Market Overview for Tether/Argentine Peso (USDTARS)

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• Price action showed a bullish bias, forming a higher high and close amid elevated volatility.
• Momentum indicators suggest moderate strength, with RSI indicating potential overbought conditions in the final hours.
• Volume and turnover increased steadily in the evening hours, supporting the recent price strength.
• A bearish reversal pattern emerged early, but it was quickly negated by strong buying pressure.
• Volatility expanded after 20:00 ET, pushing prices near the upper Bollinger Band for a short period.

Market Opening & 24-Hour Summary

Tether/Argentine Peso (USDTARS) opened at 1379.8 at 12:00 ET−1 and reached an intraday high of 1387.9 before closing at 1383.3 at 12:00 ET. The 24-hour trading range was 1378.0–1387.9, with a total volume of 589,996.0 and turnover of 797,424,477.0 (notional value). The price action demonstrated a moderate bullish bias with strong volume support in the latter part of the day.

Structure & Formations

The 24-hour candlestick pattern revealed a moderate bullish bias with a series of higher highs and higher lows after 19:00 ET. A bullish engulfing pattern formed around 19:00 ET, confirming a short-term reversal from bearish to bullish. Later, a doji formed at the peak of the session (~21:00 ET), indicating indecision at overbought levels. Notable support levels were identified at 1380.0 and 1378.0, while resistance emerged near 1387.5 and 1388.0.

Technical Indicators

A 20-period and 50-period EMA on the 15-minute chart remained in ascending order, with the price frequently trading above the 20-EMA. The MACD showed a bullish crossover and a growing histogram, indicating strengthening momentum. The RSI reached overbought territory (70–80) late in the session and failed to close above it, suggesting potential exhaustion. Bollinger Bands expanded after 20:00 ET, with the price touching the upper band before retracing, signaling a momentary overbought condition.

Volume & Turnover

Trading volume surged from ~25,000 to over 57,000 at 01:45 ET, coinciding with a sharp price pullback. Turnover closely followed volume patterns, with the largest single 15-minute turnover spike occurring at the same time. There was no major divergence between price and turnover, supporting the validity of the upward move. Volume remained above the 20-period average for most of the session, reinforcing the bullish case.

Fibonacci Retracements

Applying Fibonacci retracements to the key 15-minute swing from 1378.0 to 1387.9, the 38.2% level (1383.2) was tested and held in the final hours. The 61.8% level (1385.6) acted as a short-term resistance. On the daily chart, Fibonacci levels from the recent swing high to the low indicated key areas around 1380.0 and 1385.5, which were either touched or tested during the session.

Backtest Hypothesis

A potential backtesting strategy could be built around entering long positions upon a bullish engulfing pattern forming near a key support level (e.g., 1380.0) with MACD and EMA confirming bullish momentum. A stop-loss could be placed below the most recent swing low, while a take-profit target could be set at 61.8% Fibonacci retracement. This strategy would aim to capture the continuation of the bullish bias observed in the session, especially during periods of increased volume and divergence-free price action.