Market Overview for Bittensor/Bitcoin (TAOBTC) as of 2025-11-08

Summary
• Price surged to 0.004109 before retracing to close near 0.0036.
• Strong volume spikes confirmed key breakouts and breakdowns.
• RSI suggests oversold conditions at session lows.

Opening Summary

Bittensor/Bitcoin (TAOBTC) opened at 0.003674 on 2025-11-07 12:00 ET, reached a high of 0.004109, touched a low of 0.003591, and closed at 0.0036 at 2025-11-08 12:00 ET. Total volume for the 24-hour period was 1,555.32 BTC, with a notional turnover of approximately $5.7 million.

Structure & Formations

The 15-minute OHLCV data reveals a pronounced bullish trend in the early part of the session, peaking at 0.004109. A large white candle at 18:45 ET followed by a bearish engulfing pattern at 19:00 ET signaled a potential reversal. Multiple doji candles in the later part of the session, particularly around 03:00–04:00 ET, indicated indecision and a bearish exhaustion. Key support levels are at 0.003710 and 0.003630, while 0.003850 and 0.003935 mark recent resistance levels.

Moving Averages

On the 15-minute chart, price broke above the 20-period and 50-period moving averages during the bullish phase but has since fallen below both. On the daily chart, the 50-period MA remains above the 200-period MA, suggesting a longer-term bullish bias, though the 100-period MA is now approaching the 50-period from below, hinting at potential near-term consolidation.

MACD & RSI

The MACD showed a strong bullish signal early in the session, with a positive divergence and histogram expansion during the 18:00–19:00 ET window. However, it turned bearish after the 19:15 ET candle, confirming the bearish trend. RSI hit an overbought level of 82 during the high at 0.004109 and subsequently fell into oversold territory, below 30, at 05:45 ET. This suggests a potential short-term rebound may be due, though bearish momentum remains dominant.

Bollinger Bands

Price traded near the upper band during the bullish breakout and then fell sharply, closing just above the lower band at 0.0036, suggesting volatility expansion. The recent consolidation period shows a narrowing of the bands, indicating a potential breakout or reversal may occur in the near term.

Volume & Turnover

Volume spiked significantly during the 18:45–19:00 ET window with a candle of 334.72 BTC, confirming the bearish reversal. A second notable spike occurred at 05:45 ET with 85.76 BTC, aligning with a sharp downward move. Notional turnover mirrored these spikes, with strong price-volume alignment suggesting genuine market conviction rather than wash trading or noise.

Fibonacci Retracements

Applying Fibonacci to the key 15-minute swing from 0.003659 to 0.004109, the 61.8% level sits at 0.003888, which was briefly tested. The 38.2% retracement at 0.003747 appears to be acting as a minor support level. Daily Fibonacci levels from the recent swing high suggest a 61.8% retracement target at 0.003780 may be a key near-term level to watch.

Backtest Hypothesis

Given the strong bearish engulfing pattern and overbought RSI condition on the 15-minute chart, a backtest strategy could involve a short trade at the close of the 19:00 ET candle with a stop above 0.003935 and a target at 0.003650. This strategy could be enhanced by using 50-period moving average crossovers to filter false breakouts and confirm trend strength before entry. Such a setup aligns with the observed bearish momentum and price-volume confirmation.