MyShell/Bitcoin Market Overview

Summary
• Price remains range-bound with minimal directional bias observed in the 24-hour window.
• Low volume and turnover suggest weak conviction in price movements.
• Key support at 1.07e-06 and resistance at 1.12e-06 remain intact.
• A bullish engulfing pattern emerged late morning, hinting at potential reversal.

MyShell/Bitcoin (SHELLBTC) opened at 1.09e-06 on 2025-11-09 at 12:00 ET, reached a high of 1.13e-06, and settled at 1.08e-06 at 12:00 ET on 2025-11-10. The total traded volume over 24 hours was 194,553.8, with a turnover of approximately 198,569.9. Price appears to be consolidating within a narrow range, lacking strong directional momentum.

A notable bullish engulfing pattern emerged during the 01:30–01:45 ET window, indicating potential buying pressure following a short-term decline. This was confirmed by a volume spike of 7,193.3. The pattern, however, was followed by a bearish continuation, as price failed to hold above 1.11e-06, suggesting that the bullish signal may lack follow-through. A doji star also appeared at 23:45 ET the previous day, reinforcing a pause in bearish momentum.

Moving averages on the 15-minute chart show a flat trajectory, with the 20- and 50-period lines converging near 1.08e-06. On the daily chart, the 50- and 200-period lines are aligned lower, indicating a bearish bias over a longer horizon. The MACD line is near zero, while the histogram shows minimal divergence, suggesting indecision among traders. RSI remains in the mid-range (around 50), with no clear overbought or oversold conditions.

Bollinger Bands have narrowed during the latter half of the 24-hour period, indicating a potential prelude to a breakout. The price has largely traded near the middle band, with occasional excursions toward the upper and lower bounds. Volatility has remained subdued, with no significant expansion observed. Fibonacci retracement levels from the recent swing high (1.13e-06) to the swing low (1.05e-06) indicate 38.2% at 1.09e-06 and 61.8% at 1.07e-06, both currently acting as key support/resistance zones.

Backtest Hypothesis
The backtest strategy focuses on capturing momentum through the simultaneous appearance of a Bullish Engulfing and a Doji Star pattern. Given the presence of these formations on the 15-minute chart, particularly in the early morning and late evening sessions, the model would have triggered a long entry. The holding period is set at 3 days, with no additional risk controls like stop-loss or take-profit. The strategy’s effectiveness depends on the strength of the bullish reversal signal and the ability of price to break out of the current consolidation. The results from this approach could provide insight into the market’s potential for a short-term reversal, especially if bullish volume confirms the pattern.