Market Overview for HEMI/Turkish Lira (HEMITRY)

• HEMI/TRY fell from 2.52 to 2.36 in 24 hours amid bearish momentum and volume spikes.
• A sharp breakdown below key support at 2.40 triggered a 4% drop in the last 6 hours.
• RSI hit oversold conditions near 30, suggesting potential for a near-term bounce.
• Bollinger Bands widened as volatility increased, with price near the lower band.
• A bearish engulfing pattern emerged at 2.41–2.43, indicating possible further downside.

HEMI/Turkish Lira (HEMITRY) opened at 2.49 on October 22 at 12:00 ET and reached an intraday high of 2.52 before dropping to a 24-hour low of 2.36. The pair closed at 2.42 as of 12:00 ET on October 23. Total 24-hour volume was 23,064,790.0, with a turnover of approximately 61,966,110 Turkish Lira.

The price action on the 15-minute OHLCV chart showed a clear bearish bias after 19:45 ET, when a sharp breakdown below key support at 2.40 triggered a sell-off. A bearish engulfing pattern formed around 2.41–2.43, confirming bearish momentum. The 20-period and 50-period moving averages on the 15-minute chart both turned downward, reinforcing the short-term bearish bias. The 50-period daily moving average remains above the 200-period, indicating a mixed medium-term trend.

Relative Strength Index (RSI) reached oversold levels near 30, suggesting the potential for a near-term bounce or consolidation phase. However, the MACD remained bearish, with a negative crossover and a declining histogram. Bollinger Bands showed a widening trend, indicating rising volatility. Price traded near the lower band of the bands during the session, reinforcing the bearish signal. Fibonacci retracement levels at 2.38 and 2.34 appear to offer potential support, though a break below 2.34 could extend the downward trajectory.

Volume spiked sharply during the breakdown phase, confirming the bearish move. Notional turnover increased in tandem with price declines, showing alignment between volume and price. Divergence between volume and price was not observed in the 24-hour window.

Backtest Hypothesis

A backtest strategy based on the Bearish Engulfing pattern would require the exact symbol for HEMI/Turkish Lira in the data source. If the symbol “HEMITRY” is not recognized, alternative tickers or a direct OHLCV feed is needed to confirm the signal. Once validated, a sell signal would be triggered at the open of the engulfing pattern, with a stop-loss above the high of 2.43 and a target at the next Fibonacci support at 2.34. Given the RSI and Bollinger Band dynamics observed, the pattern appears to be high-probability but would benefit from confirmation via volume divergence or a break of the lower band.

Looking ahead, the next 24 hours could see HEMI/TRY testing 2.34 as a key support level. If this level holds, a consolidation phase may follow. However, a breakdown below 2.34 could open the door to further bearish momentum. Investors should monitor RSI for signs of a rebound or renewed bearish pressure. As always, volatility remains elevated, and stop-loss placement is strongly advised.