Market Overview: ORDI/Bitcoin (ORDIBTC) 24-Hour Analysis

Summary
• ORDI/Bitcoin edged lower over the past 24 hours, closing near a 61.8% Fibonacci retracement level.
• Volume spiked in early ET, then faded, while turnover remained moderate through the session.
• A bearish engulfing pattern formed in mid-day, indicating potential near-term bearish bias.

ORDI/Bitcoin opened at 3.96e-05 on 2025-11-05 at 12:00 ET and closed at 3.906e-05 at 12:00 ET on 2025-11-06. The 24-hour high was 4.02e-05, and the low was 3.89e-05. Total volume reached 4,513.39, while notional turnover amounted to 178.74. Price action has been range-bound, with notable volatility expansion around 20:00–21:00 ET.

The 15-minute chart shows a bearish divergence forming between price and RSI, with price making lower highs while RSI remains flat. This suggests waning upward momentum. A 20-period moving average (3.98e-05) crossed below the 50-period line (3.99e-05) during the session, signaling bearish momentum. The 50-period line remains above the current price, reinforcing bearish sentiment. On the daily chart, the 50-period MA is at 3.94e-05, aligning with a 61.8% Fibonacci retracement level that has acted as a short-term resistance.

Bollinger Bands expanded during the session, especially after 20:00 ET, with price testing the upper band before retreating. The current price sits near the middle band, indicating moderate volatility. Notable volume surges occurred in the early ET hours (18:45–19:30 ET), where price moved from 3.99e-05 to 3.971e-05. However, volume tailed off sharply after 21:45 ET, suggesting diminished conviction in price direction.

A bearish engulfing candle formed around 19:30 ET, with a close of 3.991e-05 after an open of 3.971e-05. This pattern suggests a potential continuation of downward movement, especially if the 3.906e-05 level is tested. A doji formed near 20:00–20:45 ET, signaling indecision in the market.

The RSI is currently at 38.2, approaching the oversold threshold (30), while MACD remains in negative territory with a bearish crossover. These readings suggest that the price may have room to consolidate lower, especially if short-term support at 3.89e-05 holds.

Backtest Hypothesis
The backtesting strategy in question leverages the RSI indicator to identify oversold conditions in the ORDI/BTC market. Given the current RSI reading near 38.2, the market is approaching a potential entry signal under the proposed 3-day-hold framework. To proceed with the backtest from 2022-01-01 to 2025-11-06, it is essential to confirm the correct ticker symbol for the ORDI/Bitcoin pair as used by the data provider. The dataset returned an error, likely due to an incorrect ticker format. Please confirm whether the correct ticker is “ORDI-BTC,” “ORDIBTC,” or another variation so the RSI data can be retrieved and the strategy validated.