Bancor/Tether Market Overview: BNTUSDT on 2025-11-02

• BNTUSDT opened at $0.5848, reached a high of $0.5902, a low of $0.5681, and closed near $0.5687.
• A notable Bearish Reversal pattern formed around 04:00 ET with a sharp pullback from $0.5899 to $0.5814, suggesting short-term weakness.
• RSI dipped below 30 into oversold territory in the late morning, hinting at possible rebound potential.
• Volatility expanded dramatically after 14:00 ET, with a drop from $0.5752 to $0.5681, indicating increased risk-on bearish bias.

Price Behavior and Key Levels

Bancor/Tether (BNTUSDT) opened at $0.5848 on 2025-11-02 and quickly tested key resistance levels, reaching a peak of $0.5902 just before 05:15 ET. A bearish engulfing pattern formed at this peak, followed by a sustained selloff that saw prices fall to a session low of $0.5681. This move appears to have broken a critical support level near $0.5700, with subsequent price action consolidating in a tight range below that level. The session closed at $0.5687, with total volume of 398,185.3 contracts traded and a notional turnover of $226,895.10, indicating elevated market activity and sentiment shift.

Structure & Formations

A notable bearish engulfing pattern formed at the top of the session around 05:15 ET, where a long bullish candle was followed by a larger bearish candle that fully engulfed the previous session’s body. This pattern, coupled with a subsequent pullback, signaled bearish momentum. Additionally, a Hammer candle appeared near the 11:45 ET timeframe, hinting at short-term support near $0.5815, which was quickly broken.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, confirming the bearish bias. Prices remained below both indicators throughout most of the session, especially after 14:00 ET. On the daily chart, the 50-period MA appears to act as a key resistance level, while the 200-period MA continues to trend sideways, suggesting the pair is in a consolidation phase after a recent uptrend.

MACD & RSI

The MACD line crossed below the signal line in the early morning and remained in negative territory, confirming bearish momentum. The RSI dipped below 30 at 11:15 ET, signaling oversold conditions, but failed to spark a significant rebound. This could imply further downward pressure unless buyers step in. The combination of bearish divergence and oversold RSI suggests a potential short-term bounce is possible but unlikely to reverse the larger bearish trend.

Bollinger Bands and Volatility

Bollinger Bands showed a sharp expansion after 14:00 ET, with prices falling below the lower band and consolidating in a tight range. This expansion coincided with a large-volume sell-off, indicating heightened volatility and potential for further downside in the near term. Prices remained below the 20-period moving average for most of the session, reinforcing the bearish bias.

Volume and Turnover

The most significant volume spike occurred at 14:30 ET, where a large candle moved prices from $0.5752 to $0.5719 in a single 15-minute interval. This suggests strong selling pressure and increased participation from larger market participants. Turnover also peaked in the late afternoon, aligning with the price drop and indicating a possible shift in market sentiment.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from $0.5681 to $0.5902, the 61.8% level lies near $0.5777, which coincided with a minor bounce at 10:15 ET. A successful test of this level could provide short-term buyers with an entry point, but the overall bias remains bearish. On the daily chart, the 50% retracement level sits near $0.5785, which may be a key area to watch in the next 24 hours.

Backtest Hypothesis

A potential backtest strategy could focus on the Bearish Engulfing pattern identified at 05:15 ET, which signaled a reversal from bullish to bearish momentum. To execute this strategy, a short position would be initiated at the close of the engulfing candle. For exit criteria, a fixed holding period of 5 trading days could be used, or a combination of stop-loss and take-profit levels based on Fibonacci retracement levels. Given the large volume and strong bearish momentum on 2025-11-02, applying this strategy to BNTUSDT could yield meaningful results when tested over the 2022-01-01 to 2025-11-02 timeframe.