Treasure/Bitcoin (MAGICBTC) Market Overview: 2025-09-14

• Price declined from 1.91e-06 to 1.81e-06, marking a 5.3% drop over 24 hours.
• Volume spiked during the last 6 hours, with a 12,000+ BTC turnover in the 13:45–14:45 ET window.
• RSI showed bearish momentum, with a 15-minute reading hitting 28 and a daily close near 40.
• Bollinger Bands contracted midday before a sharp break below the lower band at 1.82e-06.
• A bearish engulfing pattern formed at 1.91e-06 on the 15-minute chart, signaling potential continuation of the downward trend.

Price Movement and Volume

Treasure/Bitcoin (MAGICBTC) opened at 1.91e-06 on 2025-09-13 12:00 ET, reached a high of 1.92e-06, dipped to a low of 1.81e-06, and closed at 1.81e-06 on 2025-09-14 12:00 ET. The 24-hour volume totaled 160,354.3 BTC, with a notional turnover of $288.65 million (assuming $1.8 million BTC price). Price action shows a bearish bias with a clear breakdown from key levels during the late night and early morning hours.

Support and Resistance with Candlestick Patterns

The price broke below the 1.84e-06 psychological support during the early hours of September 14, followed by a bearish engulfing pattern at 1.91e-06. A key support zone is forming around 1.81e-06–1.83e-06, with potential for a bounce if buying pressure resurfaces. Resistance levels near 1.85e-06 and 1.88e-06 remain untested for now. A doji at 1.87e-06 during the early morning ET suggests indecision and could mark a potential turning point if bullish volume follows.

Technical Indicators

Relative Strength Index (RSI) for the 15-minute chart hit 28 by 09:00 ET, signaling potential oversold conditions. However, the price has yet to show a bullish reversal, suggesting a continuation of the downward move. The 20-period and 50-period moving averages on the 15-minute chart are both bearish, with the 50SMA below the 20SMA. On the daily chart, the 50DMA crossed below the 100DMA, forming a bearish death cross. MACD showed negative divergence in the late hours of September 13, confirming bearish momentum. Bollinger Bands, after a period of consolidation, saw a sharp break below the lower band at 1.83e-06, suggesting increased volatility and bearish continuation.

Volume and Turnover Analysis

Volume surged after 12:00 ET, with a sharp increase in selling pressure as price fell below 1.85e-06. Notable spikes in turnover occurred during the 13:45–14:45 ET and 15:00–16:00 ET windows, where over 18,000 BTC traded. The divergence between volume and price was notable in the first half of the day—volume was low as price traded within a range—but reversed in the second half as price dropped sharply. This suggests that institutional selling pressure intensified as the price approached key support levels.

Fibonacci Retracements and Volatility

Applying Fibonacci retracements to the 1.91e-06 to 1.81e-06 move, the 38.2% level sits at 1.87e-06 and the 61.8% level at 1.84e-06. The price has already tested both levels, and the current support at 1.81e-06 is the next key level to watch. Volatility remains elevated with a 15-minute ATR of ~0.005e-06 and a daily ATR of ~0.04e-06. The recent break below the 1.84e-06 level was accompanied by a 20% increase in ATR, suggesting the market is in a phase of expansion.

Backtest Hypothesis

A potential backtesting strategy could involve using the 50-period and 20-period moving average crossover on the 15-minute chart to identify short-term entries. Given the bearish trend, a short signal could be triggered when the 20-period MA crosses below the 50-period MA and RSI confirms an oversold condition. This strategy would be best tested during periods of high volatility, such as the 13:45–14:45 ET window. Additionally, Fibonacci retracement levels could serve as stop-loss and take-profit targets for short positions.