Market Overview for FTX Token/Tether (FTTUSDT)

• FTTUSDT declined by ~1.9% over 24 hours, with bears dominating after 05:00 ET and a sharp drop to 0.8305 at 07:00 ET.
• RSI signaled oversold conditions near 30, but bulls failed to reclaim key resistance at 0.86–0.87.
• Volume surged during the 07:00–10:00 ET rebound but faded afterward, signaling weakening momentum.
• Key support at 0.84–0.85 holds for now, but a break below 0.83 could trigger further short-term selling.
• Bollinger Bands showed a moderate expansion, with price lingering near the lower band during the last 6 hours.

Price Behavior and Key Levels

FTX Token/Tether (FTTUSDT) opened at 0.8902 on October 27 at 12:00 ET and closed at 0.8530 the following day, reaching a high of 0.9037 and a low of 0.8305. Total trading volume stood at 1,090,453.72 and total turnover at $923,626.21 over 24 hours. The price action formed multiple bearish patterns, including a large engulfing candle at 07:00 ET, confirming a shift in sentiment. A 15-minute Fibonacci retracement from the 0.8305–0.8608 range indicates critical support at 0.8538 (61.8%) and resistance at 0.8573 (38.2%).

Technical Indicators

The 20-period and 50-period moving averages on the 15-minute chart showed a bearish crossover after 05:00 ET, reinforcing the downward trend. On the daily chart, the 50-period MA is below the 200-period MA, signaling a longer-term bearish bias. RSI bottomed at 29, suggesting oversold conditions, but buyers have yet to make a decisive rebound. The MACD showed bearish divergence, with the histogram shrinking despite a modest rally in price.

Bollinger Bands expanded during the 07:00–10:00 ET bounce, with FTTUSDT trading near the lower band for most of the day, suggesting continued bearish bias and low volatility. A break above the upper band would suggest a reversal is in play, but this is unlikely without a strong move above 0.86.

Volume and Turnover Divergences

The highest volume spike occurred at 07:00 ET, when FTTUSDT dropped to 0.8305. However, the subsequent rebound to 0.8477 was on weaker volume, indicating a lack of conviction from buyers. This divergence suggests further consolidation or a potential test of 0.83 could be ahead. The overall volume profile appears bearish, with most price action occurring in the lower half of the 24-hour range.

Backtest Hypothesis

Given the bearish pattern observed in the 15-minute chart, particularly the engulfing candle at 07:00 ET, a backtest of the Bearish Engulfing signal could provide valuable insight into the strategy's performance for FTTUSDT. However, due to the absence of a valid ticker symbol in the system (e.g., "FTTUSDT_BINANCE"), the backtest could not be executed. If the correct ticker or a manually uploaded signal file is provided, the backtest can proceed from 2022-01-01 to the current date, offering a data-driven view of the signal’s profitability and reliability.