Bitcoin Cash/Tether Market Overview

• BCH/USDT declined sharply from $585 to $482 during the early evening hours of October 10.
• Price found temporary support at $510–$530 and entered a consolidation phase overnight.
• RSI and MACD suggest momentum has shifted to bearish after the sell-off.
• Volatility expanded during the selloff but is now narrowing, suggesting possible consolidation.
• On-chain volume spiked during the decline, indicating significant liquidation activity.

At 12:00 ET–1 on October 10, BCH/USDT opened at $580.0 and reached a high of $585.0 before a sharp decline over the next six hours. By 12:00 ET on October 11, it closed at $524.8 after hitting a low of $482.0. Total volume for the 24-hour period was 118,648.8 BCH, with a notional turnover of approximately $57.8 million.

The price action formed a bearish engulfing pattern during the evening of October 10, followed by a long bearish shadow into the overnight session. A key support level appears to have formed between $510 and $530, where price has spent the last 12 hours consolidating. A doji candle emerged at the lower end of the range during early morning hours, suggesting indecision.

Moving averages on the 15-minute chart show a clear bearish crossover between the 20- and 50-period lines, confirming the recent downtrend. On the daily chart, the 50-period moving average is approaching the 200-period line, suggesting potential for a medium-term correction. MACD shows a bearish cross into negative territory, with RSI hovering near oversold levels, suggesting a potential bounce could be imminent.

Bollinger Bands have contracted since the early morning hours of October 11, signaling reduced volatility and the potential for a breakout or false break. Price has remained within the lower half of the bands, indicating continued bearish pressure. Fib retracement levels show that the current consolidation is near the 50% and 61.8% levels of the recent $585–$482 move, suggesting a possible reversal or continuation depending on volume and momentum cues.