GMT/Tether Market Overview for 2025-11-08

Summary
• GMT/USDT opened at $0.0239 and closed at $0.02447 after a volatile 24-hour session.
• Price reached a high of $0.02539 and a low of $0.02375, indicating significant short-term movement.
• Volume increased sharply during the early part of the session, then eased toward the close.
• Momentum shifted multiple times with overbought and oversold RSI readings, showing mixed signals.
• A bullish engulfing pattern emerged around 18:30 ET on 2025-11-07, suggesting a temporary reversal.

GMT/USDT opened at $0.0239 on 2025-11-07 at 12:00 ET and closed at $0.02447 by 12:00 ET the next day. The price reached a high of $0.02539 and a low of $0.02375. Total volume over 24 hours was approximately 18.1 million units, with a notional turnover of $453,500 (calculated using the average closing price). The session was marked by distinct support and resistance levels and a clear bullish engulfing pattern early in the session.

The 15-minute chart revealed a strong bullish engulfing pattern at 18:30 ET on 2025-11-07, confirming a short-term reversal after a bearish decline. This pattern was followed by a continuation of the upward move, but momentum was not sustained for the entire session. Key resistance levels emerged at $0.0253 and $0.0255, while support held at $0.0244 and $0.0240. A doji appeared at 23:45 ET, indicating indecision and a potential pause before the next move.

MACD showed a positive divergence during the early part of the session, aligning with the bullish engulfing pattern. RSI fluctuated between overbought and oversold levels, reaching 72 and dropping to 28. This volatility suggests mixed sentiment and potential for continuation or correction. Bollinger Bands showed a modest expansion during the session, with price staying within the upper and lower bands, indicating moderate volatility. The 20-period moving average remained below the 50-period MA, suggesting the pair may not be in a strong upward trend yet.

The 50-period and 200-period moving averages on the daily chart remain in a bearish configuration, with the 50-period MA below the 200-period MA. This "death cross" is a bearish signal for the broader trend, though the 15-minute chart indicates short-term bullish momentum. Fibonacci retracements on the recent 15-minute swing identified key levels at $0.0249 (38.2%) and $0.0245 (61.8%), which could serve as potential pivot points for the near future.

Backtest Hypothesis
The proposed backtest strategy aims to evaluate the performance of a trend-following approach based on a Bullish-Engulfing candlestick pattern, followed by a reversal exit when a Bearish-Engulfing pattern appears. This strategy assumes that a strong bullish reversal signal is confirmed by a subsequent bearish reversal, closing the trade with a defined exit. For the backtest, the correct ticker symbol is required—typically “BINANCE:GMTUSDT” or similar. Once confirmed, the strategy can be tested from 2022-01-01 to 2025-11-08. This approach would align with the observed 15-minute pattern and may provide insights into its reliability in similar setups.