Towns/Turkish Lira Market Overview for 2025-11-07

Summary
• Price rose from 0.381 at 12:00 ET–1 to 0.408 on 24-hour high amid bullish momentum.
• MACD and RSI indicated strong buying pressure with RSI nearing overbought territory.
• Volume surged to 2.6M in early session and remained elevated, confirming trend strength.

Towns/Turkish Lira (TOWNSTRY) opened at 0.381 at 12:00 ET–1 and reached a 24-hour high of 0.408 by 06:45 ET, before retreating slightly to a close of 0.402 at 12:00 ET. The pair traded between 0.377 and 0.408, with total volume exceeding 10.8M units and notional turnover amounting to 4,224 TRY-equivalent units over the 24-hour period.

Structure & Formations

The candlestick pattern over the last 24 hours shows a strong upward bias, with several bullish engulfing patterns visible between 18:00 and 20:30 ET. A significant bullish reversal pattern emerged after a brief pullback at 23:30 ET, as the pair rebounded from 0.385 to 0.391. A long-bodied candle on the 15-minute chart at 00:00 ET–1 confirmed renewed momentum, with no bearish reversal patterns observed during the period.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA moved in tandem with the price, with the 20SMA remaining above the 50SMA, indicating a bullish crossover bias. On the daily chart, the 50DMA and 100DMA showed signs of convergence, with the 200DMA acting as a key support level. The price remains above all key moving averages, reinforcing the uptrend.

MACD & RSI

The MACD crossed above the zero line and remained in positive territory, with a strong histogram expansion during the 03:00–06:00 ET window. The RSI climbed to 74 by 06:30 ET, suggesting overbought conditions. However, the lack of bearish divergence or a sharp RSI correction suggests the bullish momentum may persist.

Bollinger Bands

Price traded within the Bollinger Bands throughout the session, expanding the upper band as volatility increased after 00:00 ET. The 20-period Bollinger Bands widened from approximately 0.385 to 0.408, suggesting increased buying pressure. Price spent much of the session near the upper band, indicating overbought conditions that could lead to consolidation or a pullback.

Volume & Turnover

Volume remained consistently strong, with two notable spikes above 400,000 units during the 03:30 and 05:15 ET windows. Turnover also rose in tandem, reinforcing the validity of the price action. No material divergence between volume and price was observed, suggesting a healthy continuation of the uptrend.

Fibonacci Retracements

Applying Fibonacci retracements to the key 15-minute swing from 0.377 to 0.408, the 61.8% level at 0.396 served as temporary support and resistance. The 50% retracement at 0.392 was frequently tested, while the 38.2% level at 0.388 acted as a pivot point. The daily swing from 0.377 to 0.408 shows the 61.8% retracement at 0.396 could be a key zone for near-term consolidation.

Backtest Hypothesis

The MACD Golden Cross is a widely used technical strategy to identify potential trend reversals or confirm ongoing bullish momentum. For a backtest on the TOWNSTRY pair, the analysis would require the exact ticker symbol—ideally in the format TOWNS/TRY on a known exchange like Binance or Bybit—to ensure accuracy. Once the precise data is available, the backtest can be run on daily close prices from 2022-01-01 to 2025-11-07, identifying all golden-cross events and measuring average price performance over the subsequent 3–7 days. The results could help quantify the strategy’s effectiveness in the TOWNS/TRY pair and potentially refine entry/exit rules for future trades.