MyShell/Bitcoin Market Overview (SHELLBTC)

• Price fluctuated between 1.01 × 10⁻⁶ and 1.12 × 10⁻⁶ BTC in 24 hours.
• Volume surged during midday trading, reaching a peak of 71,134.7 at 19:00.
• A bearish divergence formed in late hours as price declined despite rising turnover.
• RSI showed overbought levels in early evening before a sharp reversal.
• Price closed near key support at 1.02 × 10⁻⁶ BTC, with possible consolidation ahead.

The 24-hour period for SHELLBTC began at 1.02e-06 BTC and closed at 1.02e-06 BTC, with a high of 1.12e-06 BTC and a low of 9.8e-07 BTC. The total traded volume was 953,519.6, and notional turnover remained consistent with price trends. Price action showed distinct bearish pressure during the final 6 hours, with a failed attempt to reclaim 1.09e-06 BTC.

Structure & Formations

Price action revealed a key support level at 1.02e-06 BTC and a resistance cluster near 1.11e-06 BTC. Notable formations included a bearish engulfing pattern at 19:00 and a bullish harami at 02:15, both indicating indecision and reversal signals. A doji appeared at 03:00, suggesting a potential consolidation phase following the afternoon selloff.

Moving Averages

Short-term momentum (20/50-period 15-min EMA) showed a sharp bearish crossover at 18:30, followed by a retest of the 50-period line without significant follow-through. Daily moving averages (50/100/200) remained neutral, with no clear directional bias, but the 50-period line may now serve as a critical reference point for near-term direction.

MACD & RSI

The MACD line turned negative by 17:30, confirming bearish momentum, while the histogram showed a divergence from price as turnover increased but price declined. RSI reached overbought conditions twice (at 18:45 and 20:15), followed by sharp corrections. This divergence indicates a potential exhaustion of buyers and increasing bearish bias.

Bollinger Bands

Volatility remained high throughout the session, with a notable expansion after 18:00. Price remained within the Bollinger Bands for most of the period but tested the lower band at 1.03e-06 BTC near the close. This suggests a continuation of mean-reversion tendencies in the short term, with potential for consolidation.

Volume & Turnover

Volume surged during midday (17:30 to 19:30), with the 19:00 candle recording the highest volume of the session. Turnover confirmed the price drop in late hours but showed signs of divergence as volume decreased while price continued lower. This divergence raises concerns about the sustainability of the downward move.

Fibonacci Retracements

Fibonacci levels drawn from the 19:00 high at 1.11e-06 BTC to the 03:00 low at 1.07e-06 BTC showed price testing the 61.8% level at 1.09e-06 BTC, but failed to hold. The 38.2% level at 1.08e-06 BTC acted as temporary support, but with increasing bearish pressure, the next key level to watch is the 1.06e-06 BTC area.

Backtest Hypothesis

Given the identifiable candlestick patterns and price structures in this 24-hour period, a backtest using a Bullish-Engulfing signal and a 1.09 × 10⁻⁶ BTC exit rule could provide meaningful insights. Applying this strategy to historical data—once the correct exchange and ticker symbol (SHELLBTC) are confirmed—would allow for testing its profitability, risk exposure, and drawdown characteristics across multiple market conditions. This strategy could be particularly relevant for SHELLBTC, given its recent price behavior and structural support/resistance levels.