Market Overview for Neiro Ethereum/Yen (NEIROJPY)

• Neiro Ethereum/Yen (NEIROJPY) closed at 0.02937, up from its 12:00 ET−1 open of 0.02836, forming a strong bullish bias on the 24-hour chart.
• Price action showed a 0.00101 upward swing with key resistance near 0.0295–0.0297 and support at 0.0282–0.0284.
• Momentum, as reflected in the RSI, showed signs of overbought conditions during the overnight session.
• High volume and turnover were concentrated around key breakout levels, especially in the 0600–0900 ET window.
• A Morning Star pattern emerged around 0845 ET on the 15-minute chart, suggesting a potential short-term reversal.

24-Hour Summary

Neiro Ethereum/Yen (NEIROJPY) opened at 0.02836 at 12:00 ET−1 and closed at 0.02937 at 12:00 ET, reaching a high of 0.03019 and a low of 0.02807 within the 24-hour window. The pair exhibited a strong bullish bias, with a total volume of 85,065,780.0 and a total notional turnover that reflected heightened trading activity, particularly during the 6:30 AM to 9:00 AM ET period when significant price and volume divergences emerged.

Structure & Formations

Price action formed key resistance levels around 0.0295–0.0297 and 0.0299–0.0301, both of which saw multiple failed attempts to hold. On the flip side, strong support levels were identified near 0.0282–0.0284, where price action showed consolidation before breakout attempts. A Morning Star candlestick pattern appeared at 0845 ET on the 15-minute chart, suggesting a potential reversal in the short-term bearish trend, especially following a period of contraction in the Bollinger Bands.

Moving Averages

On the 15-minute chart, the 20-period moving average moved above the 50-period line around 0800–0900 ET, indicating a shift in short-term momentum. On the daily chart, the 50-period MA crossed above the 100-period and 200-period lines during the 0600–0800 ET window, reinforcing a medium-term bullish trend. This "golden cross" suggests continued upward potential, although short-term retracements to the 0.0284–0.0286 zone could provide a reentry opportunity.

MACD & RSI

The MACD turned positive in the early morning hours (ET), with the histogram expanding as the pair surged toward 0.0299. The RSI climbed above 70 by 0800–0900 ET, signaling overbought conditions. However, the divergence between price and RSI in the 0900–1100 ET window suggested weakening momentum. The oscillator later dipped below 60 during the afternoon, hinting at potential consolidation or pullback to test key support levels.

Bollinger Bands

Volatility expanded significantly during the 0600–0900 ET window, with the bands widening as volume spiked. Price action spent much of the morning near the upper band, indicating strong momentum. A contraction occurred in the 0800–0845 ET period, coinciding with the Morning Star pattern. This followed by a re-expansion as volume surged again. Price remained well above the middle band, suggesting continued bullish sentiment.

Volume & Turnover

Volume spiked during the 0600–0900 ET window, with a single candle (0630 ET) accounting for over 9.36 million units traded. This was accompanied by a large notional turnover spike. The volume and price action were in alignment during this period, confirming the breakout. However, volume declined during the 1000–1200 ET window, despite continued price gains, indicating potential exhaustion and a higher risk of short-term consolidation or a pullback.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 24-hour swing from 0.02807 to 0.03019, the key levels include 38.2% at ~0.02916 and 61.8% at ~0.02879. Price briefly touched the 38.2% retracement level on the way down during the 1400–1500 ET window but failed to sustain that level. The 61.8% retracement is a critical support zone to watch in the coming 24 hours if a pullback occurs.

Backtest Hypothesis

The technical analysis suggests that the 15-minute Morning Star pattern formed around 0845 ET could serve as a solid entry point for a bullish trade. Given the alignment of the MACD, RSI divergence, and volume, a backtest strategy could be constructed using this pattern as a signal for long entries. A 3-day holding period following the pattern may capture the subsequent upward momentum observed in the next 5 hours. If the price retests the 0.0284–0.0286 support area without breaking it, this could confirm the strength of the bullish trend and justify a continuation trade.

To proceed with this backtest, a price series is required, as NEIROJPY is not available in standard data sources. Once a valid data series is provided, I can run the backtest from January 2022 to present, generating performance metrics like returns, win-rate, and maximum drawdown.