Pendle/Bitcoin 24-Hour Market Overview

• Price declined from a high of $0.00004005 to a low of $0.00003834 over 24 hours, closing at $0.00003868.
• RSI moved into oversold territory, suggesting potential for short-term rebound.
• Volume surged during late-night hours, indicating heightened bearish activity.
• Bollinger Bands show moderate volatility with price near the lower band.
• A bearish engulfing pattern formed on key resistance, confirming downward momentum.

Opening Summary

Pendle/Bitcoin (PENDLEBTC) opened at $0.00004000 on 2025-10-07 at 12:00 ET, reached a high of $0.00004005, and closed at $0.00003868 on 2025-10-08 at 12:00 ET, with a low of $0.00003834 during the session. Total volume for the 24-hour window was 5,062.8 units, and notional turnover amounted to approximately $194.18.

Structure & Formations

The 15-minute OHLCV data indicates a key bearish engulfing pattern around 23:15 ET, where price rejected a short-term high of $0.00004005 and dropped sharply to $0.00003957. A second bearish signal appears at 03:30 ET, with a large bearish candle forming at a prior support level of $0.00003999. This pattern suggests a breakdown in bullish sentiment and increased bearish control. Additionally, a doji formed at $0.00003906, signaling indecision and possible reversal if it fails to hold. Key resistance levels appear at $0.00004005 and $0.00004030, with strong support at $0.00003840 and $0.00003834.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both trending downward, with the price below both lines, reinforcing bearish momentum. On the daily chart, the 50, 100, and 200-period moving averages all suggest a bearish bias, with the price trading beneath these lines. The convergence of the 50 and 200-day moving averages near $0.00004000 may indicate a potential retest of this area in the near future.

MACD & RSI

The 15-minute MACD has been in negative territory throughout the session, with a bearish crossover occurring in the early hours of 2025-10-08. The RSI has dropped into oversold territory, currently reading near 30, suggesting a potential rebound may be in the near term. However, due to the strong bearish volume action during the session, a bounce may be short-lived unless accompanied by a clear reversal pattern. The combination of bearish MACD and oversold RSI signals a possible consolidation phase or a temporary countertrend rally before further bearish action.

Bollinger Bands

Bollinger Bands show moderate volatility, with the bands contracting slightly during mid-session before expanding again due to increased volume and downward movement. The price has spent most of the session near or below the lower band, indicating a bearish trend. A break above the upper band is unlikely in the near term unless a reversal pattern and strong volume confirm it. The contraction and subsequent expansion suggest a possible continuation of the downward trend.

Volume & Turnover

Volume spiked during the late-night hours, particularly around 02:45 ET, when the price fell sharply from $0.00003980 to $0.00003906 on a volume of 1,505.6 units. This large volume confirms bearish conviction. Turnover was highest during the same period, with notional value exceeding $49.40. The divergence between price and volume was minimal, indicating strong alignment between bearish sentiment and execution. There are no clear signs of volume-based divergence, so the bearish trend appears to be well-supported.

Fibonacci Retracements

Applying Fibonacci levels to the recent bearish move from $0.00004005 to $0.00003834, the 38.2% retracement level lies at $0.00003924, and the 61.8% retracement level is at $0.00003866. The current price is very close to the 61.8% level, suggesting a potential pivot point. If this level holds, a short-term bounce could occur. However, if it fails, further support at $0.00003840 may be tested.

Backtest Hypothesis

The bearish engulfing and doji patterns observed suggest potential for a short-term reversal if the 61.8% retracement level is breached. A backtesting strategy could focus on entering short positions on confirmation of a break below $0.00003866, with a stop-loss placed just above $0.00003900. A take-profit target may be set at $0.00003834, aligning with the recent low and a strong support area. This approach would aim to capitalize on the continuation of the bearish trend while limiting risk through well-defined stop and limit levels.