FTX Token/Tether (FTTUSDT) Market Overview

• Price declined from 0.9493 to 0.9388, forming bearish momentum and volume consolidation.
• RSI indicated overbought conditions earlier, followed by a pullback into oversold territory.
• Volatility remained moderate with price oscillating inside Bollinger Bands.
• A bullish engulfing pattern formed near 0.9301–0.9350 after a short-term bearish correction.
• Key support at 0.92–0.925 and resistance at 0.94–0.945 highlighted by volume clustering and Fibonacci retracements.

At 12:00 ET on 2025-10-05, FTX Token/Tether (FTTUSDT) opened at 0.9334, reached a high of 0.9504, and closed at 0.9388, with a low of 0.9103. Total volume for the 24-hour period was 519,486.77, and notional turnover was 483,011.08. The pair experienced a volatile day, with a strong morning rally followed by a midday pullback and a late afternoon recovery.

Structure & Formations

The candlestick structure showed a bearish bias early in the session, with multiple green and red candles indicating indecision. A bearish trend developed in the early afternoon, forming a key support at 0.925–0.9203. Later, a bullish engulfing pattern emerged after the price tested this support and bounced. Doji patterns were observed around key resistance levels, suggesting potential consolidation or reversal. The Fibonacci retracement levels highlighted 0.925 (38.2%), 0.935 (61.8%), and 0.945 (100%) as potential turning points.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA in the afternoon, reinforcing bearish momentum. The 50-period MA remained above the 200-period MA on the daily chart, indicating a slightly bearish bias over the longer term. Price closed near the 50-period MA, which could act as a potential support/resistance level in the next 24 hours.

MACD & RSI

MACD showed a bearish crossover in the early afternoon, with the signal line crossing above the histogram line. RSI moved into oversold territory after the pullback, but it did not remain there long, suggesting buyers stepped in at lower levels. The combination of RSI and MACD indicates that further upward momentum could follow if the price breaks above the 0.94–0.945 resistance level.

Bollinger Bands

Volatility remained moderate, with the bands showing no significant contraction or expansion. The price spent much of the session near the lower and middle bands, suggesting that the market was trading in a tight range. A breakout above the upper band or below the lower band could signal a potential trend shift.

Volume & Turnover

Volume was highest during the morning rally and again in the late afternoon. Notional turnover followed a similar pattern, with confirmation seen in the price action. A divergence between volume and price was observed in the early afternoon when the price declined but volume did not increase significantly, suggesting potential exhaustion in the bearish move.

Fibonacci Retracements

Fibonacci levels from the 0.9103 to 0.9504 swing highlighted key levels at 0.925 (38.2%), 0.935 (61.8%), and 0.945 (100%). The price tested 0.925 twice and bounced, suggesting strong support at that level. A break above 0.945 may trigger further buying interest, with 0.9504 being the next immediate resistance.

Backtest Hypothesis

The backtesting strategy involves a 15-minute chart approach that triggers a buy signal on a bullish engulfing pattern at or near key support levels, confirmed by a RSI cross above the 30 threshold. A sell signal is initiated on a bearish engulfing pattern at key resistance levels, confirmed by a RSI cross below the 70 threshold. A stop-loss is placed at 1.5% below/above the entry point. Based on the recent 15-minute chart structure and RSI levels, this strategy could provide a high-probability trade setup if the price continues to consolidate near the 0.925–0.940 range.