Summary
• Price surged from 0.0344 to 0.0364, forming bullish engulfing and inside bars.
• Momentum shifted from overbought to neutral, with RSI peaking at ~80 before retreating.
• Volatility expanded, with Bollinger Band breakouts and high turnover after 21:00 ET.
ChainGPT/Tether (CGPTUSDT) opened at 0.0351 on December 11 at 12:00 ET, surged to 0.0364, and closed at 0.036 at 12:00 ET on December 12, with a low of 0.0344. Total 24-hour volume was 7,398,844.8 and turnover was approximately $260,500.
Structure & Formations
The 24-hour period showed a bullish breakout above key resistance at 0.036, with a bearish correction afterward. A bearish engulfing pattern formed around 21:30 ET, suggesting short-term profit-taking. . Multiple inside bars and dojis near 0.0361 indicated indecision, while a strong bullish engulfing pattern appeared at 18:45 ET, driving price higher.
Moving Averages and Momentum
Short-term 20/50-period moving averages on the 5-minute chart showed a strong bullish crossover, confirming the 18:45 ET rally. On the daily chart, the 50-period MA acted as a floor around 0.0352. RSI peaked at 80 early on, indicating overbought conditions, but declined to mid-50s by the close, suggesting reduced momentum. MACD showed a narrowing histogram as bullish momentum faded.
Volatility and Bollinger Bands
Volatility increased significantly after 21:00 ET, with the price reaching the upper Bollinger Band. A prior period of consolidation occurred from 19:00 to 21:00 ET, with the price trading within a narrow range. The recent breakout suggests a potential continuation of the bullish trend, though a pullback to the lower Bollinger Band could test support near 0.0356.
Volume and Turnover
Volume spiked during the 18:45 ET and 21:30 ET sessions, coinciding with sharp price moves. A divergence appeared as price hit a high at 0.0364, but volume failed to confirm further strength. Turnover increased in line with volume, with the largest single 5-minute turnover at 21:30 ET (approx. $26,272).
Fibonacci Retracements
The 61.8% Fibonacci retracement level of the 18:45–21:30 ET rally (~0.0361) held as resistance. A 38.2% retracement of the recent high (~0.0358) may offer support for the next 24 hours, while a break below 0.0352 could trigger a test of the 50-period MA.
The market appears to be consolidating after a strong bullish breakout, with key support and resistance levels near 0.0358 and 0.0361. While the near-term bias remains bullish, traders should watch for a potential pullback or reversal pattern forming near these levels. . Volatility remains elevated, and sudden price swings could occur if volume diverges from price action.
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