Market Overview for HEMI/Turkish Lira (HEMITRY)

• HEMI/Turkish Lira declined from 3.03 to 2.90 over the last 24 hours with notable bearish momentum.
• Volatility increased sharply after midday as price dropped below 3.00.
• Volume spiked during the 19:30–20:00 ET period amid a sharp selloff.
• RSI reached oversold territory while price hovered near support at 2.88.
• Bollinger Bands expanded during the selloff, signaling heightened short-term uncertainty.

HEMI/Turkish Lira (HEMITRY) opened at 3.03 on 2025-10-11 at 12:00 ET and closed at 2.90 on 2025-10-12 at 12:00 ET, with a high of 3.04 and a low of 2.81. Total 24-hour volume was approximately 17,188,660.5 units, with a notional turnover of $49,060,014.65.

The price action over the past 24 hours was defined by a sharp, sustained bearish move from 3.03 to 2.81, forming a key support cluster around 2.88–2.90. This area held during a series of retests, suggesting short-term buying interest. A notable bearish engulfing pattern formed at 3.03–2.93, confirming a shift in momentum. A doji near 2.88 indicated indecision and potential exhaustion of the downward move.

The 20-period and 50-period moving averages on the 15-minute chart crossed bearishly, reinforcing the short-term downtrend. MACD showed bearish divergence as the histogram contracted despite price continuing to fall. RSI entered oversold territory (below 30) during the session, suggesting potential for a near-term bounce, though caution is warranted due to the depth of the decline and lack of strong bullish confirmation.

Bollinger Bands expanded as volatility increased during the sharp selloff, with price testing the lower band at 2.81 before retracing slightly. A 61.8% Fibonacci level at 2.90–2.88 appears to be a critical area for near-term support. On the daily chart, the 50-period MA is approaching the 100-period MA, which may signal a potential for trend exhaustion or consolidation if 2.90 holds.

Backtest Hypothesis

A potential backtesting strategy could involve entering a long position when price closes above the 61.8% Fibonacci level at 2.90–2.88 and the RSI crosses above 30, accompanied by a bullish candlestick pattern such as a hammer or a morning star. The stop loss could be placed just below 2.81, the recent swing low, while the take profit aligns with the 38.2% retracement level at 2.94. This setup would aim to capture a potential short-term reversal off the oversold condition, leveraging both price action and momentum indicators for confirmation.