Market Overview for BENQI/Tether USDt (QIUSDT)

• Price action on QIUSDT shows a bullish breakout above prior resistance
• RSI and MACD align with upward momentum, suggesting continuation
• Volume surged in late session, confirming strength in upward move
• Bollinger Bands widen, indicating rising volatility
• No significant bearish divergence between volume and price observed

BENQI/Tether USDt (QIUSDT) opened at $0.00711 on 2025-09-04 12:00 ET and reached a high of $0.00744 before closing at $0.00736 at 12:00 ET the following day. Total trading volume across 24 hours was 19,956,825.0 and total turnover was approximately $142,382,516.44.

The 24-hour candlestick pattern shows a strong bullish bias, with a notable breakout above a key resistance level around $0.00736. Price action during the late afternoon and overnight hours (ET) showed a strong rally, with multiple bullish engulfing patterns and strong buying pressure in the final 6 hours. A 20-period and 50-period moving average on the 15-minute chart are both bullish aligned, with price above both. The 50-period daily MA is also acting as a strong support level.

Structure & Formations

Key support levels identified include $0.00726, $0.00719, and $0.00712, with the most recent rejection occurring at $0.00719 before the bullish reversal. Resistance levels are currently at $0.00744 (24-hour high) and $0.00749, where a prior bearish rejection occurred. The candlestick formations observed include bullish engulfing patterns and a strong morning star formation between $0.00718 and $0.00729. A doji at $0.00715 in early morning (ET) indicated indecision before the rally.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart are both in bullish alignment, with price comfortably above both. On the daily chart, the 50-period and 100-period moving averages are also bullish, while the 200-period MA is acting as a dynamic support level. This suggests a continuation of the current uptrend is likely unless price retests and fails to hold above the 50-period daily MA.

MACD & RSI

The MACD for QIUSDT is in bullish territory, with the histogram expanding during the late hours of the session. The 9-period RSI moved into overbought territory (above 70) in the final 6 hours, but no divergence between price and RSI was observed, suggesting the upward move may still have room. The RSI remains above its 50 level, indicating positive momentum.

Bollinger Bands

The Bollinger Bands have widened significantly, reflecting increased volatility over the last 24 hours. Price has remained above the middle band and near the upper band during the final 6 hours of the session, indicating strong upward pressure. A potential pullback into the middle band may offer a short-term opportunity for continuation buyers.

Volume & Turnover

Trading volume spiked significantly during the final 6 hours, with notable spikes at $0.00735 and $0.00744, where large-volume bullish candles formed. Turnover increased by over 20% in the last 3 hours of the session, confirming the strength of the upward move. No bearish divergence was observed between volume and price action, suggesting the move is backed by strong liquidity.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $0.00712 to $0.00744, the 38.2% retracement level is at $0.00726 and the 61.8% at $0.00733. Price has already tested and moved above the 61.8% level, suggesting a potential target near $0.00749. On the daily chart, the 38.2% retracement of the larger move lies at $0.00736, which aligns with the current close.

Backtest Hypothesis

The backtesting strategy described is a simple breakout-based system: when price closes above the upper Bollinger Band on the 15-minute chart, and the 20-period and 50-period moving averages are in bullish alignment, a long position is triggered. The target is the next Fibonacci level at $0.00749, with a stop-loss set just below the most recent support at $0.00726. This hypothesis aligns with the observed price behavior today, where the breakout and MA alignment were present. A backtest using this rule over the past 30 days would be required to assess its reliability and adjust stop-loss and target levels based on historical volatility and drawdown management.