Market Overview for Blur/Tether (BLURUSDT): Deep Correction and Bearish Momentum

• Price fell 24-hour low of $0.07224 from $0.07783, signaling bearish continuation.
• RSI and MACD suggest overbought reversal and weakening momentum.
• Bollinger Band contraction observed near 0.07505, indicating consolidation.
• Volume surged during the sell-off, confirming bearish pressure.
• Fibonacci support levels at 0.07366 and 0.07281 tested in final hours.

Blur/Tether (BLURUSDT) opened at $0.07738 on 2025-10-06 12:00 ET and closed at $0.07243 24 hours later. The pair traded between $0.07783 (high) and $0.07201 (low) during the period, with total volume amounting to 21,928,283.3 BLUR and total turnover of $1,595.27 USD. The significant price move reflects strong bearish conviction and increased volatility.

Structure & Formations

The 15-minute chart reveals a strong bearish trend over the last 24 hours, marked by a sequence of lower highs and lower lows, especially from 02:00 to 06:00 ET. A key bearish engulfing pattern formed at 06:45 ET, confirming the downward trend. Notable support levels identified include $0.07505, $0.07366, and $0.07281. The breakdown below $0.07505 has intensified the bearish sentiment and drawn the price toward the 0.07281 support level. A large bearish candle at 15:15 ET, opening at $0.0737 and closing at $0.07311, suggests exhaustion in buyers and is a critical short-term signal.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages are both below the current price, reinforcing the bearish bias. The price remains well below these averages, indicating continued selling pressure. On the daily chart, the 50, 100, and 200-period moving averages are aligned bearishly, with the price maintaining a steep gap below the 200SMA. This alignment suggests a high likelihood of further downward movement in the near term.

MACD & RSI

The MACD turned negative and has been in bearish territory for over 12 hours, reflecting a clear downtrend. The histogram has been contracting slightly in the last 3 hours, suggesting potential momentum exhaustion. The RSI, meanwhile, has dropped sharply to around 28, entering oversold territory. While this could hint at short-term support, the broader bearish trend suggests that any bounce is likely to be temporary and weak.

Bollinger Bands

Volatility has increased significantly, as reflected by the expanding Bollinger Bands. The price has been moving along the lower band for much of the last 6 hours, indicating bearish control. A contraction in the bands was observed around 0.07505, followed by a breakout to the downside. The current positioning within the lower half of the bands reinforces the bearish setup and suggests continued pressure until the middle band is retested.

Volume & Turnover

Volume has remained elevated for most of the 24-hour period, particularly from 04:00 to 08:00 ET, confirming the bearish breakdown. A sharp increase in turnover was observed during the 15:15 ET candle, with the price dropping 0.37% in a single session. The volume and price action are aligned, indicating strong conviction in the bearish move. A divergence appears at the 09:00 ET candle, where volume decreased while price continued lower—this could indicate short-term exhaustion.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart include 38.2% at $0.07505 and 61.8% at $0.07366, both of which have been tested and broken. The daily chart shows a 61.8% retracement at $0.07366 as a critical support level, which was hit late in the session. A bounce from this level is possible, but a break below 0.07281 would target the next major Fibonacci level at 78.6% at $0.07215.

Backtest Hypothesis

A backtesting strategy based on the observed bearish engulfing pattern and RSI oversold signal could be structured as follows: Enter a short position on a close below the 61.8% Fibonacci level ($0.07366), with a stop-loss placed just above the recent high of $0.07505. A target can be set at $0.07281, followed by a second target at $0.07215. This setup aligns with the current price structure and momentum indicators, offering a risk-reward profile of approximately 1:1.5 in a short-term bearish trade.