Market Overview for Scroll/Bitcoin (SCRBTC) — 2025-11-06

• SCRBTC trades in a tight range but shows bullish momentum near 1.51e-06.
• Volatility remains low, with most candles staying within Bollinger Bands.
• A potential bullish engulfing pattern formed during the overnight session.

The Scroll/Bitcoin (SCRBTC) pair opened at 1.46e-06 (12:00 ET − 1), reached a high of 1.57e-06, and a low of 1.44e-06, closing at 1.51e-06 by 12:00 ET today. The 24-hour volume was approximately 629,128.3 units, with a notional turnover of roughly 953.37e-06 BTC equivalent.

The pair displayed a generally range-bound structure, with consolidation between key psychological levels. A notable bullish engulfing pattern emerged overnight near 1.51e-06, suggesting potential short-term buying pressure. Price found support at 1.49e-06 and tested resistance at 1.52e-06 multiple times during the 24-hour window.

15-minute MACD showed positive divergence in the last few hours, with the fast line crossing above the slow, indicating a potential shift in momentum. RSI remained in neutral territory, hovering between 45 and 55, with no clear overbought or oversold signals. Bollinger Bands remained relatively narrow, suggesting low volatility, with price staying within one standard deviation for most of the session.

Volume spiked significantly during the late-night and early-morning hours, particularly in the 19:15–20:45 ET window, coinciding with the formation of higher highs and a potential breakout attempt. However, price failed to hold above 1.52e-06, raising questions about the sustainability of the bullish move. Fibonacci retracement levels from the recent low to high show the 61.8% level near 1.53e-06, acting as a potential near-term target.

The pair may see renewed interest if the 1.52e-06 level breaks convincingly. Conversely, a drop back below 1.49e-06 could signal the resumption of bearish momentum. Investors should remain cautious due to the lack of strong trend confirmation and the narrow range of price action.

Backtest Hypothesis

The described strategy—buying SCRBTC on the appearance of a Bullish Engulfing pattern and exiting after one trading day—aligns with the observed short-term price behavior. Given the overnight formation of a bullish engulfing pattern and the subsequent positive momentum, a trader following this rule would have entered on the 19:30–20:45 ET window and exited with a gain of approximately 1.4% by 12:00 ET. The strategy relies on the confirmation of candlestick patterns, which were present in the data, and does not incorporate stops or limits, making it suitable for markets with strong pattern-following behavior like SCRBTC.