Market Overview: Bitcoin Cash/Tether (BCHUSDT) – 24-Hour Candlestick Analysis

Summary• Price fluctuated between $460.3 and $496.6, with a 24-hour close of $486.5.• A bearish trend emerged after an initial bullish thrust, with key support at $480.0 and resistance at $491.7.• Volume surged at the low, but turnover failed to confirm the move, suggesting potential indecision.

Price Action and Open-Structure

Bitcoin Cash/Tether (BCHUSDT) opened at $491.7 on 2025-11-04 at 17:00 ET and reached an intraday high of $496.6, before entering a bearish phase. The price closed at $486.5 at 12:00 ET on 2025-11-05, having traded between $460.3 and $496.6 over the 24-hour period. Total volume traded was approximately 23,286.99 BCH, and notional turnover was $10,894,064. Notable support is at $480.0 and $472.6, while key resistances are at $487.0 and $491.7. A bearish engulfing pattern emerged around $475.0, suggesting potential bearish continuation.

Trend and Momentum Indicators

The 15-minute chart shows the 20-period moving average (20-SMA) at $488.4 and the 50-SMA at $486.5, with price below both, indicating a bearish bias. The daily 50, 100, and 200-SMA lines show a similar structure, with price still below the 200-SMA at $488.0. The MACD (12,26,9) crossed below the zero line, and the RSI is at 49.3, indicating neutral momentum. No overbought or oversold conditions are evident at this time.

Volatility and Fibonacci

Bollinger Bands are wide, reflecting heightened volatility, with price hovering near the lower band, suggesting potential for a bounce. A recent swing low at $463.3 and high at $491.7 forms a key Fibonacci structure. Price is approaching the 61.8% retracement level at $484.0, which may act as a dynamic support. Divergence between volume and price is evident during the bearish leg, raising questions about conviction in the downward move.

Volume and Turnover

Volume spiked during the bearish phase, especially in the 18:30–20:30 ET timeframe, with the largest 15-minute volume of 3056.094 BCH recorded at 20:30 ET. Turnover also peaked during that period, confirming the bearish thrust. However, volume tailed off after 00:00 ET, and price failed to make a new low. This suggests potential exhaustion in the bearish move.

Backtest Hypothesis

The backtest applied the CDL_ENGULFING (Bullish Engulfing) candlestick pattern to identify potential long entries, with a holding period of 3 days and no stop-loss or take-profit. The strategy used the close price as the entry point and is best suited for a low-frequency, EOD trading approach. Given the recent appearance of a bearish engulfing pattern near $475.0, this strategy might need to be adapted for a short-biased approach. The equity curve and trade-by-trade logs are available in the module for further review.