Market Overview for Dolomite/Turkish Lira (DOLOTRY) on 2025-11-05

• Price declined from 2.897 to 2.706 amid increasing volume and momentum divergence.
• Key support tested around 2.70–2.71 with mixed follow-through after a bearish reversal pattern.
• High volatility and intraday swings suggest potential for further consolidation or breakout.

Dolomite/Turkish Lira (DOLOTRY) opened at 2.897 at 12:00 ET–1 and closed at 2.706 at 12:00 ET, with a high of 2.897 and a low of 2.594 over the 24-hour period. Total volume reached 1,949,245.1 units, and notional turnover amounted to 5,236,717.1 TRL, indicating heightened trading activity.

The 24-hour price action revealed a strong bearish bias, especially in the first half of the session, with a key bearish reversal pattern forming around 2.80–2.75. Price continued to retest support levels between 2.70 and 2.71 but failed to break decisively below, suggesting short-term uncertainty. Momentum indicators such as RSI and MACD showed signs of divergence, pointing to potential exhaustion in the downtrend.

Structure & Formations

The candlestick pattern from 12:00 ET–1 to 12:00 ET displayed a bearish engulfing formation, followed by a deep correction. A strong bearish engulfing pattern formed between 2.897 and 2.766 within the first hour, indicating a shift in sentiment from bullish to bearish. Key support levels emerged around 2.70–2.72, while resistance clustered between 2.75 and 2.77. A doji formed around 2.706 near the close, signaling indecision and potential for a short-term reversal.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward throughout the session, reflecting bearish momentum. On the daily chart, the 50-period MA crossed below the 200-period MA in a potential death cross formation, suggesting continued downside pressure.

MACD & RSI

The MACD line remained negative throughout the session, confirming the bearish trend, with the signal line moving lower in tandem. The RSI declined sharply from overbought levels to mid-50s, indicating a loss of upward momentum. However, the RSI rebounded slightly near the close, hinting at potential short-term stabilizing pressure.

Bollinger Bands

Volatility expanded significantly during the session, with the upper band reaching as high as 2.897 and the lower band hitting 2.594. The price traded close to the lower band at the end, suggesting oversold conditions. A potential bounce back toward the middle band may be expected if support at 2.70–2.71 holds.

Volume & Turnover

Volume surged during the early bearish phase, particularly between 12:00 and 19:00 ET, confirming the downward move. However, the decline in turnover after 22:00 ET suggests a waning interest in the sell-off, potentially foreshadowing a pause in the downward trajectory.

Fibonacci Retracements

Fibonacci levels drawn on the 15-minute chart indicated a 61.8% retracement around 2.73–2.74, which held as temporary resistance before the price continued lower. On the daily chart, the 38.2% and 61.8% retracement levels coincided with 2.70 and 2.65, respectively. The 2.70 level was the last major support before the 2.65 level becomes critical in the next session.

Backtest Hypothesis

The bearish engulfing pattern observed on the 15-minute chart aligns with the backtesting strategy of opening a short position upon confirmation and exiting at the next close. Given the strong volume confirmation during the initial bearish phase, the strategy could have generated a significant short-term return had it been executed at 2.839 (confirmed at 17:15 ET). The recent doji and mixed follow-through suggest that while the strategy would have profited in this case, caution is needed as divergence in momentum and indecision at the close may indicate the trend is losing strength. A successful backtest would hinge on repeated confirmation of bearish patterns and volume confirmation across the time frame.