Market Overview for iExec RLC/Bitcoin (RLCBTC) as of 2025-11-04

Summary
• RLCBTC opened at 7.44e-06 and closed at 7.72e-06, with a high of 7.91e-06 and a low of 7.28e-06.
• Notable bearish divergence seen in volume and price during the early session before a strong rally.
• RSI indicates overbought conditions, and price remains above key Fibonacci levels.

Opening Narrative

iExec RLC/Bitcoin (RLCBTC) closed at 7.72e-06 on 2025-11-04, up from the 7.44e-06 open. The pair saw a high of 7.91e-06 and a low of 7.28e-06, with total volume of 105,536.8 and turnover of 799.15 Bitcoin equivalent. The 24-hour period showed a volatile recovery, particularly in the second half of the day.

Structure & Formations

The price action displayed a strong bearish engulfing pattern in the 17:30–18:00 ET timeframe, followed by a reversal candlestick pattern as buying interest emerged in the late session. A doji formed near the 7.41e-06 level, indicating indecision, while the final 15-minute candle closed near the high of the session.

Support & Resistance Levels

Key support levels were identified around 7.31e-06, 7.41e-06, and 7.50e-06, with resistance at 7.65e-06, 7.78e-06, and 7.91e-06. A breakout above 7.91e-06 could signal a continuation of the bullish momentum seen in the final hours.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA in the final hours, suggesting short-term bullish momentum. For daily timeframes, the 50-period MA remains above the 200-period MA, indicating a medium-term bullish bias.

MACD & RSI

The MACD crossed into positive territory in the final 6 hours, signaling renewed bullish momentum. RSI reached overbought territory (above 70) near the session high, suggesting a potential pullback. However, the divergence between the MACD histogram and price during the initial bearish move hints at a possible false bearish signal.

Bollinger Bands

Price traded within a narrow Bollinger Band range during the first half of the session, with volatility expanding after the 19:00 ET timeframe. The close approached the upper band, reinforcing the bearish-to-bullish reversal narrative.

Volume & Turnover

Volume spiked during the 19:30–20:00 and 05:15–06:00 ET timeframes, aligning with sharp price movements. Notional turnover also increased in those windows, confirming the strength of the price swings. A divergence in volume during the 05:15–06:00 ET sell-off suggests caution in interpreting the bearish move.

Fibonacci Retracements

Applying Fibonacci to the 15-minute swing from 7.28e-06 to 7.91e-06, the 61.8% retracement level (~7.57e-06) was tested but rejected. The 38.2% level (~7.69e-06) appears to be a potential support zone for the next 24 hours.

Backtest Hypothesis

The recent divergence in MACD during the early bearish phase suggests a potential bottoming signal. However, the current interface failure for RLCBTC technical indicators complicates automated backtesting. A proxy strategy using MACD crossover or oversold RSI levels may provide a workaround for testing entry and exit signals. Alternatively, shifting to a USD pair (e.g., RLC/USDT) could enable more accurate backtesting if the BTC pair remains unavailable.