Market Overview for SSVBTC on 2025-10-06

• Price declined sharply from $6.603e-05 to $6.446e-05, forming a bearish breakdown pattern.
• RSI and MACD showed weakening momentum, with RSI near oversold levels but without immediate reversal signs.
• Volatility expanded in the 15:00–22:00 ET range, but volume remained subdued until late ET.
• Price tested key support at $6.46e-05 and bounced slightly, suggesting potential short-term stability.
• Bollinger Bands constricted midday, foreshadowing a potential breakout or breakdown in the afternoon.

Opening Summary

ssv.network/Bitcoin (SSVBTC) opened at $6.603e-05 on 2025-10-05 12:00 ET, reached a high of $6.737e-05, and closed at $6.68e-05 on 2025-10-06 12:00 ET, with a low of $6.428e-05. Total volume was 1,001.56 BTC, and notional turnover amounted to $65.18. The pair experienced a sharp bearish consolidation, with volume intensifying near key support levels in the late ET hours.

Structure & Formations

Price moved within a bearish channel, with resistance forming around $6.683e-05–$6.737e-05 and support near $6.46e-05. A large bearish candle on 19:15 ET and a bullish hammer on 12:45 ET indicated indecision. A potential bullish engulfing pattern formed on 11:30 ET as price retested a prior low, suggesting short-term buyers may have entered.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart both remained above current price action, reinforcing bearish momentum. On the daily chart, the 50- and 200-period MAs are likely aligned, with price below both, indicating a longer-term downtrend may remain in place.

MACD & RSI

The 15-minute MACD showed bearish divergence with price as it declined, while RSI hovered near oversold levels but failed to confirm a strong reversal. The lack of a sharp RSI rebound suggests further selling pressure could persist. Momentum appears to have stalled near key support levels, but a break below $6.446e-05 could trigger more aggressive bearish moves.

Bollinger Bands

Bollinger Bands tightened midday, suggesting low volatility and a potential breakout. Price tested the lower band multiple times, with the most notable rejection at $6.46e-05. Volatility expanded in the late ET hours, but price remained within the bands, indicating a range-bound scenario may persist.

Volume & Turnover

Volume remained low for much of the session, with significant spikes observed at 19:15 ET and 12:00 ET, aligning with key support and resistance levels. Notional turnover increased in those same periods, confirming price action. However, volume failed to confirm a strong bearish move below $6.46e-05, indicating potential short-covering or support accumulation.

Fibonacci Retracements

On the 15-minute chart, price pulled back to the 61.8% Fibonacci level at $6.506e-05 before resuming its decline. Daily retracements suggest the 38.2% level at $6.54e-05 could act as a shallow support. A retest of the 61.8% level on a daily basis could confirm bearish exhaustion or trigger further selling.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on bullish engulfing patterns near key Fibonacci retracement levels, with stop-loss placement below the previous candle’s low and take-profit targets set at the 38.2% or 50% retracement levels. Short positions could be initiated on bearish divergences in RSI and MACD, with stops placed above the 50-period moving average to filter false signals. This approach would require careful filtering of low-volume patterns to avoid false entries.