Market Overview for Treasure/Bitcoin (MAGICBTC) on 2025-09-17

• Price declined gradually over 24 hours, closing near the session low at 1.74e-06.
• Volume spiked in the early morning hours, but price failed to recover.
• RSI remained neutral, indicating lack of strong bearish momentum.
• Bollinger Bands showed mild expansion as volatility increased during the session.

The Treasure/Bitcoin (MAGICBTC) pair opened at 1.8e-06 on 2025-09-16 12:00 ET, reached a high of 1.8e-06, touched a low of 1.73e-06, and closed at 1.74e-06 as of 2025-09-17 12:00 ET. Total volume amounted to 134,978.7 with a notional turnover of approximately 235.619. The price trend remained bearish throughout the day, with bearish momentum gaining traction during key sessions.

Structure & Formations

The price formed a series of bearish candlesticks, including a few small bearish engulfing patterns and long lower shadows, indicating selling pressure and a lack of bullish follow-through. A key support level appears to have formed near 1.74e-06, where the price found a floor in the late morning hours. Resistance levels above 1.78e-06 appear to have held firm, with no meaningful attempt to break through.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, reflecting the bearish bias. The 20-period MA crossed below the 50-period MA in the early hours, reinforcing the bearish signal. The price remains below both averages, indicating a continuation of the downtrend.

MACD & RSI

The MACD remained in negative territory, with the histogram expanding slightly during the morning and early afternoon, pointing to increasing bearish momentum. The RSI hovered around the 50 level for most of the day, indicating balanced conditions, but moved slightly downward in the final hours, signaling a possible bearish tilt.

Bollinger Bands

Volatility increased slightly during the session, with the Bollinger Bands widening in the early hours. The price remained within the bands for most of the session, but tested the lower band multiple times, especially near 1.74e-06 and 1.73e-06. This suggests that the pair may continue to trade within a defined range, with the lower band acting as support.

Volume & Turnover

Volume remained elevated during the morning hours, particularly between 5:15 AM and 5:30 AM ET, but failed to coincide with a significant price recovery. This suggests a lack of conviction in any buying interest. Turnover was largely in line with volume, with no notable divergences. However, the lack of price response to increased volume raises concerns about potential capitulation in the near term.

Fibonacci Retracements

Applying Fibonacci retracements to the most recent 15-minute swing from 1.8e-06 to 1.73e-06, the 38.2% and 61.8% levels align with 1.76e-06 and 1.74e-06 respectively. The price closed near the 61.8% level, suggesting that further downside could be limited unless the 1.73e-06 level is breached.

Backtest Hypothesis

A potential backtesting strategy for this pair could focus on using Fibonacci levels and volume spikes as signals for shorting. For example, a sell signal could be triggered when the price breaks below the 61.8% Fibonacci level and volume surges by more than 200% above the average. A stop-loss could be placed above the 38.2% level, while the target would aim for the next significant support level. This approach leverages both price action and volume dynamics to capitalize on bearish momentum, which appears to be a recurring pattern in MAGICBTC over the past 24 hours.