Market Overview: Magic Eden/Bitcoin (MEBTC) Daily Summary

Summary
• MEBTC remains in a tight range near $3.84e-06 with no clear direction.
• Volume declined significantly in the final hours, suggesting short-term indecision.
• A bearish reversal pattern emerged briefly before price stabilized at recent levels.

Market Overview

Magic Eden/Bitcoin (MEBTC) opened at $3.81e-06 on 2025-11-05 12:00 ET and traded between $3.81e-06 and $3.92e-06 over the next 24 hours, closing at $3.84e-06 on 2025-11-06 12:00 ET. Total volume amounted to 24,737.68 units with a turnover of $95.04.

Structure & Formations

Price remains tightly contained near $3.84e-06, with limited directional bias observed. A bearish engulfing pattern emerged briefly at $3.89e-06 to $3.87e-06 during the evening hours, suggesting short-term selling pressure, though price quickly regained stability. No significant bullish or bearish reversal patterns formed after 20:00 ET, and the market appears to be consolidating within a key range.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are converging near $3.85e-06–$3.86e-06, indicating potential support. The 50-period line is slightly above the 20-period line, suggesting neutral to weak momentum. On a daily scale, 50/100/200-period moving averages are expected to remain flat if current levels hold overnight.

MACD & RSI

The MACD histogram has turned slightly negative, with the MACD line crossing below the signal line, indicating mild bearish momentum. RSI has been oscillating between 48 and 54, suggesting a lack of strong overbought or oversold conditions.

Bollinger Bands

Volatility appears to be contracting, with price remaining near the middle band. A potential breakout could occur if price breaks above $3.87e-06 or below $3.82e-06. Current conditions do not indicate a high-probability breakout in the short term.

Volume & Turnover

Volume dipped sharply in the last four hours, with minimal trading activity reported. This lack of turnover suggests a possible exhaustion of current demand and supply. A divergence between volume and price is not currently evident.

Fibonacci Retracements

Fibonacci levels from the $3.81e-06 to $3.92e-06 swing suggest key resistance at $3.86e-06 (38.2%) and $3.83e-06 (61.8%). Price has tested the $3.86e-06 level multiple times but failed to break through. The $3.83e-06 level is now acting as a potential support.

Backtest Hypothesis

A potential strategy could involve a long entry on the next day’s open following a confirmed Bearish Engulfing pattern on the daily chart. Exit criteria may be defined by a close below the first Pivot Point S1 level after entry. Using daily candles appears acceptable for this strategy, and the exact symbol (MEBTC) and exchange should be confirmed for accurate data alignment. Stop-loss and take-profit levels could be added to manage risk, and the backtest would cover the 2022–2025 period.