Market Overview: Giggle Fund/Turkish Lira (GIGGLETRY) on 2025-11-07

Summary
• Price opened at $8,463 and reached a high of $9,424 before closing at $8,883.
• Volatility spiked during the early ET session, with a high-low range exceeding $1,000.
• Volume and turnover remained relatively in line with price action, without significant divergences.

Giggle Fund/Turkish Lira (GIGGLETRY) opened at $8,463 (12:00 ET – 1), reached a 24-hour high of $9,424, and closed at $8,883 at 12:00 ET. Total traded volume was 26,944.62, and total turnover amounted to approximately $244,138,658. The pair showed a dynamic price action with sharp bullish and bearish swings throughout the session.

Structure & Formations

The candlestick pattern observed suggests a bearish reversal setup as prices formed a series of highs and failed to close above key resistance levels. A notable bearish engulfing pattern emerged between 20:00–20:30 ET, confirming a shift in sentiment from bullish to bearish. Additionally, a long lower wick appeared at 01:45–02:00 ET, indicating rejection of lower prices and a potential support zone forming near $8,250.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs both declined during the session, with price falling below both at the end of the period. On the daily chart, the 50-period SMA is at $8,650, while the 200-period SMA is near $8,450. Price currently sits above the 50 SMA but below the 200 SMA, suggesting a mixed bias.

MACD & RSI

MACD crossed into negative territory from mid-session, indicating bearish momentum. The RSI reached overbought conditions during the afternoon ET peak at $9,424 but has since corrected into neutral territory. This suggests a potential exhaustion of the bullish move and a possible continuation of the bearish trend.

Bollinger Bands

Volatility expanded during the peak session (17:00–21:00 ET), with prices breaking above the upper band. By the early morning session, volatility had contracted, and prices settled near the middle band, suggesting consolidation after the sharp move. Price is now trading slightly above the middle Bollinger band, with no signs of another breakout yet.

Volume & Turnover

Volume spiked during the afternoon ET rally, confirming the strength of the bullish move, while a second smaller peak occurred during the early morning reversal attempt. Notional turnover moved in line with volume, with no signs of significant divergence. This suggests that price movements were supported by genuine buying and selling pressure.

Fibonacci Retracements

Applying Fibonacci to the key 15-minute swing from $8,108 to $9,424, the 61.8% retracement level is at $8,782 and appears to be currently acting as a resistance. On the daily chart, the 38.2% retracement level from the recent high is at $8,864, which may serve as a potential pivot point in the near term.

Backtest Hypothesis

The backtest strategy described involves detecting Bullish Engulfing and Bearish Engulfing candlestick patterns to enter and exit positions. For this to be tested effectively, a valid ticker symbol is needed. While “HOLD.P” could not be retrieved, a similar strategy could be tested using a liquid asset such as SPY or AAPL. Once a valid ticker is confirmed, historical candlestick patterns can be extracted, and a rules-based backtest can be constructed to evaluate performance from 2022-01-01 to the present.

The next 24 hours could bring renewed bearish momentum if price fails to retest and hold above $8,883. A close above $8,900 would likely signal a potential rebound, but given the bearish engulfing pattern and overbought correction, caution remains warranted. Investors should watch for a potential test of the $8,782 Fib level as a near-term pivot.