with 321.53 units traded at 1.903e-05, coinciding with the lowest price of the day. This suggests distribution was likely occurring. Turnover also increased during this window, confirming the bearish volume-weighted action. Price and turnover were aligned, providing strong confirmation of bearish sentiment.

Fibonacci Retracements

On a 15-minute chart, the 61.8% Fibonacci retracement level was tested at 1.91e-05 and 1.92e-05, where price found temporary support. On a daily chart, the 38.2% retracement level sits near 1.94e-05, which has acted as a resistance zone. A break above this level could signal a potential trend reversal, but it would require strong volume confirmation.

Backtest Hypothesis

Given the bearish bias observed in the candlestick patterns and volume distribution, a backtesting approach focusing on Bearish Engulfing patterns could offer valuable insights. Since retrieving automated data for this pattern has encountered technical issues, we have two viable options: either refine the query by narrowing the time range or switch to a manual input of dates where these patterns occurred. If you can provide a list of dates when Bearish Engulfings were observed (in the format yyyyMMdd), we can proceed immediately with the backtest. This strategy would allow for a precise evaluation of the pattern’s reliability in predicting short-term bearish moves in FORTHBTC.