Market Overview for BENQI/Tether (QIUSDT)

• BENQI/Tether (QIUSDT) closed at 0.01001 after a 24-hour high of 0.0116 and low of 0.00935, showing moderate volatility.
• A bullish breakout above key resistance at 0.0108 was followed by consolidation and pullback.
• High trading volume was recorded in the 05:00–10:00 ET timeframe, coinciding with a sharp price recovery.
• RSI remained below overbought levels, while MACD showed mixed momentum, suggesting indecision.
• Bollinger Bands reflected moderate volatility, with price frequently touching the upper and lower boundaries.

The 24-hour period from 12:00 ET on September 20 to 12:00 ET on September 21 showed a mixed performance for BENQI/Tether (QIUSDT). The pair opened at 0.0096 and closed at 0.01001, reaching a high of 0.0116 and a low of 0.00935. Total volume for the 24-hour period amounted to 1,003,279,285.0, with a notional turnover of approximately $9,752,213. Price action showed a strong rally in the midday hours, followed by a pullback in late trading.

Structure and formations revealed a key resistance at 0.0108, which was briefly breached before the pair consolidated. A bullish engulfing pattern was observed in the early hours, followed by a bearish dark cloud cover in the late afternoon. This indicated a tug-of-war between buyers and sellers. Support at 0.0096–0.0098 held twice during the session, suggesting a strong psychological floor.

Moving averages on the 15-minute chart showed a bullish crossover in the early part of the session, with the 20-period MA crossing above the 50-period MA. However, this was followed by a bearish divergence in the late afternoon. On the daily chart, the 50-period MA remains below the 100-period MA, and the 200-period MA remains a key long-term reference level. The price appears to have tested the 50-period MA multiple times, indicating its significance.

MACD showed a strong positive crossover early in the session, aligning with the bullish engulfing pattern. However, by late afternoon, the MACD line crossed below the signal line, indicating a potential shift in momentum. RSI remained below the overbought threshold (70), suggesting the rally may not have been overly extended. However, it also did not dip into oversold territory (30), indicating a lack of strong bearish pressure. These mixed signals suggest that the market remains indecisive, with neither strong bullish nor bearish conviction.

Bollinger Bands reflected a moderate expansion in volatility during the early part of the session, with the price frequently touching the upper and lower boundaries. A period of contraction occurred during the midday hours, which often precedes a breakout or breakdown. The price closed near the middle of the bands, indicating neutral positioning for the time being. Traders may look to the 0.0103 and 0.0098 levels as potential zones for further volatility expansion or contraction.

Volume and notional turnover showed a significant spike during the 05:00–10:00 ET timeframe, coinciding with a sharp price recovery from the day’s low. This suggests strong buying interest during that period. However, volume declined in the afternoon and evening, indicating reduced conviction in the move. A divergence between price and volume occurred in the late afternoon, with the price falling while volume increased, which could indicate a potential short-term reversal or exhaustion of bearish pressure.

Fibonacci retracements from the recent 15-minute high of 0.0116 to the low of 0.00935 indicated key levels at 38.2% (0.0106) and 61.8% (0.00995). The price tested the 61.8% retracement level twice, showing its relevance. The 38.2% level appears to be a potential area of resistance. On the daily chart, a similar retracement from a recent high and low showed a key support at 0.0096 and a potential resistance at 0.0113.

Backtest Hypothesis

The backtest strategy outlined involves a moving average crossover and RSI-based trading signal. Specifically, it triggers a long position when the 20-period MA crosses above the 50-period MA and RSI is above 50, suggesting bullish momentum. A short position is triggered when the 20-period MA crosses below the 50-period MA and RSI drops below 50, signaling bearish momentum.

Applied to the QIUSDT 15-minute data, this strategy would have generated a long signal in the early hours on September 21, aligning with the observed bullish engulfing pattern. It would have closed the position in the late afternoon when the MA crossover turned bearish and RSI dipped below 50. Traders using this strategy would benefit from the clear entry and exit criteria provided by the combination of MA and RSI.