Market Overview for Bitcoin/Argentine Peso (BTCARS)

Summary
• Price fell from 156,751,475 to 150,015,052 ARS in 24 hours amid bearish momentum.
• RSI suggests oversold conditions, while volume remains subdued.
• Key support tested near 150,000,000 ARS with mixed follow-through.

The Bitcoin/Argentine Peso pair (BTCARS) opened at 155,202,882 ARS on 2025-11-04 at 17:00 ET and closed at 154,428,322 ARS on 2025-11-05 at 12:00 ET. The 24-hour range was between a high of 156,751,475 ARS and a low of 150,015,052 ARS. The total traded volume was 1.698 BTC and notional turnover was approximately 260.3 billion ARS. The price action reflects a volatile downtrend throughout the session, punctuated by several notable bearish patterns.

Structure & Formations

Price formed a series of bearish engulfing patterns between 18:00 and 20:00 ET as the price collapsed from above 154 million to below 151 million. Key support levels at 152 million and 151 million were tested multiple times, with the 150 million ARS level appearing to cap further downside. A potential reversal candle emerged in the 05:00–07:00 ET window, suggesting a possible short-term bounce, but the momentum remains bearish.

Moving Averages

On the 15-minute chart, the price has stayed consistently below the 20- and 50-period moving averages, indicating a strong bearish bias. The 50-period line has acted as dynamic resistance, limiting any meaningful rebounds. On a larger scale, the 50/100/200-day moving averages would be needed for more context, but the intra-day bearish setup remains intact.

MACD & RSI

The MACD showed a consistent bearish crossover and negative divergence during the 18:00–20:00 ET selloff, confirming the weakening trend. The RSI reached 28 during the low at 150,015,052 ARS, signaling potential oversold conditions. However, this has not triggered a reversal yet, and traders should watch for RSI crossing back above 30 for a potential bounce.

Bollinger Bands

Volatility expanded during the early part of the session, with price breaking below the lower band at 150 million. The bands have since widened, reflecting higher uncertainty. Price has remained below the 20-period SMA and the lower band, with no signs of a reversion to the mean in the near term.

Volume & Turnover

Turnover spiked during the 18:00–20:00 ET session as the price dropped sharply, with over 0.3 BTC traded during this period. However, the volume was not exceptionally high given the magnitude of the move, suggesting a lack of conviction in the short-term selloff. Price and volume appear to be diverging, a sign that a reversal may be on the horizon.

Fibonacci Retracements

On the 15-minute chart, the 61.8% retracement level is currently around 153.5 million ARS, which could act as short-term resistance. The 38.2% level at ~152.5 million appears to have held during the last rebound. On the daily chart, the 61.8% retracement level could be a critical area to watch in the near term for potential short-covering or long entries.

Backtest Hypothesis

The data source for the Bearish Engulfing signal for BTCARS could not be located, likely due to a symbol mismatch or data unavailability. To proceed with a backtest, the correct symbol should be confirmed (e.g., BTCARS, BTCARS, or another exchange-specific ticker). Additionally, to define the strategy parameters, it’s important to establish how long each short trade should be held after entry — for example, “cover at the next day’s close” or “hold for 5 trading days.” Risk management rules such as stop-loss and take-profit levels or maximum holding periods also need to be specified. Once confirmed, the backtest can be re-run with a tailored signal and exit strategy.