RLCBTC Market Overview: Strong Bullish Move, Overbought Conditions, and Key Levels in Focus

• Price surged from $0.01120 to $0.01225 on heavy volume in late afternoon trading.
• RSI hit overbought levels, suggesting potential near-term exhaustion in bullish momentum.
• Bollinger Bands widened significantly during the rally, indicating rising volatility.
• Volume and turnover spiked during the $0.0120–$0.01225 range, confirming bullish conviction.
• Key support at $0.01160–$0.01165 and resistance at $0.01232–$0.01235 emerged clearly.

The iExec RLC/Bitcoin (RLCBTC) pair opened at $0.01120 on 2025-09-05 at 12:00 ET and closed at $0.01196 on 2025-09-06 at 12:00 ET. The 24-hour range extended from a low of $0.01120 to a high of $0.01225, with total volume of 29,900.1 BTC and turnover of approximately $359,264.28 (assuming a $30,000 BTC price).

Structure & Formations

The RLCBTC pair exhibited a strong bullish breakout in the late afternoon and early evening hours, characterized by a large bullish engulfing pattern from the $0.01170 to $0.01202 range. A key resistance was tested and briefly exceeded at $0.01207–$0.01225, with strong volume confirming the move. A notable bearish reversal candle appeared at $0.01225–$0.01209, suggesting potential near-term exhaustion. Key support levels at $0.01160–$0.01165 and $0.01150–$0.01157 also became evident from early volume action.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended upward during the bullish wave, with the 20-period MA crossing above the 50-period MA around $0.01185. On the daily timeframe, the 50-day MA appears to be around $0.01160–$0.01165, with the 200-day MA at a lower level of approximately $0.01140–$0.01145, indicating a stronger short-term bullish bias.

MACD & RSI

The MACD turned positive in the late afternoon and remained above the signal line during the bullish wave, confirming bullish momentum. The RSI hit overbought levels above 70 during the $0.01202–$0.01225 move, signaling that the pair may face near-term correction. A bearish divergence was also observed between price and RSI during the $0.01225–$0.01209 candle, suggesting potential reversal.

Bollinger Bands

Bollinger Bands expanded significantly during the breakout, with the upper band reaching $0.01225 and the lower band at $0.01140. Price closed near the upper band on the 12:00 ET timestamp, indicating overbought conditions. The expansion in volatility suggests increased speculative activity and potential for correction.

Volume & Turnover

Volume and turnover spiked during the $0.0120–$0.01225 range, with several large-volume candles appearing late in the session. The largest spike occurred at $0.01225 with a turnover of ~$1.5 million. There was no significant divergence between price and turnover, suggesting bullish confirmation. However, a sharp drop in volume was observed at the $0.01209–$0.01196 candle, indicating potential loss of buying momentum.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $0.01170 to $0.01225, the 38.2% and 61.8% retracement levels fall near $0.01195 and $0.01180, respectively. If the current pullback continues, these levels could act as key psychological and technical support areas. On the daily chart, the 61.8% level of the broader $0.01120–$0.01225 move appears at $0.01165–$0.01170, which has already shown some support in early trading.

Backtest Hypothesis

Given the breakout pattern and overbought RSI, a potential backtest strategy could focus on a reversal-based approach. A long entry could be placed near the 38.2% Fibonacci retracement at $0.01195 with a stop below $0.01185. If the price fails to hold, a short trade could be initiated below $0.01180 with a stop above $0.01190. The strategy would benefit from confirming signals from the RSI and Bollinger Band levels to avoid false breakouts.