Market Overview: Bitcoin/Eurite (BTCEURI) 24-Hour Price Action

• Price declined from 96,888.78 to 94,945.46 EUR, forming bearish engulfing patterns in early morning.
• Volatility expanded significantly during the 02:00–04:00 ET window with 5.1% intracandle moves.
• RSI entered oversold territory below 30 and remained there through the day, suggesting potential for a rebound.
• Bollinger Bands widened during key selloffs, while volume surged below key support levels.

Overview and Key Metrics

Bitcoin/Eurite (BTCEURI) opened at 96,842.69 EUR at 12:00 ET - 1 and closed at 94,945.46 EUR at 12:00 ET, with a high of 97,093.87 EUR and a low of 94,868.91 EUR. Total volume over 24 hours was 15.68 BTC, and notional turnover was approximately €1,495,600. The asset experienced multiple sharp retracements and divergences, particularly in the early hours of the morning.

Structure & Formations

Price formed a bearish engulfing pattern at 17:15 ET, confirming a shift in sentiment from bullish to bearish. A doji appeared at 21:00 ET, indicating indecision at lower levels. A key support level formed around 95,000 EUR following repeated tests over the past 6 hours, while a failed attempt at 95,500 EUR signaled potential for a break below that threshold.

MACD & RSI

The MACD line remained negative throughout the 24-hour window, with bearish crossovers observed in the early morning and early afternoon. The RSI dropped below 30 at 03:30 ET and stayed in oversold territory until the close, failing to produce a meaningful rebound above 40. This suggests that momentum is bearish but could be nearing exhaustion, though a reversal is not yet confirmed.

Bollinger Bands & Volatility

Bollinger Bands expanded significantly during the selloff from 96,000 EUR to below 95,000 EUR, with volatility peaking during the 02:30–04:30 ET window. Price spent over 6 hours inside the lower band, suggesting a potential for a bounce. However, the absence of a strong reversal candle near the lower boundary means that further consolidation or a break could be in store.

Volume & Turnover

Volume spiked near key resistance levels (96,000–97,000 EUR) and surged again at 04:30 ET during the 94,800–94,900 EUR consolidation. Notional turnover diverged from price action in the 09:00–10:00 ET period, with declining volume despite continued selling pressure, suggesting reduced conviction in the downward move.

Fibonacci Retracements

A 61.8% Fibonacci retracement level of 95,240 EUR was tested and rejected, leading to a pullback below 95,000 EUR. Earlier intraday swings saw price test the 38.2% level of 96,500 EUR before reversing. These levels could provide psychological support and resistance in the near term.

Backtest Hypothesis

The backtesting strategy described earlier focuses on Fibonacci levels and divergence between RSI and price action to generate potential reversal signals. Applying this approach to the recent 15-minute swing (97,093.87 to 94,868.91 EUR), a sell signal was triggered at the 61.8% retracement level (95,240 EUR). A buy signal would have followed on a close above this level after a bearish divergence in RSI. However, given the current price below 95,000 EUR and weak volume, the hypothesis would suggest a continuation of the downtrend.