SCRBTC Market Overview: 24-Hour Analysis for 2025-10-09

• Price declined from 2.24e-06 to 2.09e-06 over 24 hours, closing near the day's low.
• Volume spiked during bearish reversals, while turnover confirmed downward momentum.
• RSI approached oversold levels, suggesting potential for near-term rebound.
• A key support level at 2.11e-006 was tested multiple times, with mixed results.
• Bollinger Bands narrowed mid-day, followed by a sharp price expansion to the lower band.

Scroll/Bitcoin (SCRBTC) opened at 2.22e-06 at 12:00 ET−1 and closed at 2.09e-06 by 12:00 ET, hitting a high of 2.24e-06 and a low of 2.08e-06. Total volume amounted to 70,088.0 units, with a notional turnover of approximately 147.49e-06 BTC.

The 24-hour candlestick pattern shows a strong bearish bias, with the price drifting below key psychological levels. A bearish engulfing pattern formed early on, followed by multiple consolidation attempts that failed to regain bullish control. A doji formed near 2.23e-06, signaling indecision. A notable breakdown occurred below the 2.11e-06 support level, which previously held multiple times but eventually broke with increased volume.

Moving averages on the 15-minute chart show the price is well below both the 20-period and 50-period SMA, reinforcing the bearish trend. The RSI has dipped below 30, indicating oversold conditions, though a rebound may still face resistance at 2.13e-06 and 2.15e-06. The MACD is bearish with negative histogram divergence. Bollinger Bands tightened between 2.12e-06 and 2.16e-06 mid-day before the price broke out to the lower band, indicating increased volatility.

Volume analysis reveals key divergence during price consolidation, with heavy selling pressure between 02:30 and 04:00 ET. Turnover increased during sharp downward moves, particularly after 06:30 ET. Fibonacci retracements from the 2.24e-06 high to the 2.08e-06 low show 38.2% at 2.14e-06 and 61.8% at 2.11e-06, both of which were tested and failed.

Price may test the 2.11e-06 level again for confirmation as a new short-term support, while a break below 2.08e-06 could trigger further selling. However, oversold RSI conditions suggest a possible countertrend bounce toward 2.13e-06, though traders should remain cautious about liquidity dry-ups and divergences.

Backtest Hypothesis
Using the identified key support levels and RSI overbought/oversold signals, a potential long entry could be triggered when price closes above 2.13e-06 with a bullish engulfing pattern, confirmed by increasing volume and MACD crossover above zero. A stop-loss would be placed below the next Fibonacci level at 2.11e-06. Short-term traders could also consider a mean-reversion strategy during periods of Bollinger Band contraction, entering on a break of the band with a trailing stop.