Compound/Tether Market Overview

Summary
• Price surged to $34.47 before retracing to $33.83 in 24 hours.
• Increased volatility and volume highlight key support/resistance levels.
• Momentum remains mixed with overbought and oversold conditions.

The Compound/Tether (COMPUSDT) pair opened at $33.57 on 2025-11-08 at 12:00 ET and reached a high of $34.47 by 00:00 ET on 2025-11-09. The price then pulled back to a 24-hour low of $33.27 before closing at $33.83. Total volume was 15,354.75 units, with a notional turnover of $513,738.24. This suggests heightened interest and a volatile day marked by sharp price swings.

Structure & Formations

The 24-hour candlestick pattern showed a bearish reversal formation in the early hours as prices broke below the 33.80 level after reaching a high of 34.47. However, a subsequent bullish attempt pushed prices back above 34.00. A key support level appears to be forming near 33.27, where volume spiked and the price found a floor. A doji formed at the $33.18 level, signaling indecision. Resistance remains at 34.05 and 34.27.

Moving Averages

On the 15-minute chart, the price oscillated above and below the 20-period moving average, while the 50-period line acted as a dynamic support in the late hours. On a broader scale, the 50-day moving average appears to be the key reference point. As the daily candle closed below the 50 and 100-day averages, it suggests a potential bearish bias over the next 48 hours.

MACD & RSI

The MACD showed a mixed signal—positive in the morning and negative in the afternoon—indicating conflicting momentum. The RSI briefly reached overbought territory at 72 during the rally to 34.47 but quickly dropped into oversold levels below 30 during the 33.27 low. This suggests a potential rebound from oversold conditions but could also indicate exhaustion.

Bollinger Bands

The Bollinger Bands reflected a period of volatility expansion during the midday rally, with prices reaching the upper band before sharply correcting. The lower band hovered around 33.20-33.30 for much of the day. Prices spent a significant amount of time near the midband, indicating indecision. The widening bands suggest the market is in a transitional phase.

Volume & Turnover

Volume spiked multiple times during the price swings, particularly around the $34.47 high and $33.27 low, indicating strong participation at key levels. However, price failed to maintain those levels, leading to a divergence between volume and price. Turnover also spiked during the highs, reinforcing the volatility but not confirming strong conviction.

Fibonacci Retracements

Fibonacci retracements from the 34.47 high to the 33.27 low identified key levels at 33.85 (38.2%) and 34.18 (61.8%). The price spent much of the last 24 hours oscillating between these levels, with a clear rejection observed at 34.18. These levels may continue to serve as pivots in the coming days.

Backtest Hypothesis

To conduct a meaningful backtest of a strategy based on Bullish Engulfing signals for the COMPUSDT pair, the correct ticker symbol (including any exchange-specific suffix) is essential. Given the volatility and structure seen in recent 24-hour price action, a well-defined entry point (e.g., confirmation of a Bullish Engulfing pattern at a 20-day swing low) may provide a solid foundation for testing the strategy's viability. Once the symbol is confirmed, the plan includes pulling the relevant signals, determining support levels, and simulating trades from 1 January 2022 to the present. Metrics like CAGR, max drawdown, and win rate will help evaluate the system's robustness. This approach aligns with the observed price behavior, which has shown strong reactions to key Fibonacci and moving average levels.