Market Overview for BENQI/Tether (QIUSDT) on 2025-10-03

• Price surged to 0.00850 before retracting, closing near 0.00812
• Volume spiked during 18:15–19:45 ET, exceeding 6.6 million
• RSI showed overbought conditions mid-day but fell below 50 by close
• Bollinger Bands widened during peak volatility, signaling increased uncertainty
• A bearish engulfing pattern formed near 0.00846–0.00832, indicating potential reversal

BENQI/Tether (QIUSDT) opened at 0.00809 on 2025-10-02 at 12:00 ET and closed at 0.00812 by 12:00 ET the following day. During the 24-hour window, the pair reached a high of 0.00850 and a low of 0.00809. Total volume was 107,861,635.0, while notional turnover summed to approximately $866,069.00 (using average close prices).

The pair displayed a volatile 24-hour session with a sharp bullish breakout in the mid to late afternoon, followed by a gradual consolidation and bearish pullback. The price action reflected increased buyer participation early in the session, particularly between 18:15 and 19:30 ET, when trading volume surged. A bearish engulfing pattern formed around 0.00846–0.00832, suggesting a potential reversal after the initial rally. Key support levels emerged near 0.00820 and 0.00810, while resistance held at 0.00835 and 0.00845. A doji candle at 0.00830 and a long bearish shadow at 0.00839 added uncertainty to the trend’s direction.

Moving averages indicated a mixed signal, with the 20-period and 50-period lines crossing during the initial surge, suggesting short-term bullish momentum. However, by the session’s close, the 50-period line had crossed below the 20-period line, signaling a potential slowdown. MACD showed a positive divergence in the morning but turned bearish in the evening, aligning with the price pullback. RSI peaked above 70 around 18:30 ET, indicating overbought conditions, before declining to neutral territory by the close.

Bollinger Bands expanded during the peak volatility period, reflecting heightened uncertainty. Price tested the upper band at 0.00850 and then moved back toward the middle band, suggesting a possible retest of support levels. On the volume front, the largest spike occurred during the 18:15–19:45 ET period, coinciding with the initial rally and subsequent pullback. This volume confirmed the price move rather than diverging from it, signaling conviction in the directional shift.

Fibonacci retracements applied to the key 0.00809–0.00850 swing showed price consolidating near the 61.8% level at 0.00827–0.00830, suggesting a potential pivot zone. If the trend reverses from here, a retest of the 38.2% retracement at 0.00818–0.00820 could follow. Daily 50-period and 200-period lines did not provide a clear trend, with price hovering between key moving averages.

Backtest Hypothesis: The strategy described involves entering a short position when a bearish engulfing pattern forms near a Fibonacci 61.8% retracement level and price breaks below the 50-period moving average. Using the data from today, a short entry could have been triggered near 0.00832–0.00846 with a stop above the 0.00846 resistance. A target of 0.00810–0.00815 aligns with the 38.2% retracement level and the recent consolidation area. This approach would have captured the 0.00832–0.00812 move with favorable risk-reward.