Market Overview for Tether/Colombian Peso (USDTCOP) – 24-Hour Summary (2025-10-23)

• Price action consolidated around 3895–3900 COP, with minor bullish bias in final hours.
• High volatility seen early in the 24-hour period, followed by gradual consolidation.
• Volume remained steady, with no divergence between price and turnover.
• Key support held near 3885–3890, while resistance emerged at 3900–3903 COP.

1. Structure & Formations

Over the past 24 hours, USDTCOP exhibited a consolidation pattern after a short-lived rally to 3903 COP in early morning ET. Key support levels held near 3885–3890 COP, especially during the late ET hours when price dipped. A few bearish and bullish engulfing patterns emerged, particularly in the 16:00–18:00 ET timeframe, but no decisive reversal pattern was formed. A doji appeared at 03:45 ET, suggesting indecision and a potential pause in momentum. The price remained range-bound for much of the session with 3895–3900 COP acting as a psychological ceiling.

2. Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned, indicating low directional bias. Price traded just above the 20SMA for most of the session, with a slight bullish crossover in the last few hours before 12:00 ET. On the daily timeframe (simulated from the 15-minute data), the 50-period and 100-period averages were nearly overlapping, with price sitting slightly above, suggesting a neutral to mildly bullish stance for the short term.

3. MACD & RSI

The MACD remained within a tight range, with no clear divergence in the final hours of the 24-hour period, suggesting limited momentum in either direction. RSI fluctuated between 45 and 55, indicating balanced buying and selling pressure. While it never entered overbought (>70) or oversold (<30) territory, the oscillating nature of the RSI suggests that the market may still be in a period of indecision, waiting for a catalyst to break the range.

4. Bollinger Bands

Volatility expanded slightly during the early hours of the session, with price trading near the upper Bollinger Band (at 3903 COP). As the day progressed, volatility contracted, with the price settling closer to the middle band. This suggests that the market was consolidating after the initial move, with no clear signs of a breakout imminent.

5. Volume & Turnover

Volume remained relatively stable throughout the session, peaking at 14,778 units during the first 15-minute interval of the cycle. Turnover was consistent with price, with no notable divergence observed. The largest volume spikes occurred during the early ET hours and in the early morning, coinciding with price swings. The lack of divergences suggests that price action is still being supported by consistent buying and selling pressure.

6. Fibonacci Retracements

Applying Fibonacci retracements to the 3885–3903 COP move, the 38.2% retracement level was at 3894.76 COP, while the 61.8% retracement was at 3890.79 COP. Price held firm at the 61.8% level during the late ET hours, suggesting it was a key support. No meaningful rally above the 38.2% level occurred, indicating continued pressure from sellers above that threshold. On the daily swing, Fibonacci levels were not strongly defined due to limited directional movement.

7. Backtest Hypothesis

A potential backtest hypothesis would involve using a simple momentum-based strategy triggered by the MACD line crossing above the signal line combined with price above the 20SMA. Given the recent range-bound nature of USDTCOP, this could be tested with a stop-loss placed below the 3885 support level and a target at the 3900–3903 resistance. A trailing stop could also be incorporated as volatility increases, particularly if price moves beyond the 3897 COP pivot. While the strategy would need to be tested over a longer historical period, the current setup appears to offer a clear risk-to-reward profile for a short-term bias.