Market Overview: Bitcoin/Zloty (BTCPLN) 24-Hour Candlestick Analysis

Summary
• BTCPLN opened at 374,506 and closed at 372,931 after a volatile session.
• A bearish breakout below key support at 373,500 was confirmed.
• RSI approached oversold conditions while volume surged in early ET hours.
• Price traded within 372,282–375,573 range with 9.5% volatility.
• Bollinger Bands show expansion with price near the lower band, signaling potential consolidation.

Bitcoin/Zloty (BTCPLN) opened at 374,506 on 2025-11-08 at 12:00 ET − 1 and closed at 372,931 by 12:00 ET. The 24-hour high was 375,573 and the low was 372,282. Total volume was 0.78247 BTC, and total turnover amounted to 293,648,913.8 PLN. Price action shows a strong bearish bias, with a clear breakdown of key support and bearish engulfing patterns forming on the 15-minute chart.

Structure & Formations

Price action over the last 24 hours featured multiple bearish engulfing patterns, particularly between 19:30 ET and 21:30 ET, where a sharp sell-off brought BTCPLN down from 374,620 to 373,089. A key support level appears to be forming around 373,000, which was tested and broken in the early hours of 2025-11-09. A doji candle at 01:45 ET on the 24th indicates potential indecision and a possible pause in the downward trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed bearishly, indicating a short-term bearish bias. Over the daily timeframe, the 50/100/200-day averages are not available due to the limited input data, but the 15-minute signal suggests continued bearish momentum.

MACD & RSI

The MACD crossed below the signal line around 21:00 ET, confirming a bearish divergence. RSI fell into oversold territory at 28 by 01:15 ET but failed to rebound significantly, suggesting exhaustion in the bearish wave. A retest of RSI 30 could confirm a short-term bottom or signal a continuation of the downtrend.

Bollinger Bands

The 15-minute Bollinger Bands have been expanding due to increased volatility. By 01:30 ET, price was near the lower band at 372,549 and remained there for several hours, indicating a potential overreaction to bearish sentiment. A bounce off the lower band could signal a short-term reversal or consolidation phase.

Volume & Turnover
The largest single-volume bar occurred at 19:30 ET with a turnover of 103,220,460 PLN (0.28522 BTC), marking the largest sell-off. Volume declined significantly after 21:30 ET, suggesting diminishing selling pressure. However, price continued to fall with minimal volume, indicating a bearish exhaustion pattern.

Fibonacci Retracements

The most recent 15-minute swing from 375,573 to 372,282 shows the price has retraced to approximately 38.2% of the move. If this level holds, it could signal a short-term consolidation. On the daily chart, applying Fibonacci to the larger swing (from 375,573 to 372,282) shows the current price is near the 61.8% retracement level, which may act as a potential support zone.

Backtest Hypothesis

The observed bearish engulfing patterns, particularly between 19:30 ET and 21:30 ET, suggest a potential short-entry opportunity on confirmation of breakdown. A strategy based on daily bearish engulfing patterns—triggering a short entry at the next open after pattern formation and exiting after a fixed holding period or on a bullish reversal—could be tested. Using a precise price series, such as “BINANCE:BTCPLN” or a manually provided BTC/PLN dataset, would allow for a more accurate backtest from 2022-01-01 to the present. Once data is confirmed, full performance metrics and an interactive chart can be produced.