Market Overview for MyShell/Bitcoin (SHELLBTC): 24-Hour Price Action and Sentiment

• Price tested and held key resistance at 1.17e-06 before advancing to 1.2e-06.
• Momentum showed a steady increase through the day, with RSI nearing overbought levels.
• Volatility expanded through Bollinger Band expansion, suggesting a breakout attempt.
• On-balance volume confirmed the bullish bias, with no major divergences detected.
• Fibonacci levels suggest 1.18e-06 as a potential pullback target, with 1.2e-06 as a near-term ceiling.

SHELLBTC opened at 1.1e-06 on 2025-09-17 12:00 ET and closed at 1.2e-06 on 2025-09-18 12:00 ET, reaching a high of 1.2e-06 and a low of 1.1e-06. Total volume over the 24-hour period was 342,326.9 units, with notional turnover of 63.35e-6. The pair displayed a clear bullish bias with several key levels tested and held.

Structure & Formations

Price action formed a clear ascending triangle pattern over the last 24 hours, with resistance consolidating around 1.17e-06 and 1.19e-06. A breakout confirmed above 1.19e-06 into 1.2e-06 suggests strong short-term bullish momentum. A bullish engulfing pattern formed at 1.16e-06–1.17e-06, and a high-volume pin bar confirmed the level. A small doji at 1.17e-06 suggests indecision before the final push higher.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed above 1.15e-06, reinforcing the bullish trend. The daily chart shows the 50-period MA above the 100-period and 200-period MA, indicating a longer-term bullish bias. Price remains above all three major daily MAs, suggesting a sustained uptrend.

MACD & RSI

MACD showed a strong positive crossover and remained above the signal line, confirming bullish momentum. RSI rose to 68, approaching overbought territory, indicating exhaustion may be near. While overbought conditions don’t always signal a reversal, investors should monitor for signs of divergence between price and RSI.

Bollinger Bands

Volatility expanded as the upper Bollinger Band reached 1.2e-06, and price closed near the upper band. This suggests a breakout pattern is in place. The narrowing of bands earlier in the session implied tightening volatility before the move higher. Traders should watch for a retest of the upper band and potential pullback to the midline at 1.15e-06–1.16e-06.

Volume & Turnover

Volume increased significantly in the final hours of the session, particularly at 1.19e-06 and 1.2e-06, confirming the breakout. Notional turnover rose in line with price gains, suggesting strong institutional and retail participation. No major divergences were observed, reinforcing the bullish narrative.

Fibonacci Retracements

Fibonacci levels from the key swing low at 1.1e-06 to the swing high at 1.2e-06 show 61.8% at 1.162e-06 as a likely pullback target. 38.2% at 1.148e-06 may also see short-term support. On the daily chart, 61.8% of the recent leg higher is at 1.17e-06, which coincided with a breakout confirmation.

Backtest Hypothesis

The proposed backtest strategy focuses on breakout confirmation using the 20-period and 50-period moving average crossover, combined with volume confirmation and RSI filtering. Specifically, the model triggers a long entry when the price closes above a key resistance level (confirmed by a bullish candlestick pattern), volume spikes by at least 50%, and RSI is above 50 but not yet in overbought territory. Exit rules include a trailing stop at the 38.2% Fibonacci level and a target at the 61.8% level. This approach aligns with today’s observed breakout and confirms the strategy could have captured the move from 1.1e-06 to 1.2e-06. The RSI filter would have prevented premature entries and ensured momentum was intact.