MEBTC Market Overview: 24-Hour Summary and Technical Highlights

• • •
• Price rose 1.05% over 24 hours, with a late surge to 5.91e-06.
• Volatility increased midday as the pair broke above key resistance levels.
• Low volume consolidation in early morning suggests potential for a breakout.
• RSI near 55 signals moderate momentum but not overbought conditions.
• Bollinger Bands show price within a moderate expansion, indicating ongoing trend strength.

At 12:00 ET–1 on 2025-09-17, Magic Eden/Bitcoin (MEBTC) opened at 5.75e-06, hit a high of 5.91e-06, a low of 5.72e-06, and closed at 5.91e-06 by 12:00 ET on 2025-09-18. Total volume for the period was 36,689.05, and total notional turnover amounted to ~214.48.

The candlestick pattern revealed a strong bullish bias late in the session. A notable breakout above 5.9e-06 and a sustained close near the high suggest continued upward pressure. A bullish engulfing pattern emerged during the 22:30–23:00 ET window, confirming a shift in sentiment. Key support levels are found at 5.86e-06 and 5.85e-06, while resistance levels are forming at 5.91e-06 and 5.92e-06. A bearish divergence in volume appeared early morning as price dipped slightly but failed to confirm further selling.

Moving Averages and Volatility

The 15-minute 20SMA crossed above the 50SMA in the late hours of the 24-hour period, forming a bullish crossover. Price held above the 20SMA for most of the final 8 hours, reinforcing the uptrend. On a daily scale, the 50DMA continues above the 200DMA, indicating a longer-term bullish bias. Bollinger Bands widened from 5.84e-06 to 5.92e-06, with price settling near the upper band — a sign of strong conviction in the upward move.

Momentum and Overbought Conditions

The RSI on the 15-minute chart rose to 54.8 by 12:00 ET, indicating moderate momentum without extreme overbought or oversold readings. The MACD crossed above the signal line in the late evening hours, with a positive histogram expanding through the night. This suggests that the bullish momentum remains intact but is not yet excessive.

Fibonacci retracement levels on the 15-minute chart indicate that the 61.8% level (5.89e-06) was a critical psychological threshold, which price broke decisively. On a daily scale, the 38.2% retracement at 5.9e-06 has now become a potential support-turned-resistance level.

Volume and Turnover Analysis

Volume surged above 1,000 during the 18:15–18:45 ET period, aligning with a strong price increase. Turnover also spiked during this window, confirming the move. However, after 22:00 ET, volume declined, indicating potential consolidation before the next phase of the trend. There is no clear divergence between price and volume, suggesting the move is likely to continue in the near term.

Backtest Hypothesis

The proposed backtesting strategy involves entering a long position on a bullish engulfing pattern followed by a close above the 20SMA on the 15-minute chart, with a stop-loss placed below the 61.8% Fibonacci level and a target of the next resistance at 5.92e-06. Given the current price near 5.91e-06 and the strong MACD signal, this strategy could be particularly relevant for traders seeking a short-term scalp or early entry into a developing trend.