Market Overview for Dolomite/Turkish Lira (DOLOTRY)

• Price declined from 6.825 to 6.359 over 24 hours, with strong bearish momentum in the early session.
• Key support appears at 6.35–6.36, with a potential bounce observed in the afternoon.
• Volatility increased significantly in the early morning before easing into the afternoon.
• RSI indicates oversold conditions later in the day, while MACD shows bearish divergence.

Dolomite/Turkish Lira (DOLOTRY) opened at 6.398 at 12:00 ET-1, surged to a high of 6.86, declined to a low of 6.3, and closed at 6.359 at 12:00 ET. The total 24-hour volume amounted to 12,521,463.1 and turnover was 76,330.8.

Structure & Formations

Price action over the last 24 hours formed a strong bearish structure from 6.86 to 6.3, with several key support levels appearing around 6.35–6.36 and 6.29–6.31. A significant bearish engulfing pattern emerged during the morning hours, followed by a small bullish reversal pattern in the afternoon near 6.35–6.36, suggesting short-term support. The market also showed signs of exhaustion in the late afternoon, with a consolidation phase observed near 6.35–6.37.

Moving Averages

Short-term momentum on the 15-minute chart shows price below both the 20-period and 50-period moving averages, reinforcing a bearish bias. Longer-term averages suggest a continuation of this trend, with no immediate signs of a reversal. Price appears to be drifting downward in alignment with these indicators.

MACD & RSI

MACD remained bearish throughout most of the session, with a negative divergence forming after the initial selloff. RSI dipped into oversold territory in the late afternoon, signaling a potential short-term bounce. However, the oversold reading lacks a strong reversal confirmation, suggesting the bearish trend may continue into the next day.

Bollinger Bands

Price traded near the lower Bollinger band for much of the session, indicating oversold conditions. Volatility expanded in the early morning hours during the sharp decline but has since contracted, suggesting a potential pause in the bearish momentum.

Volume & Turnover

Volume spiked during the early morning sell-off, particularly between 03:15 and 04:15 ET, confirming the strength of the bearish move. Turnover remained elevated for the remainder of the session but began to taper off in the afternoon. No clear divergence between price and turnover was observed, indicating consistent bearish pressure throughout the session.

Fibonacci Retracements

Key Fibonacci retracement levels from the 6.3 to 6.86 move show 61.8% at 6.50 and 38.2% at 6.46. Price has yet to test these levels, and a retest in the next 24 hours may offer a potential trading opportunity.

Backtest Hypothesis

The observed bearish engulfing pattern in the morning, combined with strong volume confirmation, aligns with a potential short-selling strategy on a break below 6.35–6.36. A trailing stop could be placed at 6.29–6.31 based on the recent consolidation phase. If RSI confirms an oversold bounce with a bullish reversal pattern, a long trade on a retest of 6.35–6.36 could be considered.