Market Overview: Big Time/Tether (BIGTIMEUSDT)

Big Time/Tether (BIGTIMEUSDT) opened at $0.03004 on 2025-11-07 at 12:00 ET and closed at $0.02981 on 2025-11-08 at 12:00 ET. The 24-hour high was $0.03133, while the low was $0.02936. Total volume amounted to 9,814,610, with $295.35 in turnover.

Summary

• Price declined from a 24-hour high of $0.03133 to close near $0.02981.
• Key resistance appears at $0.03133 and support at $0.02936.
• Volume spiked during a pullback to $0.02936, suggesting possible short-term support.
• RSI shows overbought conditions in the morning, followed by a bearish divergence.
• MACD turned negative, signaling weakening bullish momentum.

Structure & Formations

BIGTIMEUSDT exhibited a bearish reversal pattern as price peaked near $0.03133 and pulled back sharply, closing near $0.02981. A notable bearish engulfing pattern formed between 00:30 and 00:45 ET when a large red candle absorbed the previous green candle. This pattern suggests a possible shift in sentiment from bullish to bearish. A doji at $0.03077 around 02:15 ET also signaled indecision in the market.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed bearishly in the early hours of 2025-11-08, confirming a downward bias. The 50-period moving average on the daily chart is above the 100-period and 200-period, indicating a short-term bearish trend within a longer-term bullish context.

MACD & RSI

The MACD crossed into negative territory around 01:15 ET and remained bearish for the remainder of the session, suggesting sustained downward pressure. RSI reached overbought levels of 70 early in the session, then declined sharply to the 35–40 range by midday, indicating a bearish divergence. This divergence implies that while price was still falling, momentum was slowing, and traders may be watching for a potential bounce or continuation.

Bollinger Bands

BIGTIMEUSDT spent most of the 24-hour period within the Bollinger Bands, but a volatility expansion was noted during the early morning hours as the bands widened. A notable contraction occurred in the early afternoon, signaling potential consolidation or a reversal. Price found support near the lower band at $0.02936, indicating that this level may act as a short-term floor.

Volume & Turnover

Volume was generally moderate, with a sharp spike observed when price pulled back to $0.02936, suggesting increased buying interest at this level. Notional turnover remained consistent throughout the session, but a divergence appeared when volume increased on lower prices near the end of the session, indicating potential short-term support.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $0.02936 to $0.03133, price found support at the 61.8% retracement level near $0.0298–0.0299. This level coincided with a 15-minute close, suggesting a temporary pause in the downward move. For the broader daily move, the 50% and 61.8% Fibonacci levels may serve as potential pivot zones for near-term action.

Backtest Hypothesis

The backtesting strategy outlined in the input involves detecting Bearish Engulfing candlestick patterns in order to execute sell signals. For this strategy to be effective, specific parameters must be defined: the asset to test (e.g., a particular ticker such as BIGTIMEUSDT), whether the short entry is executed at the close of the pattern's day or the open of the next day, the exit method (close of next candle), and any additional risk controls like stop-loss levels or holding period limits. Once these parameters are established, the strategy can be backtested over a historical period to assess its profitability and robustness.