Bitcoin Cash/Tether (BCHUSDT) Market Overview

• BCH/USDT traded in a tight range, with a 24-hour low of $560.80 and high of $569.70.
• A bearish momentum bias emerged after key resistance at $569.00 failed to hold.
• Volatility contracted during early AM ET, followed by a breakout attempt around $565.50.
• On-balance volume remained elevated in the $560–565 range, suggesting key support.
• RSI hit oversold levels multiple times, but price failed to confirm bullish divergence.

The Bitcoin Cash/Tether (BCHUSDT) pair opened at $568.90 on 2025-09-22 12:00 ET and closed at $559.00 on 2025-09-23 12:00 ET, forming a bearish consolidation pattern over the last 24 hours. The high reached was $569.70, while the low was $557.20. Total traded volume was approximately 36,945 BCH, with a notional turnover of roughly $20,648,000.

Structure & Formations

BCH/USDT displayed a bearish descending triangle pattern over the 24-hour period, with key resistance levels forming at $569.00–570.00 and support at $564.50–565.00. Several bearish engulfing patterns emerged during the night, especially around $568.50 and $565.80, suggesting bearish exhaustion. A large bearish real body on the candle at 011500 ET (2025-09-23) confirmed the breakdown from key resistance.

Support & Resistance

• Support levels: $564.50 (strong), $561.50 (medium)
• Resistance levels: $567.00 (initial), $569.00 (major), $570.50 (strong)

A doji candle at $565.80 (224500 ET) showed indecision near support, while a bearish hammer at $562.00 (081500 ET) suggested a possible bounce.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained bearishly aligned, with the 20-period MA crossing below the 50-period MA in the early hours of 09/23, signaling bearish momentum. On the daily chart, the price closed below both the 50-period and 200-period moving averages, reinforcing the bearish bias. The 100-period daily MA at $564.20 acts as a critical support line to watch over the next 48 hours.

MACD & RSI

The MACD (12, 26, 9) remained bearish over the 24-hour period, with the histogram showing a sharp contraction in bullish momentum and a bearish crossover. The RSI (14) fluctuated between 30 and 50, dipping below 30 multiple times, but failed to generate bullish divergence. The absence of bullish divergence during oversold conditions suggests bearish dominance.

Bollinger Bands

Volatility contracted during the early hours of 09/23, with price remaining tightly within the Bollinger Bands until 06:00 ET. After that, a breakout attempt was observed, but price remained below the upper band and within the lower band, indicating subdued volatility and bearish pressure.

Volume & Turnover

Volume surged in the $560–565 range, with notable spikes at 011500 ET (3,648 BCH) and 023000 ET (1,559 BCH), indicating accumulation at this level. Notional turnover also increased at these points. Price and volume moved in a positive correlation around $563.50, suggesting short-term support.

Fibonacci Retracements

Applying Fibonacci retracement to the 15-minute swing from $569.70 to $557.20, key levels at 38.2% ($564.60), 50.0% ($563.45), and 61.8% ($562.30) were all respected during the retracement. The 50% level coincided with a volume spike, suggesting high importance for the next 24 hours.

Backtest Hypothesis

A potential backtesting strategy could involve entering a short position at a confirmed break of the $565.00 level with a stop loss above $567.00. A take profit target of $558.00 could be set based on the 61.8% Fibonacci retracement and prior support levels. The strategy would rely on the continuation of bearish momentum, as suggested by the MACD and RSI readings, combined with volume confirmation at key support levels.