Market Overview for Chiliz/Tether (CHZUSDT): 2025-11-04 24-Hour Analysis

Summary
• Price traded in a tight range until midday, followed by a gradual decline.
• Volatility expanded after 20:00 ET, with a bearish breakout from a consolidation pattern.
• Final 6 hours saw a 5.6% drop from high to 12:00 ET close amid increased volume.

At 12:00 ET-1, CHZUSDT opened at $0.02898, reached a high of $0.02944, and closed at $0.02873 after hitting a low of $0.02841. The total volume over 24 hours was 139,726,860 CHZ, with a turnover of approximately $3,957,595.

The 15-minute chart displayed a consolidation pattern from 17:00 to 20:00 ET, with a bearish breakout confirmed by a long-tailed candle at 20:30 ET. Price action suggests a weakening bullish bias, especially after the 0.02944 peak failed to hold. The RSI moved into oversold territory in the final 3 hours, suggesting potential near-term support at 0.0285–0.0286, though caution is warranted due to the prolonged bearish momentum.

MACD crossed below the signal line during the afternoon, confirming a shift in sentiment to bearish. Bollinger Bands expanded in the last 6 hours, reflecting increased volatility and aligning with the bearish price break. A key support zone is identified near 0.0284–0.0285, with Fibonacci retracement levels indicating potential bounce points at 0.02875 (38.2%) and 0.02895 (50%).

Volume spiked sharply after 20:00 ET as price dropped below 0.0290, but this was not met with a corresponding rise in turnover, indicating potentially weak follow-through selling. While a short-term bounce is plausible, the broader trend may remain bearish unless the price reclaims 0.0290 with strong volume confirmation. Investors are advised to monitor the 0.0285–0.0290 range for potential reversal signals in the next 24 hours.

The backtest hypothesis requires identifying Bullish Engulfing patterns in the CHZUSDT 15-minute chart between January 1, 2022, and today. These patterns are typically high-probability reversal signals in a downtrend and could be used to evaluate an entry strategy. However, due to the unavailability of the external data feed, we will proceed by running a local OHLC-based candlestick pattern detector to identify all instances of this formation.

Once we have a validated list of Bullish Engulfing dates, we will apply a resistance-break-exit logic to evaluate its performance, including metrics like win rate, average return, and maximum drawdown. This approach ensures accuracy and avoids any dependency on external, potentially incomplete data sources.