Conflux/Tether (CFXUSDT) Market Overview

• Price declined from 0.179 to 0.1756, with a notable drop after 17:45 ET.
• High volume spike of 10.83M at 17:45 ET confirmed bearish sentiment.
• RSI dropped into oversold territory, suggesting potential for a rebound.
• Candles showed long lower shadows and bearish engulfing patterns.
• Bollinger Bands widened during the drop, signaling increased volatility.

At 12:00 ET on 2025-09-20, Conflux/Tether (CFXUSDT) opened at 0.1781, reached a high of 0.1798, and closed at 0.1758. The daily low was 0.1751. The total volume for the 24-hour period was approximately 9.46M, with a notional turnover of $1.64M, calculated using average price and volume.

On the 15-minute chart, key resistance appears at 0.1798 (daily high) and 0.1772 (a minor pivot), while support is visible at 0.1756 and 0.1751 (daily low). A bearish engulfing pattern formed at 17:45 ET, followed by a long-lower-shadow candle at 18:00 ET, indicating rejection of higher prices. A morning session bullish consolidation was quickly undone during the early evening sell-off.

The 20-period and 50-period moving averages on the 15-minute chart crossed bearishly, reinforcing the downward bias. RSI fell into oversold territory below 30, suggesting a short-term bounce may be likely. MACD crossed below the signal line, with negative momentum amplifying the bearish case.

Bollinger Bands widened significantly during the drop, suggesting heightened volatility. Price closed near the lower band, which often acts as a potential support trigger for a short-term bounce. Volume spiked sharply at 17:45 ET (10.83M), coinciding with the breakdown to 0.1756, which is a strong bearish confirmation.

Fibonacci retracements drawn from the 0.1798 high to the 0.1751 low show 38.2% at 0.1781 and 61.8% at 0.1765. These levels have acted as minor pivots, with 0.1765 currently providing resistance. A break below 0.1751 could trigger a deeper correction toward 0.1747.

The backtest strategy involves identifying 15-minute bearish engulfing patterns with high volume confirmation, followed by a short entry near the close of the pattern candle. The target is set at the 38.2% Fibonacci retracement level, and a stop is placed above the high of the pattern. This aligns with the recent 17:45 ET candle and could serve as a short-term trade idea with clear risk parameters.