Market Overview for Epic Chain/Tether (EPICUSDT): Volatile 24-Hour Move and Key Support Testing

• Price declined sharply after an early morning rebound, with key support levels tested in the 0.930–0.935 range.
• Volume surged during the afternoon ET dip, signaling potential exhaustion of downward momentum.
• RSI and MACD showed overbought conditions early, then oversold later, highlighting the volatile swing.
• Bollinger Bands expanded during the midday sell-off, indicating increased volatility and potential range-bound trading ahead.
• Fibonacci retracement levels at 0.937 and 0.942 appear to be key psychological barriers for a near-term recovery.

The 24-hour period for EPICUSDT saw a dramatic drop from a high of 0.986 to a low of 0.918, closing at 0.928 as of 12:00 ET. The pair opened at 0.977 the previous day and has since seen a total trading volume of approximately 938,517 and a notional turnover of ~$832,184. The price action was marked by strong bearish momentum and a test of critical support levels.

In terms of structure and formations, a sharp bearish engulfing pattern formed during the early afternoon ET (14:00–14:15 ET), confirming a key shift in sentiment. Several doji appeared in the 0.930–0.935 range, suggesting indecision and possible consolidation. A notable bearish trend line was formed from a high of 0.981 at 01:00 ET, which has since broken with a retest at 0.939–0.941. Support levels at 0.930 and 0.925 appear increasingly important ahead of any potential bounce.

The 20 and 50-period moving averages on the 15-minute chart remained bearish, with the 50-period line acting as a critical resistance in the morning session. On a daily basis, the 50 and 200-period moving averages were both breached by the afternoon sell-off, indicating a potential shift in the broader trend. Momentum indicators such as MACD turned bearish in the late morning and remained so through the afternoon, with RSI falling below oversold territory (30 level) by 14:45 ET.

Bollinger Bands widened significantly during the midday selloff, reflecting heightened volatility, with price touching the lower band at 0.918 before stabilizing. This expansion typically precedes a contraction and potential consolidation, which could set up for a short-term reversal. Fibonacci retracement levels from the morning high (0.981) to the low (0.918) show 0.937 (38.2%), 0.942 (50%), and 0.947 (61.8%) as key potential turning points for a near-term recovery.

The volume spiked dramatically during the midday sell-off, peaking at 75,640 units between 14:00 and 14:30 ET, while turnover increased proportionally, confirming the bearish move. However, the divergence between price and volume during the 15:00–15:45 ET consolidation phase may signal weakening bearish momentum.

Backtest Hypothesis
The described backtesting strategy appears to focus on identifying key support and resistance levels using Fibonacci retracements and RSI signals to time entries and exits. Given the observed pattern—particularly the bearish engulfing and doji formations—applying a long strategy at the 0.930–0.935 support range with a stop-loss below 0.925 and a target at 0.942–0.947 aligns well with the retracement levels identified. A short position could be triggered as RSI moves back above 50, with a stop above 0.945. The high volatility and sharp corrections observed suggest that using a 50-period moving average on the 15-minute chart to filter trades may improve strategy robustness.