Market Overview for Tether/Colombian Peso (USDTCOP)

• Tether/Colombian Peso (USDTCOP) drifted lower over the last 24 hours, closing near its 24-hour low of 3,857 COP.
• Price action shows bearish bias, with repeated failed attempts to retest the upper range at 3,876 COP.
• Volatility remains compressed, with Bollinger Bands narrowing as consolidation takes hold.
• Volume dipped slightly after midday ET, suggesting reduced conviction in both directions.
• RSI suggests oversold territory may emerge, but momentum remains weak as buyers struggle to push price higher.

Opening Summary and Context

Tether/Colombian Peso (USDTCOP) opened at 3,875 COP on 2025-10-31 at 12:00 ET, reached a high of 3,876 COP, and closed at 3,864 COP on 2025-11-01 at 12:00 ET, finishing near the lower end of its 24-hour range. Total volume across the 24-hour period was 296,213 units, with a notional turnover of approximately 1,142,150,677 COP.

Structure & Formations

The 15-minute OHLCV data reveals a bearish drift with limited bullish follow-through. A failed test of the 3,876 COP level on multiple occasions suggests resistance is strong, and price failed to close above it. Key support appears to be forming around 3,857–3,861 COP, where the price consolidated for several hours during the late evening and into the early hours of the morning. A small bearish engulfing pattern formed around 20:15 ET, which could indicate a continuation of the downtrend.

Moving Averages and Momentum

While no daily moving averages were directly calculated from the data, the 15-minute data shows price consistently below the 20-period and 50-period moving averages, indicating a short-term bearish bias. The MACD histogram turned negative in the latter half of the session, signaling weakening bullish momentum. RSI moved into potential oversold territory, dipping below 30 in the late night hours, suggesting buyers may step in if a reversal occurs.

Bollinger Bands and Fibonacci Levels

Volatility remains low, with price trading within a narrow range near the middle Bollinger Band for most of the session. A brief contraction in the band width observed around 19:30 ET may signal potential for a breakout, though the direction remains uncertain. Fibonacci retracements drawn from the recent 3,876 COP high to the 3,857 COP low show 38.2% and 61.8% retracement levels near 3,866 and 3,862 COP, respectively. The price held near the 38.2% level for several hours, indicating moderate short-term support.

Volume and Turnover

Volume spiked slightly in the early evening as price tested the 3,876 COP resistance level, but failed to follow through, leading to a bearish rejection. Notional turnover remained stable throughout the session, with no significant divergence between volume and price movement. A notable increase in volume during the late-night and early morning hours coincided with the price consolidating near 3,861–3,864 COP, suggesting accumulation by buyers ahead of the next directional move.

Backtest Hypothesis

Given the price pattern and indicators, a backtesting strategy could be designed to exploit the defined support and resistance levels. One potential approach is to define a "Support Level" as the 38.2% Fibonacci retracement near 3,862 COP, using this as a fixed entry trigger for long positions. For the exit rule, a fixed take-profit level at 3,876 COP could be applied, representing the 24-hour high and a key resistance. This strategy would aim to capture short-term bounces from support into resistance with a clear risk-reward profile. To refine this, a historical backtest over a multi-year dataset could include stop-loss placement at 3,857 COP or below to limit downside exposure.