Market Overview for Bittensor/Bitcoin (TAOBTC)

Summary
• Price rose from 0.003545 to 0.003556, closing near 0.003556 with increased volume.
• Key resistance at 0.003566 and support at 0.003524 were tested multiple times.
• Momentum showed mixed signals, with RSI hovering near neutral territory.

Bittensor/Bitcoin (TAOBTC) opened at 0.003545 on 2025-11-10 at 12:00 ET, hit a high of 0.003672, a low of 0.00351, and closed at 0.003556 on 2025-11-11 at 12:00 ET. Total volume over 24 hours was 843.7759, while notional turnover amounted to $2,971.32. The pair experienced moderate volatility with key resistance at 0.003566 and support at 0.003524.

Structure & Formations

Price tested key levels repeatedly throughout the 24-hour period, with 0.003566 acting as a strong resistance and 0.003524 as a strong support. A Bullish Engulfing pattern was observed near 0.003552, suggesting short-term bullish momentum. A Doji appeared near 0.003642, indicating indecision. These formations highlight potential turning points ahead.

Moving Averages

On the 15-minute chart, the 20-period MA moved above the 50-period MA, indicating a potential short-term bullish trend. On the daily chart, the 50-period MA was slightly above the 100-period MA, suggesting a mildly bullish bias over a longer timeframe. The 200-period MA remained a key long-term reference point below current price action.

MACD & RSI

MACD showed a slight bullish crossover during the evening hours, followed by a narrowing histogram, signaling weakening momentum. RSI moved between 50 and 60, hovering near neutral territory with no clear overbought or oversold signals. Price action appears to be consolidating without strong momentum either up or down.

Bollinger Bands

Volatility was moderate, with Bollinger Bands expanding in the early hours and contracting slightly during the afternoon. Price stayed within the bands for most of the session, with a brief test of the upper band at 0.003672. This suggests the market is currently in a balanced consolidation phase rather than a breakout scenario.

Volume & Turnover

Volume spiked during the late evening hours, peaking at 124.6028 and 28.6413, which coincided with key price swings. Notional turnover mirrored these volume spikes, confirming price movements. No major price-volume divergences were observed, indicating strong alignment between price and market activity.

Fibonacci Retracements

Fibonacci levels were drawn from the low of 0.00351 to the high of 0.003672. The 61.8% level at 0.003583 was tested but not decisively broken. The 38.2% level at 0.003603 also saw activity. Price is now consolidating near the 50% retracement level at 0.003591, which may serve as a pivot point for near-term direction.

Backtest Hypothesis

A strategy of buying TAOBTC on the occurrence of a Bullish Engulfing pattern and holding for 3 days yielded a 25.41% return with a high win ratio of 75%. The backtest involved 4 trades, with 3 being profitable and a maximum drawdown of 12.54%. The strategy outperformed the benchmark by 5.41%, indicating strong potential for generating alpha. The pattern identified in the 24-hour OHLCV data near 0.003552 could be a viable entry point for this strategy, depending on the next 3-day price response.