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Summary
• Price tested key resistance at 0.02032, failing to break above.
• Volume surged during the sell-off after 12:00 ET, confirming bearish momentum.
• RSI and MACD signaled overbought conditions earlier, now showing divergence.
• Price remains below 20-period MA on 5-min chart, suggesting near-term bearish bias.
• Volatility widened post-08:00 ET with large-volume bearish reversal patterns emerging.
At 12:00 ET-1, Big Time/Tether (BIGTIMEUSDT) opened at 0.02023, reached a high of 0.0204, and a low of 0.01970, closing at 0.01972 at 12:00 ET. Total 24-hour volume was 12.45 million, with a notional turnover of ~$249,000.
Structure & Formations
Price formed a series of bearish reversal patterns after 08:00 ET, including a large bearish engulfing candle at 08:0000 ET and a 5-minute doji at 09:4500 ET. Key resistance at 0.02032 was tested twice but failed to hold, signaling a lack of bullish conviction.
Moving Averages and Momentum
The 20-period and 50-period moving averages on the 5-minute chart remained bearish, with price consistently below both. MACD turned negative after a morning overbought phase, while RSI fell into oversold territory after the sharp drop post-08:00 ET, highlighting exhausted bullish pressure.
Volatility and Bollinger Bands
Volatility increased significantly after 08:00 ET, expanding the Bollinger Bands. Price closed near the lower band at the 24-hour mark, suggesting a possible short-term bounce but not a reversal.
Volume and Turnover
Volume spiked during the 08:0000–08:4500 ET session, coinciding with the strongest sell-off. Turnover also spiked during this window, confirming bearish pressure. A divergence between price and volume occurred post-09:4500 ET, as price fell but volume dropped, hinting at potential exhaustion.
Fibonacci Retracements
A 5-minute swing from 0.0204 to 0.01970 saw price reaching the 61.8% retracement level before consolidating. Daily retracements suggest 0.01970 is a strong support area, with 0.02012 and 0.02032 as potential near-term resistance levels.
In the next 24 hours, price may test 0.01970 for confirmation, with a break below 0.01950 signaling further downside. Investors should remain cautious as volatility remains elevated and divergence may persist.
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