ORDI/Bitcoin Market Overview

Summary
• ORDI/Bitcoin traded in a bearish bias, closing near the 24-hour low with a 1.1% decline.
• Volatility increased mid-day, with a sharp pullback following a failed recovery attempt.
• RSI and MACD show bearish momentum, with price near the 20-period MA on 15-minute charts.
• Bollinger Bands expanded during the downturn, indicating a period of heightened uncertainty.

ORDI/Bitcoin traded on the ORDIBTC pair opened at 5.038e-05, reached a high of 5.123e-05, and closed at 4.825e-05 on 2025-11-10 at 12:00 ET. The 24-hour volume was 13,847.95 units, with a notional turnover of approximately 0.68 BTC.

The price formation over 24 hours suggests a breakdown in key support levels, with bearish engulfing patterns forming after the midday high. A doji candle at the session’s open hints at indecision early in the period. Notable support levels are visible around 4.963e-05 and 4.897e-05, with the 4.825e-05 level acting as the most recent floor.

On the 15-minute chart, the 20-period MA dipped below the 50-period MA, reinforcing the bearish bias. MACD crossed below the signal line with bearish momentum. RSI fell into oversold territory (below 30), though a reversal is yet to confirm. Bollinger Bands saw expansion during the afternoon drop, indicating increased volatility.

Fibonacci retracements aligned with the mid-day pullback identified key retracement levels at 4.963e-05 (38.2%) and 4.900e-05 (61.8%), both of which failed to hold. The current price is near the 61.8% retracement level of the last upward swing.

Looking ahead, ORDI/Bitcoin may test the next support at ~4.80e-05 if the bearish momentum continues. Investors should remain cautious of potential short-term volatility amid mixed volume patterns and divergent price behavior in the latter half of the day.

The recent price action suggests that a continuation of the bearish trend is likely unless a strong reversal pattern emerges near the 4.963e-05 level. A break below 4.825e-05 could accelerate downside risk in the next 24 hours, particularly if volume increases with further selling pressure.

Backtest Hypothesis
The proposed backtest strategy involves identifying buy signals when the RSI for ORDI/BTC falls below 30 and holding for five days. This approach is typically used in mean-reversion trading, where a pullback into oversold territory is expected to reverse. However, due to the absence of the correct ticker (ORDIBTC or equivalent), the strategy cannot be fully backtested. Once the correct ticker symbol is confirmed—ideally for ORDI/Bitcoin priced in BTC—the RSI and corresponding buy signals can be accurately mapped for the specified time frame. Given the bearish RSI divergence observed today, the potential for a false signal increases unless a clear reversal pattern follows.