Bitcoin Cash/Tether Market Overview

Summary
• Price declined over 24 hours, closing at $480.0 after opening at $490.8.
• Volatility increased with a 20% range between high ($494.6) and low ($468.7).
• Volume remained stable with no major divergence between price and turnover.

The Bitcoin Cash/Tether (BCHUSDT) pair opened at $490.8 on 2025-11-05 at 12:00 ET and closed at $480.0 on 2025-11-06 at 12:00 ET. The price traded between $468.7 and $494.6, with a total 24-hour volume of 19,127.19 BCH and a notional turnover of approximately $9,228,954. Price action suggests bearish momentum, with a series of lower highs and lower lows.

Structure & Formations

Price action on the 15-minute chart showed a series of bearish formations, including multiple bearish engulfing candles, especially between 20:00–22:00 ET. A notable bearish pattern emerged as the price broke below a key support level around $485.0, confirming a shift in sentiment. A doji formed at $490.3 around 22:30 ET, suggesting indecision and potential reversal risk, although subsequent price action invalidated this signal.

Support and Resistance

Key support levels emerged at $480.0–$476.0, with increasing volume observed around $480.0. Resistance was previously found at $490.0–$493.0, with bearish breaks confirming a shift in control. The recent low of $468.7 could represent a new short-term support if the price holds above that level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, reinforcing the bearish bias. The price closed below both, suggesting ongoing pressure. On the daily chart, the 50-period and 100-period moving averages indicate a potential for further downside, with the price trading below both and the 200-period line acting as a long-term resistance.

MACD & RSI

The 15-minute MACD showed bearish divergence as price action hit new lows without the indicator confirming with lower lows. RSI fell into oversold territory below 30 at several points, most notably near the 04:00–05:00 ET window, signaling potential for a rebound. However, the bearish momentum remains intact as the RSI failed to recover above 50.

Bollinger Bands

Volatility increased during the 24-hour period, with the Bollinger Bands widening notably from 01:00–05:00 ET. The price spent significant time in the lower band, suggesting bearish pressure. A brief retest of the upper band occurred at $494.6 during the afternoon, but failed to hold, reinforcing the bearish narrative.

Volume & Turnover

Volume remained relatively steady, with the highest 15-minute volume spike occurring at 04:00 ET (volume: 644.496 BCH). Notional turnover followed a similar pattern, with higher volumes correlating with price declines. No major divergences were observed between price and turnover, indicating consistent bearish conviction across the 24-hour window.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from $494.6 to $468.7, the 61.8% level is approximately at $477.6, which the price tested and rejected. The 38.2% level at $485.3 also acted as a support but failed to hold. On the daily chart, a key Fibonacci level of $470.0 could be watched as a potential stop for further downside.

Backtest Hypothesis

Given the observed MACD divergence during the 24-hour period, a potential backtest could focus on identifying instances of bearish MACD divergence (price makes new lows without the MACD confirming) and testing its predictive power for short-term price reversals. Since the MACD-divergence data for BCHUSDT was not available due to ticker format issues, the most efficient path forward would be to confirm the correct ticker format that includes the exchange (e.g., BINANCE:BCHUSDT). Alternatively, if a list of MACD bottom-divergence dates is already available, the backtest can be run directly using those dates.