Bitcoin Cash/Tether Market Overview

• Bitcoin Cash/Tether (BCHUSDT) fell 3.9% in the past 24 hours, with a bearish reversal forming after early highs.
• Volume surged 225% during the key 18:30–21:00 ET session, indicating heightened selling pressure.
• RSI and MACD signaled overbought conditions early, followed by a bearish crossover late in the session.
• Price tested the 540.0–544.0 range multiple times, suggesting a key short-term support/resistance cluster.
• Volatility expanded mid-session before settling back into a narrowing range toward the close.

24-Hour Performance Summary

Bitcoin Cash/Tether (BCHUSDT) opened at $553.3 on 2025-09-25 at 12:00 ET, reaching a high of $553.7 and a low of $531.5, before closing at $539.7 at 12:00 ET on 2025-09-26. Total volume over the 24-hour window was 13,326.8 BTC, with a notional turnover of $7.1 million. The pair experienced a bearish reversal after an initial bullish attempt, with bearish momentum dominating the final 6 hours of the session.

Structure & Formations

Price action formed a bearish engulfing pattern at 22:45 ET and a deep doji at 00:15 ET on the 15-minute chart, signaling indecision and potential exhaustion in the short-term bullish trend. A bearish breakdown from the 540.0–544.0 range occurred after a failed test at 547.5. The 535.0–536.5 level now appears to be a key support area, coinciding with a 61.8% Fibonacci retracement level of the recent swing high.

Technical Indicators

The 20-period and 50-period moving averages on the 15-minute chart crossed bearishly, reinforcing the downward bias. MACD turned negative by 23:00 ET and crossed below the signal line, indicating fading momentum. RSI, which reached overbought levels early in the session, dipped below 50 and entered oversold territory by the close, but without a clear reversal setup. Bollinger Bands expanded mid-session, then gradually contracted, with price settling near the lower band in the final hours—suggesting a potential rebound scenario if volume picks up.

Volume & Turnover

Trading volume spiked sharply during the 22:30–23:45 ET window, with over 3,000 BCH traded in that period, indicating increased bearish conviction. Notional turnover followed a similar pattern, peaking at 538.5 during the key breakdown. No major divergence was observed between price and turnover, supporting the bearish narrative. However, the lack of follow-through after 535.0 raises questions about the strength of the next leg down.

Backtest Hypothesis

A proposed backtesting strategy involves entering a short position after a bearish engulfing pattern forms on the 15-minute chart, confirmed by a MACD bearish crossover and a close below the 50-period MA. Stop-loss is placed above the high of the engulfing candle, and take-profit targets 535.0 and 531.5. This setup aligns with the late-session breakdown observed today and may be useful for traders seeking to capitalize on short-term bearish momentum. The high volume during the key breakdown window further supports the validity of the pattern.