Market Overview for Manchester City Fan Token/Tether (CITYUSDT)

• Price retreated below 1.07 after a strong intraday push above 1.089.
• Key 1.07 and 1.078 levels acted as dynamic support/resistance.
• Volume remained elevated during the 18:00–20:00 ET bearish phase.
• RSI and MACD signaled bearish momentum, though no oversold conditions.
• Volatility expanded during the midday surge, followed by a contraction.

The 24-hour session for CITYUSDT began at 1.069 on 2025-09-19 at 12:00 ET, surged to a high of 1.089 during the day, and closed at 1.046 on 2025-09-20 at 12:00 ET. The price closed 0.022, or -2.11%, below the opening level. Total volume for the 24-hour period was 2,249,875.17, with total turnover at 2,408,370.90.

Structure & Formations

The price structure displayed a clear bearish bias throughout the session, with a notable bearish reversal pattern forming around the 1.078 level following an initial bullish thrust above 1.08. A significant bearish engulfing pattern emerged at 18:00 ET after a sharp 1.089 high, which marked a turning point. The price then consolidated lower with a doji forming near 1.062 at 21:30 ET, signaling indecision. Key support levels were observed at 1.061 and 1.054, while resistance was seen at 1.078 and 1.089.

Moving Averages and MACD/RSI

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover near 1.072 after 18:00 ET, aligning with the bearish momentum. The MACD histogram turned negative during the bearish phase and remained bearish toward the close, confirming the weakening momentum. The RSI dipped below 50 shortly after the 18:00 ET candle and hovered near the 35–40 range for much of the session, suggesting mild oversold conditions. However, it never crossed below 30, indicating that the move lower may not have been overextended.

Bollinger Bands and Volatility

Volatility expanded during the midday surge as the price moved above the upper Bollinger Band before retracting sharply. Following the bearish reversal, volatility contracted, with the price settling near the lower Bollinger Band by the end of the session. This suggests a period of consolidation and potential setup for a rebound from the 1.046 level. The 1.05–1.06 range appears to be the key trading range for the near term, with the bands acting as a guide for volatility boundaries.

Volume and Turnover

Volume spiked during the bearish reversal at 18:00 ET, with a 131,980.88 volume candle, the highest in the dataset. This was followed by a moderate drop in volume during the consolidation phase, suggesting a lack of conviction in the bearish move. Turnover mirrored this pattern, with the largest turnover of 141,500.00 occurring during the 18:00–19:00 ET bearish phase. Price and turnover were aligned during the bearish move but diverged slightly during the final consolidation phase, as volume did not confirm the price drop.

Fibonacci Retracements

Applying Fibonacci to the 18:00–20:00 ET bearish move from 1.089 to 1.063, the 38.2% retracement level is at 1.079 and the 61.8% is at 1.071. The price found support at 1.071, aligning with the 61.8% level, before continuing lower. For the full daily move, 1.054 and 1.061 align closely with the 61.8% and 38.2% retracement levels, respectively, which reinforces their importance as potential support targets.

Backtest Hypothesis

The backtest strategy described involves entering short positions upon a bearish engulfing pattern on the 15-minute chart, provided the RSI is above 55 and the price is above the 20-period moving average. Stop-loss is placed at the high of the engulfing pattern, and take-profit is set at the nearest Fibonacci 61.8% level. The recent bearish engulfing pattern at 18:00 ET met these criteria, validating this strategy's setup. A stop-loss at 1.080 and a take-profit at 1.071 would have captured a 0.01% gain, which is modest but aligns with the low-volatility environment. This strategy appears most effective in trending bearish conditions with clear reversal patterns, making it a viable tool for short-term traders in the CITYUSDT market.

Looking ahead, the market appears to be consolidating within the 1.046–1.056 range. A break above 1.059 could test the 1.061–1.063 resistance zone, while a retest of 1.054 may offer a buying opportunity. However, given the bearish momentum and overbought conditions during the initial rally, caution is advised, and traders should be mindful of potential downside risks.