Summary
• Price action remained range-bound near 9.4e-07, with no decisive breakout in 24 hours.
• Volume dipped during key consolidation phases, suggesting limited participation.
• A bearish trend appears to be taking hold with 9.1e-07 as a potential support target.
Mina/Bitcoin (MINABTC) opened at 9.6e-07 at 12:00 ET − 1, reaching a high of 9.6e-07 and a low of 9e-07, closing at 9.1e-07 by 12:00 ET. Total volume for the 24-hour window was 308,905.1, with a notional turnover of 0.2845 BTC.
Structure & Formations
Price movement on the 5-minute chart showed repeated consolidation at 9.4e-07, suggesting a key resistance level. A bearish breakdown below 9.3e-07 appeared confirmed, with a potential test of 9.1e-07 as a next support level. Doji and small bodies indicated indecision, with no clear reversal signs observed.
Moving Averages
On the 5-minute chart, the 20-period MA crossed below the 50-period MA, forming a potential death cross. On the daily chart, price closed below the 200-period MA, reinforcing a bearish trend.
MACD & RSI
MACD remained below zero, signaling bearish momentum. RSI declined to 30, nearing oversold territory but without a strong rebound, hinting at potential further consolidation or a gradual decline.
Bollinger Bands
Volatility was moderate, with price frequently touching the lower band. No significant contraction or expansion was observed, indicating a lack of directional volatility.
Volume & Turnover
Trading volume spiked during key downward moves, particularly around 22:45 and 03:30 ET, but remained low during consolidation phases. Turnover aligned with volume, showing no divergence.
Fibonacci Retracements
A recent 5-minute swing from 9.6e-07 to 9.1e-07 saw a test at the 61.8% retracement level (around 9.3e-07), which failed to hold. This suggests bearish continuation, with the next target at the 100% level near 9.0e-07.
In the next 24 hours, a break below 9.1e-07 could increase bearish momentum, while a rebound above 9.4e-07 may offer a short-term reprieve. Investors should remain cautious, as low volume could limit reversal attempts.
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