Market Overview for Mina/Bitcoin (MINABTC) - 2025-11-06

Summary
• Price surged from 1.27e-06 to 1.87e-06 before retracing to 1.72e-06.
• Volume spiked near the peak but declined into the close.
• MACD and RSI show overbought conditions and bearish divergence.

Mina/Bitcoin (MINABTC) traded between 1.27e-06 and 1.87e-06 over the past 24 hours, closing at 1.72e-06 from an open of 1.27e-06. Total volume reached 1.87e+06, with a turnover that reflected this aggressive price movement. The market displayed strong bullish momentum followed by a sharp correction.

Structure and formations on the 15-minute chart revealed a significant upward impulsive move, with a peak at 1.87e-06 followed by a descending correction into a consolidation phase. A bearish divergence appeared on the RSI and MACD lines, suggesting a potential reversal in the short term. A bullish engulfing pattern formed earlier in the session, which failed to hold, indicating weak follow-through on the breakout.

Moving Averages and Momentum

The 20-period and 50-period moving averages (15-minute) were both bullish but started to flatten as the price retracted. The 200-period moving average on the daily chart remained in a long-term uptrend, suggesting the pair may continue to test higher levels. The RSI reached overbought territory during the peak, while the MACD showed a bearish crossover, pointing to potential profit-taking or short-term bearish pressure.

Volatility and Divergence

Bollinger Bands widened during the bullish surge, indicating increased volatility, but have since contracted, suggesting a period of consolidation. Price action diverged with volume in the latter half of the session, with declining volume despite continued price movement, raising concerns about weakening conviction. Notional turnover mirrored volume closely, but a divergence in the final hour suggests traders may be stepping back.

Backtest Hypothesis

The data source currently does not recognize the ticker symbol “MINABTC,” which limits the ability to run a backtest for Bullish-Engulfing patterns. To proceed, confirmation of the correct exchange or symbol is needed. Alternatively, providing a reliable data source in CSV/JSON format for MINA-BTC from 2022-01-01 would allow for a local computation of the pattern and its performance. This would enable a 1-day holding period backtest with P&L metrics and statistical analysis.