MyShell/Bitcoin (SHELLBTC) Market Overview: 24-Hour Chart Analysis

• MyShell/Bitcoin (SHELLBTC) traded within a tight range for most of the 24-hour window before breaking higher near the end.
• A late-session bullish reversal and volume spike suggest potential momentum turning upward.
• Volatility increased significantly in the last 6 hours, with price moving above key support levels.
• RSI showed oversold conditions early in the session but later entered a midrange momentum zone.
• Notable divergence occurred between price and turnover after 03:00 ET, indicating mixed market sentiment.

Market Snapshot

MyShell/Bitcoin (SHELLBTC) opened at 1.16e-06 on 2025-09-19 at 12:00 ET and closed at 1.21e-06 on 2025-09-20 at 12:00 ET, reaching a high of 1.22e-06 and a low of 1.14e-06. Total trading volume over the 24-hour window was 152,048.8, with a notional turnover reflecting the price and volume movement.

Structure & Formations

Price action shows a key consolidation zone between 1.15e-06 and 1.17e-06, with a breakout occurring after 04:00 ET. A bullish engulfing pattern formed at 04:45 ET, signaling a shift in sentiment. A notable doji emerged at 05:45 ET, hinting at indecision. A strong bearish reversal formed near 12:00 ET on the previous day, but buyers retook the level by late morning on 2025-09-20.

Moving Averages and MACD

On the 15-minute chart, the 20-period and 50-period moving averages crossed above 1.16e-06 during the early breakout, confirming a trend reversal. The MACD histogram expanded positively from 04:00 ET onward, indicating a strengthening bullish momentum. A crossover of the MACD line and signal line occurred at 04:45 ET, reinforcing the move higher.

RSI and Bollinger Bands

Relative Strength Index (RSI) dipped into oversold territory at 1.14e-06 before rising to 50–55, showing a balanced momentum. Bollinger Bands saw a tightening phase between 1.15e-06 and 1.17e-06, followed by a sharp expansion as price broke out. The price closed near the upper band, suggesting a continuation of the bullish phase could be likely.

Volume and Turnover Divergences

A sharp increase in volume and turnover occurred between 04:00 and 06:00 ET, coinciding with the breakout above the consolidation range. Despite a price dip to 1.19e-06 at 06:45 ET, volume remained low, indicating a weak bearish attempt. A second volume spike at 09:45 ET confirmed the move to 1.21e-06. A divergence was observed at 12:00 ET as price continued to rise but turnover slightly declined, suggesting caution in the move.

Fibonacci Retracements

Using the recent swing low at 1.14e-06 and the swing high at 1.22e-06, the 38.2% retracement level is at 1.175e-06, and the 61.8% is at 1.192e-06. Price tested these levels at 04:30 and 05:00 ET, respectively, with the 61.8% acting as strong support. On the daily chart, the 50% retracement from the prior week’s range sits at 1.175e-06, which has now become key resistance.

Backtest Hypothesis

The backtesting strategy involves entering long positions on a bullish engulfing pattern confirmed by a close above the 50-period moving average, with a stop-loss placed below the recent swing low. The 15-minute chart showed three such setups during the session, with the 04:45 ET formation being the most confirmed. If applied in a 1-hour time frame, the strategy could yield a positive risk-reward ratio given the subsequent 1.21e-06 level. The use of RSI as a filter to avoid overbought conditions could enhance the signal quality.