Market Overview: Tether/Colombian Peso (USDTCOP) – 24-Hour Technical Summary

• USDTCOP traded in a 24-hour range of 3823.0–3843.0, closing near intraday low with a bearish drift.
• Price rejected key resistance at 3840.0–3843.0, forming multiple bearish engulfing and shooting star patterns.
• Volatility expanded midday before tapering off, with volume surging during 19:00–20:45 ET, confirming bearish momentum.
• RSI drifted into oversold territory post 20:30 ET, hinting at potential near-term support retests.

Tether/Colombian Peso (USDTCOP) opened at 3835.0 on 2025-10-03 12:00 ET and closed at 3836.0 by 2025-10-04 12:00 ET, trading as high as 3843.0 and as low as 3823.0. Total volume amounted to 452,107 units, with notional turnover reaching approximately $1,735,251,944 (using closing price of 3836.0).

The price action over 24 hours displayed a bearish consolidation, characterized by a series of rejection bars near 3840.0–3843.0. The most notable formation occurred at 19:45–20:30 ET, where a bearish engulfing pattern emerged, followed by a confirmed breakdown below a key support at 3832.0. A key doji formed near 3830.0 at 20:15 ET, suggesting indecision and a potential short-term reversal. On the 15-minute chart, 20-period and 50-period moving averages both trended downward, with price consistently below both, reinforcing a bearish bias.

The RSI dipped below 30 after 20:30 ET, indicating oversold conditions, while the MACD line crossed below the signal line at 19:30 ET, confirming the bearish momentum. Volatility expanded midday with the widening of Bollinger Bands, reaching a peak at 20:30 ET before contracting, suggesting a possible exhaustion of the bearish move. Price spent the final hours of the 24-hour window consolidating within the lower Bollinger Band, near the 1.0 standard deviation level, indicating potential support retests in the near term.

Fibonacci retracements applied to the 19:30–20:30 ET swing identified potential support at 3832.0 (61.8%) and 3835.0 (38.2%). Price held firm near the 61.8% level, suggesting a possible rebound. The 200-period daily moving average remains near 3839.0, acting as a key resistance. Price appears to be trading below the 50-period daily MA, reinforcing a medium-term bearish outlook.