Market Overview for Bitcoin Cash/Tether (BCHUSDT) on 2025-10-29

• BCHUSDT opened at $561.9 and closed near $557.7, with a 24-hour low of $548.0 and high of $566.7.
• A significant bearish reversal occurred after a rally to $565.6, triggering a pullback below $555.
• Volatility expanded during the drop to $551.0, with volume peaking at ~7,558 BCH during the final rally.
• MACD and RSI suggest overbought conditions were reached before a sharp correction.
• Fibonacci retracement levels at $555–$557 may offer near-term support.

The 24-hour period for Bitcoin Cash/Tether (BCHUSDT) began at 12:00 ET-1 with a price of $561.9 and closed at $557.7 by 12:00 ET on 2025-10-29. The pair hit a high of $566.7 and a low of $548.0, with total volume of 134,732.519 BCH and a notional turnover of $74,499,838.36. The price action reflected a bearish bias after a brief bullish rally in the early hours of the morning.

Structure & Formations

BCHUSDT faced critical resistance at the $565–$566.7 range, where multiple candles failed to hold gains above the $565.1 level, forming a bearish rejection pattern. A large bearish candle from $565.6 to $552.3 at 06:00 ET marked a sharp reversal. Earlier, a bullish engulfing pattern emerged at $559.3–$563.1, offering temporary support before a breakdown. A doji formed at $559.3–$558.2 around 00:45 ET, signaling indecision before the final decline.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover following the peak at $565.6. The 50-period MA crossed below the 20-period MA around 06:00 ET, confirming the bearish momentum. On the daily chart, the 50-period MA appears to act as dynamic resistance, with the 200-period MA offering a potential long-term floor at $545–$550.

MACD & RSI

The MACD turned negative after the $565.6 high, with the histogram showing bearish divergence. RSI peaked near overbought levels (~72) before the sharp correction, confirming the overbought condition and the likelihood of a pullback. RSI has since fallen into oversold territory (~35), suggesting potential for a near-term bounce. However, price has not yet confirmed a reversal, and a breakout above $565 could retrigger bullish momentum.

Volume & Turnover

Trading volume spiked significantly during the breakdown at $565.6, with a 15-minute candle recording 1,250.251 BCH traded—among the highest of the day. This volume confirmed the bearish move. In contrast, volume was relatively low during the morning consolidation phase, indicating lack of conviction in the rally. Notional turnover increased in tandem with price declines, reaching a peak of $7,558,515 at $560.3, signaling strong participation during the reversal.

Bollinger Bands

The price moved within the Bollinger Band range throughout the 24-hour period but widened the upper band during the $565.6 high, signaling increased volatility. The final decline saw the price fall to the lower band at $548.0, suggesting a period of consolidation may follow. If the price remains within the bands, the $553.5–$557.0 range is likely to be the short-term trading range.

Fibonacci Retracements

Key Fibonacci levels for the 548.0–566.7 swing include 38.2% at $556.5, 50% at $557.35, and 61.8% at $558.2. Price appears to be consolidating near the 50%–61.8% range, suggesting a possible bounce or continuation lower. On the daily chart, retracement levels from the broader trend could indicate support at $550 and $545, with resistance at $565.

Backtest Hypothesis

Given the overbought RSI levels and bearish divergence prior to the sharp correction, a backtest strategy could involve entering short positions on RSI overbought divergence with a stop just above the 50-period MA. A target could be set at the 50% Fibonacci retracement at $557.35, with a stop loss above the 61.8% level. This approach would align with the observed bearish momentum and volume confirmation seen during the breakdown. A similar long strategy could be initiated on a breakout above $565 with a target at $568–$570.