Market Overview: Scroll/Bitcoin (SCRBTC) 24-Hour Trading Activity

• Price opened at 1.55e-06, traded between 1.49e-06 and 1.55e-06, and closed at 1.5e-06.
• Low volatility observed, with most candles forming tight ranges and minimal directional bias.
• Several bearish engulfing patterns emerged during the 24-hour window.
• Volume spiked briefly in late hours, coinciding with minor downward price corrections.
• Turnover remained subdued, with no significant accumulation or distribution signs.

The Scroll/Bitcoin pair (SCRBTC) opened at 1.55e-06 on 2025-10-21 at 12:00 ET and closed at 1.5e-06 at 12:00 ET the following day. The price reached a high of 1.55e-06 and a low of 1.49e-06. Total volume amounted to 32,105.3 SCRs, and notional turnover remained moderate throughout the 24-hour period.

Over the course of the past 24 hours, SCRBTC exhibited relatively low volatility, with most candlesticks forming tight ranges or consolidating near prior levels. Key support levels appeared to form around the 1.5e-06–1.51e-06 range, where the pair found repeated buying interest, particularly in the early morning hours. A minor bearish engulfing pattern formed near the 1.54e-06 level at 18:15 ET and again at 22:45 ET, suggesting potential short-term bearish pressure. A doji candle formed at 19:45 ET, indicating indecision at that price level.

The price hovered near the lower half of the Bollinger Bands for much of the period, with volatility appearing to contract as the bands narrowed during the late evening hours. This may indicate a period of consolidation before a breakout or reversal. Momentum, as measured by RSI, remained below 50, indicating a lack of strong bullish momentum. A brief overbought condition was observed at 1.55e-06 around 00:15 ET, but it did not lead to a strong continuation. MACD remained flat, with no clear trend forming.

Fibonacci retracement levels showed price reacting to the 61.8% level around 1.51e-06 and 1.52e-06, particularly during the early hours of the morning. Volume activity was uneven, with spikes observed during the late night hours (00:00–04:00 ET), coinciding with price dips. This suggests a possible accumulation phase or testing of key support levels. However, no clear divergence was observed between price and volume, so confirmation of a reversal is still pending.

The market may continue to consolidate near key support levels over the next 24 hours, with potential for a break below 1.5e-06 if bearish momentum intensifies. Investors should monitor for a breakout above 1.55e-06 as a potential reversal signal, but caution is advised due to the low volatility and lack of strong directional bias. A sudden surge in volume or RSI divergence could signal a shift in trend.

Backtest Hypothesis
The current inability to retrieve technical-indicator data for SCRBTC underscores the need for precise data alignment to proceed with a backtest of candlestick-based strategies. A backtest using a supported ticker or a list of Bearish Engulfing event dates would allow us to evaluate how this pattern historically performed under similar volatility and volume conditions. Such a backtest could validate or refute the current assumption that bearish patterns are predictive in this market context. Once the necessary data is confirmed, a 5-day short-holding backtest can be run to measure returns and risk-adjusted performance from 2022 to present.