Market Overview for Beefy/Tether (BIFIUSDT): 2025-10-31 12:00 ET

• Beefy/Tether (BIFIUSDT) traded in a 1.4% range today, with a late-session push to a 24-hour high near $134.0.
• Momentum shifted from oversold to overbought in the RSI, suggesting potential for a pullback or consolidation.
• Volume remained moderate, with no clear divergence from price, though late-day turnover accelerated.
• A bearish engulfing pattern formed around 19:00 ET, followed by a bullish reversal near session close.
• Volatility expanded through the day, with price testing the upper Bollinger Band toward the end of trading.

Beefy/Tether (BIFIUSDT) opened at $131.7 at 12:00 ET-1 and closed at $132.2 at 12:00 ET, hitting a high of $134.3 and a low of $129.3. The pair remained in a tight range for most of the session before surging to a high near $134.0 late in the day. Total 24-hour volume was 432.96 units, with a notional turnover of approximately $57,825 (using average price ~$133.6).

The structure of the candlestick data shows a mixed sentiment with alternating bullish and bearish momentum throughout the session. A bearish engulfing pattern appeared at 19:00 ET when a large red candle opened at $130.2 and closed at $129.5 following a green candle open at $130.2 and close at $130.5. This was followed by a bullish reversal at the end of the session, with a large green candle closing the session near $134.0. Key support levels were identified near $130.0 and $129.3, while resistance levels formed around $132.8 and $133.0.

The 20-period and 50-period moving averages on the 15-minute chart showed a convergence during the afternoon, with price testing the 50-period MA near $131.8 before breaking out to the upside. RSI moved from an oversold condition near 28 at mid-session to an overbought zone near 72 at the close, suggesting potential for a consolidation phase. MACD showed a positive crossover just before the breakout, supporting the bullish move. Volatility, as measured by Bollinger Bands, expanded significantly in the final hours, with price closing near the upper band.

Fibonacci retracements applied to the intra-day low ($129.3) and high ($134.3) highlighted key levels at 38.2% ($132.3) and 61.8% ($131.0), which corresponded with price action during the session’s consolidation phase. Volume remained moderate for most of the session but spiked sharply in the final hour as the pair pushed toward the high. No clear divergence was observed between volume and price, supporting the validity of the late-session rally.

The backtesting strategy described focuses on identifying and acting on Bullish and Bearish Engulfing patterns on the BIFIUSDT pair, which were both evident in today’s session. For example, the bearish engulfing pattern at 19:00 ET could have been used to short the pair, while the bullish engulfing pattern at session close could have signaled a long entry. If historical data for BIFIUSDT were available, a backtest could confirm the effectiveness of using these candlestick signals for entry and exit points. The strategy would benefit from additional technical filters, such as RSI divergence or Bollinger Band positioning, to improve accuracy and reduce false signals.