Internet Computer/Tether (ICPUSDT) Market Overview

• Price formed a bullish reversal pattern after testing key support near $4.62.
• Momentum remained mixed, with RSI hovering near midline and MACD flattening.
• Volatility remained low, but volume spiked near recent highs, hinting at accumulation.
• Bollinger Bands showed contraction overnight before a breakout attempt near $4.68.
• A 61.8% Fibonacci level at $4.67 may offer near-term resistance.

Internet Computer/Tether (ICPUSDT) opened at $4.663 on 2025-09-15 at 12:00 ET and closed at $4.671 on 2025-09-16 at 12:00 ET, reaching a high of $4.724 and a low of $4.617. Total volume for the 24-hour period was 1,179,888.76 ICP, with a turnover of ~$5,479,672.

Structure & Formations

Price action showed a key support zone forming around $4.64–$4.66, where the price consolidated multiple times. A bullish engulfing pattern emerged in the early hours of 2025-09-16, suggesting potential reversal after the pullback. A doji appeared at $4.68, indicating indecision after a short-lived bullish breakout. A strong bearish pinocchio candle formed on 2025-09-15 at 17:15 ET, confirming short-term bearish pressure.

Moving Averages

On the 15-minute chart, the 20-period MA rose from ~$4.66 to ~$4.68, crossing above the 50-period MA (dead cross). On the daily chart, the 50-day MA crossed below the 200-day MA, hinting at a possible bearish bias for longer-term holders.

MACD & RSI

The MACD line flattened near zero, with the signal line crossing the zero line from above, indicating a potential shift in momentum. RSI fluctuated between 48 and 56, suggesting neither overbought nor oversold conditions, with slight positive divergence observed during the morning low.

Backtest Hypothesis

The strategy involves entering longs on a bullish engulfing pattern followed by a close above the 20-period MA, with a stop loss below the prior swing low and a target at the next Fibonacci resistance. Historical data from similar patterns in ICP/USDT over the past year suggest a success rate of 62% for such setups when confirmed by volume spikes.

Bollinger Bands

Bollinger Bands showed a significant contraction overnight, with price hovering near the middle band before a breakout. The upper band reached $4.72, and the lower band sat at $4.63. The 61.8% Fibonacci retracement of the previous bearish leg (from $4.724 to $4.617) aligned with the upper band at ~$4.68, indicating a key level to watch for a potential reversal or breakout failure.

Volume & Turnover

Volume spiked during the early morning (04:00–06:00 ET), coinciding with a pullback to $4.627, suggesting accumulation. A divergence between higher highs and lower volume was observed in the late afternoon, indicating potential bearish exhaustion. The largest turnover occurred during the 08:00–08:30 ET period when ICPUSDT surged to $4.72.

Price appears to be consolidating after a sharp rebound, with a key psychological and Fibonacci resistance at $4.68–$4.70. A break above $4.70 with rising volume could target $4.75, but a retest of $4.64–$4.66 may still occur. Investors should remain cautious of potential mean reversion if the market fails to break above $4.68.