Market Overview: Tether/Argentine Peso (USDTARS) on 2025-11-08

Summary
• Price declined from 1488.4 to 1472.2 with bearish momentum in early hours.
• Key support levels at 1470–1475 and resistance near 1480 observed.
• Volume spiked early in the session, confirming bearish sentiment.

Tether/Argentine Peso (USDTARS) opened at 1488.4 on 2025-11-07 12:00 ET, reached a high of 1488.5, a low of 1470.2, and closed at 1472.2 at 12:00 ET the following day. The 24-hour total volume was 958,607 units, with a turnover of approximately 1,398,777,924.8 ARS. The price action showed a bearish trend with several engulfing patterns and a failed rebound near key resistance.

Structure & Formations

The price action revealed a bearish bias throughout the session, with a bearish engulfing pattern forming around 19:15–19:30 ET on 2025-11-07, confirming the downward move. A doji formed around 05:00–05:15 ET, indicating a potential turning point or consolidation after the sharp decline. Key support levels appear to be forming around the 1470–1475 range, while resistance remains near 1480. Price may test these levels again in the next 24 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both below the current price, reinforcing the bearish trend. For daily timeframes, the 50-day, 100-day, and 200-day averages are not directly available in the 15-minute data but are likely aligned with the bearish momentum observed over the past 24 hours.

MACD & RSI

The MACD was negative throughout most of the session, with bearish crossovers confirming the downward move. RSI reached oversold conditions near the close of the session, suggesting a possible short-term bounce or consolidation. Traders should watch for a RSI rebound above 40 as a potential early reversal signal.

Bollinger Bands

Volatility expanded during the sharp decline, with prices falling below the lower Bollinger Band multiple times. This expansion indicates increased uncertainty and risk. If price remains within the bands, it may indicate a continuation of the trend. A breakout above or below could signal a shift in sentiment.

Volume & Turnover

Volume spiked early in the session with large bearish candles, reinforcing the downward trend. As the session progressed, volume decreased slightly, indicating diminishing conviction in the bearish move. Notional turnover confirmed the volume patterns, with the largest turnover occurring during the initial price drop.

Fibonacci Retracements

Applying Fibonacci retracements to the major 15-minute swings, the 61.8% level aligns with the 1470–1475 support range, which has already been tested and appears to be a key area for near-term support. A break below this level could extend the downtrend toward the 38.2% retracement at 1465.

Backtest Hypothesis

For a practical backtest of the Bearish Engulfing pattern, specific details are required: the ticker symbol (e.g., USDTARS), the exit strategy (e.g., next-day close or fixed stop-loss), and any additional risk management rules (e.g., max holding days). Once confirmed, the backtest can assess the profitability of the signal across historical data, providing insights into its robustness and trade expectancy.