Metal DAO/Bitcoin 24-Hour Market Overview

• Price tested key support near 6.12e-06 before rebounding toward 6.15e-06.
• Volatility expanded during late ET hours as price reached a 24-hour high of 6.21e-06.
• Turnover spiked during a strong volume session at 09:15 ET, confirming a bearish reversal.
• MACD divergence emerged near 09:15 ET, suggesting potential trend weakness.
• RSI remained within moderate range, no overbought or oversold signals observed.

Overview and Key Metrics

MTLBTC opened at 6.14e-06 on 2025-09-20 at 12:00 ET and closed at 6.15e-06 by 12:00 ET on 2025-09-21. The pair reached a high of 6.21e-06 and a low of 6.11e-06, with a total volume of 22,575.4 MTL and a turnover of $137.79 (assuming Bitcoin price of $65,000). The pair exhibited moderate volatility, with key support and resistance levels shaping price behavior.

Structure & Formations

Price action formed multiple consolidation patterns, including a bearish engulfing candle on 09:15 ET, which marked the highest volume and turnover of the day. A bullish reversal pattern also emerged near 6.12e-06, with a series of dojis and narrow ranges suggesting indecision. Notably, price found support at 6.12e-06 multiple times, indicating a psychological level that may attract buyers.

Volatility and Momentum

Bollinger Bands showed a moderate expansion late in the session, aligning with the price reaching the 24-hour high. MACD showed a bearish divergence near 09:15 ET, suggesting potential trend exhaustion. RSI, while fluctuating, remained within neutral territory, with no overbought or oversold conditions observed. This implies a mixed momentum profile where sellers and buyers remain in balance.

Volume and Turnover Analysis

Volume spiked notably at 09:15 ET, coinciding with a bearish reversal pattern. Despite the increased activity, price failed to sustain above 6.18e-06, indicating a possible lack of conviction. Turnover was largely in sync with volume, though a divergence appeared as price fell after the 09:15 ET high despite continued turnover, hinting at potential exhaustion.

Backtest Hypothesis

A backtest strategy based on RSI divergence and volume confirmation may offer a viable entry approach. Traders could look to enter short positions when RSI shows bearish divergence and volume surges on bearish candles. A stop-loss above key resistance levels like 6.18e-06 could help manage risk. The strategy would align with the observed trend exhaustion during the 09:15 ET session and could be optimized with tighter timeframes and filters.