Market Overview for Jito/Tether (JTOUSDT)

• Price surged to 1.695 before retracting to 1.640
• Momentum diverged late in the session amid high volatility
• Volume spiked during key breakouts and pullbacks
• RSI showed overbought and oversold conditions within 24 hours
• Bollinger Band contraction seen during consolidation phases

24-Hour Market Summary

At 12:00 ET on 2025-10-03, Jito/Tether (JTOUSDT) opened at $1.646, hit a high of $1.695, and closed at $1.642. The pair recorded a 24-hour range from $1.640 to $1.695, with a total trading volume of 918,368.7 units and a notional turnover of $1,544,948.80.

Structure & Formations

The 15-minute OHLC data revealed multiple key support and resistance levels. A strong resistance appeared at 1.695, where price briefly touched but failed to hold. On the downside, 1.640–1.642 acted as a key support level, with the pair testing this range multiple times during the session. Notable candlestick patterns included a bullish engulfing pattern at 1.670–1.673 and a bearish evening star at 1.694–1.687, suggesting short-term indecision.

Moving Averages

For the 15-minute timeframe, the 20-period SMA moved above the 50-period SMA during the late afternoon, signaling short-term bullish momentum. However, the 50-period SMA remained below the 100-period SMA on the daily chart, indicating that the broader trend is neutral to slightly bearish. Price spent most of the session below the 200-period SMA, hinting at a continuation of a longer-term downward trend if no strong breakout occurs.

MACD & RSI

The MACD line crossed above the signal line briefly in the late afternoon, confirming a short-term bullish bias. However, this was followed by a quick crossover back below, indicating waning momentum. The RSI fluctuated between overbought (>70) and oversold (<30) conditions multiple times, reflecting choppy and volatile price behavior. A divergence in RSI and price was observed in the late session, where price made lower highs while RSI made higher lows, signaling potential bearish exhaustion.

Bollinger Bands

Volatility spiked during key breakouts and pullbacks, with the upper Bollinger Band expanding to 1.695 and the lower band compressing to 1.639. Price spent time near the upper and lower bands multiple times, suggesting increased volatility. A period of contraction was observed in the early session before a breakout, indicating a potential setup for a directional move.

Volume & Turnover

Volume spiked during key price moves, especially around 19:15 ET and 15:00 ET, with high notional turnover confirming these moves. A divergence in volume and price was noted during the consolidation phase, where volume decreased despite continued price fluctuation. This suggests a potential lack of conviction in the current direction.

Fibonacci Retracements

Applying Fibonacci levels to the 1.640–1.695 swing, key retracement levels at 38.2% (~1.676) and 61.8% (~1.661) were tested multiple times. The 61.8% level acted as a critical support during the pullback, with price rebounding from this level on two occasions. On the daily chart, a 61.8% retracement of the larger 1.640–1.695 move aligns with the current range, suggesting potential for further consolidation or a test of lower levels.

Backtest Hypothesis

A potential backtesting strategy involves entering long positions on a bullish engulfing pattern that forms above key Fibonacci retracement levels, confirmed by a breakout above the upper Bollinger Band and a bullish MACD crossover. Exit conditions could be based on RSI reaching overbought levels or a bearish divergence. Short positions could be triggered during bearish evening stars and bearish MACD crossovers, with stops placed below key support levels. This approach would aim to capture both momentum and trend exhaustion signals observed in today's data.