Market Overview: Wanchain/Bitcoin (WANBTC) 24-Hour Technical Summary

• Price action remains range-bound with no clear trend
• Volume remains subdued throughout most of the session
• RSI near oversold territory with no reversal confirmation
• Price breaks 6.9e-07 support level with no immediate bounce
• No significant breakout from Bollinger Band contraction

Wanchain/Bitcoin (WANBTC) opened at 7.1e-07 on 2025-11-11 at 12:00 ET, reaching a high of 7.1e-07 and a low of 6.8e-07 before closing at 6.9e-07 on 2025-11-12 at 12:00 ET. Total volume for the 24-hour period was 113,158.0 units, with a notional turnover of approximately 76.54 BTC equivalents.

Price action over the last 24 hours remained largely within a narrow range, characterized by limited volatility and minimal directional bias. A key break occurred below the 7.0e-07 psychological level, which has historically acted as a support. The price has since consolidated near 6.9e-07, but with no immediate signs of a rebound.

On the 15-minute chart, the 20-period and 50-period moving averages remain relatively flat, reflecting the sideways trend. The 50-period line sits just above the current price, suggesting potential for a minor short-term bounce, though the lack of volume and momentum indicators (RSI near 30) indicate caution. The MACD histogram has turned negative, aligning with the downward drift in price.

Bollinger Bands and Fibonacci Retracements

The Bollinger Band structure has seen a modest expansion over the past 24 hours, indicating a potential increase in volatility. Price has moved toward the lower band but has yet to breach it decisively. The most recent swing high (7.1e-07) and swing low (6.8e-07) form a Fibonacci range, with the 61.8% retracement level currently at 6.965e-07. This level may serve as a near-term resistance.

A small but significant candlestick pattern occurred around 2025-1111 191500, where the price gapped down from 7.1e-07 to 7.0e-07 and closed at 7.0e-07. This candle, while not a classic reversal pattern like a hammer or engulfing, may indicate early bearish pressure.

Backtest Hypothesis

The tested strategy of buying WANBTC when RSI-14 falls below 30 and exiting after three calendar trading sessions has shown poor historical performance. Over the period from 2022-01-01 to 2025-11-11, the strategy produced a total return of –40.55% with a Sharpe ratio of −0.13, indicating a high-risk, low-reward profile. Given the current RSI reading near the 30 threshold, a buy signal would be generated, but the historical performance suggests caution. The 3-day exit rule may not be sufficient to capture short-term rebounds in a low-momentum environment.