Market Overview for Bittensor/Bitcoin (TAOBTC)

• Price action shows a bullish reversal pattern at 0.002972 after a sharp decline.
• RSI and MACD suggest strengthening bullish momentum, with RSI above 50.
• Bollinger Bands show moderate volatility, with price near the upper band.
• Volume spiked at 18:15 ET, confirming a key bullish breakout.
• Fibonacci levels suggest potential resistance near 0.003094 and 0.003106.

Bittensor/Bitcoin (TAOBTC) opened at 0.002989 at 12:00 ET – 1 and reached a high of 0.003159 before closing at 0.003147 at 12:00 ET today. The pair traded between 0.002947 and 0.003159, with a total volume of 539.84 and notional turnover of 1.731 BTC-equivalent. The 24-hour period saw a clear bullish trend, with key support and resistance levels forming in the 0.002972–0.003094 range.

Structure & Formations

The 15-minute chart reveals several key candlestick patterns, including a bullish engulfing pattern at 0.002989 and a potential bearish pinocchio at 0.003147. These suggest mixed sentiment but with a clear breakout above 0.003068 confirming a bullish bias. Key support levels at 0.002989 and 0.002972 have held strong, with the price failing to retest them after the 0.003068 breakout. Resistance is now forming at 0.003094 and 0.003106, both of which appear to have capped the recent rally.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages show a bullish crossover around 23:30 ET, aligning with the breakout of 0.003068. These indicators suggest short-term bullish continuation. On the daily chart, the 50-period MA is rising and remains below the 200-period MA, indicating a strong long-term bullish bias for the pair. The 100-period MA is also trending upwards and aligning closely with the 50-period MA, reinforcing the bullish sentiment.

MACD & RSI

The MACD has crossed into positive territory, confirming the bullish breakout. The histogram shows increasing bullish momentum over the past 24 hours, especially after the key volume spike at 18:15 ET. The RSI has climbed above 50 and remains in the overbought zone for much of the day, signaling strong buying pressure. While this suggests potential for a pullback, the overall momentum remains bullish, with no immediate signs of exhaustion.

Bollinger Bands

Bollinger Bands show moderate expansion over the 24-hour period, indicating rising volatility. The price has spent much of the session near the upper band, particularly after 0.003068 breakout. This suggests strong bullish momentum and a potential for further upward movement. The lower band has held at 0.002972–0.002989, offering strong support. A retest of this area is likely, but a sustained break below it would signal a bearish reversal.

Volume & Turnover

Volume has been uneven but has spiked significantly at 18:15 ET and again at 13:30 ET, confirming key price action. The high volume at 18:15 ET coincided with the breakout of 0.003068 and the 0.003094 level. Notional turnover also increased, showing strong institutional or large-cap buying pressure. Divergences between price and volume are not yet significant, suggesting the bullish momentum is being confirmed by market activity.

Fibonacci Retracements

Applying Fibonacci retracements to the 0.002972–0.003159 swing, the 61.8% level at 0.003083 has shown resistance but was briefly broken through on the way to 0.003147. The 38.2% level at 0.003068 has now become a key support/resistance level, with the price showing strong bullish continuation after this level. On a daily basis, Fibonacci levels suggest 0.003106 as a key resistance, with 0.002972 as a strong support.

Backtest Hypothesis

A potential backtesting strategy could be built on the idea of entering long positions when the price breaks above a key Fibonacci level (e.g., 61.8% or 38.2%) and is confirmed by a bullish engulfing pattern and a surge in volume. The breakout above 0.003068 was accompanied by both a bullish candlestick pattern and strong volume, making it a potential signal for a long trade. A stop-loss could be placed just below the 0.003047 level, with a take-profit near the 0.003106–0.003143 range, based on recent resistance levels and Fibonacci projections. The MACD and RSI divergence should also be monitored to catch signs of potential exhaustion before entering or exiting.