Market Overview for Magic Eden/Bitcoin (MEBTC)

• Price action showed a bearish bias with a late-night breakdown from 4.15e-06 to 4.05e-06.
• RSI and MACD indicated weakening momentum with no overbought signals.
• Volatility expanded after 23:45, as seen in the sharp decline to 4.05e-06.
• Bollinger Bands widened, showing increased price dispersion.
• Volume spiked in the late-night hours during the breakdown, confirming the move.

The 24-hour price of Magic Eden/Bitcoin (MEBTC) opened at 4.14e-06 on 2025-11-01 12:00 ET and closed at 4.08e-06 on 2025-11-02 12:00 ET. The high for the period was 4.18e-06, while the low was 3.99e-06. Total trading volume across the 24-hour period was 15,463.76, with notional turnover amounting to USD 64.62. Price action appears to have broken below key support at 4.14e-06, raising bearish implications for the near term.

Structure and formations over the past 24 hours revealed a clear breakdown from the consolidation range between 4.13e-06 and 4.15e-06. A key resistance at 4.15e-06 failed to hold, leading to a test of 4.12e-06 and 4.09e-06. Notable candlestick patterns included a bearish engulfing pattern at 23:45, which confirmed the breakdown. A doji at 00:15 suggested indecision, but the bearish bias intensified in the early morning hours. The price has now settled into a lower range, with a potential test of 4.05e-06 as the next short-term support.

The 15-minute chart shows the 20-period and 50-period moving averages both trending downward, confirming the bearish trend. On the daily chart, the 50, 100, and 200-period moving averages are in alignment, suggesting a continuation of the downtrend. MACD is negative with a bearish crossover, and RSI has moved into oversold territory, indicating potential for a short-term bounce. However, without a clear break above 4.12e-06, the momentum remains on the downside. Bollinger Bands widened in the late-night session, reflecting increased volatility, with price settling near the lower band. This suggests a high-probability setup for a bounce from the band or further weakness.

Volume spiked during the late-night breakdown from 4.15e-06 to 4.05e-06, confirming the move. A divergence between price and volume occurred briefly at 05:45, when volume dropped while price continued down, but it was quickly resolved with a fresh wave of selling at 06:45. Turnover also spiked in the breakdown, with 926.53 traded at 06:45, confirming the move lower. A Fibonacci 61.8% retracement level from the 4.18e-06 high to the 4.05e-06 low sits at 4.10e-06, which now acts as a key resistance if a rebound occurs.

The backtest hypothesis is built around the recent breakdown from 4.15e-06 and the potential for a bounce or continuation. A resistance event could be flagged when the price first touches or closes above 4.18e-06, while a support event could be flagged when it first touches or closes below 3.99e-06. Using daily closing prices for the backtest would be suitable given the long-term nature of the setup. After the event, a fixed holding window of 5 trading days may provide sufficient time for a directional move to manifest. Alternatively, a dynamic exit could be considered, such as a 5% stop-loss or a take-profit at 4.10e-06 for the resistance and 3.95e-06 for the support. The hypothesis is aligned with the current technical indicators, particularly the RSI and MACD, which suggest a potential reversal point is near.