Market Overview: Filecoin/Tether (FILUSDT) - September 23, 2025

• Price broke out of a 15-minute consolidation range, reaching a 24-hour high of $2.287.
• Momentum indicators suggest growing bullish momentum, with RSI rising into overbought territory.
• Volatility increased sharply after 21:00 ET, with Bollinger Band width widening.
• Volume surged 60% above average in the last 6 hours, confirming price strength.
• A bullish engulfing pattern formed on the 15-minute chart near key support at $2.25.

Filecoin/Tether (FILUSDT) opened at $2.246 on September 22 at 12:00 ET and closed at $2.273 on September 23 at 12:00 ET, reaching a high of $2.287 and a low of $2.213 during the 24-hour window. Total volume amounted to 1,844,596.09 FIL, with notional turnover of approximately $4,165,309.25. The price action reflects a breakout from a defined consolidation pattern.

On the 15-minute chart, FILUSDT formed a bullish engulfing pattern around $2.25 during the 21:00–21:15 ET session, signaling a potential reversal. A doji appeared at $2.255 on the 02:45 ET session, indicating indecision. Key support levels include $2.25, $2.24, and $2.23, while resistance levels emerged at $2.27, $2.28, and $2.29.

Bollinger Bands expanded significantly after 21:00 ET, indicating increased volatility. Price spent the majority of the 24-hour window in the upper band, suggesting a strong bullish trend. The 20-period moving average crossed above the 50-period line in a bullish "golden cross" pattern around 03:00 ET, reinforcing the upward bias. The 50-period daily moving average is currently at $2.245, while the 200-period is at $2.232, suggesting a short-term bullish deviation from the long-term trend.

The MACD histogram showed a positive divergence from 21:00 to 06:00 ET, with momentum accelerating alongside price. RSI moved into overbought territory (above 70) after 08:00 ET, suggesting potential for a pullback or consolidation phase. A Fibonacci retracement from the high at $2.287 to the low at $2.213 identified key levels at $2.26 (38.2%), $2.25 (61.8%), and $2.23 (78.6%), with the 61.8% level acting as immediate support.

Backtest Hypothesis
The breakout and continuation strategy described in the backtesting strategy leverages 15-minute candlestick formations and moving average crossovers to identify high-probability entries. Given the recent golden cross at the 20/50 MA and the bullish engulfing pattern at $2.25, a long entry could be placed with a stop loss just below $2.24 and a target at $2.27–$2.28. The MACD and RSI divergence suggests that momentum is likely to persist for several hours, but overbought conditions imply caution. A retest of the 61.8% Fib level at $2.25 may offer a second entry opportunity with tighter risk management.