Market Overview: MovieBloc/Tether (MBLUSDT) – 2025-10-24

• MovieBloc/Tether (MBLUSDT) traded in a narrow range during early sessions but broke out in late NY time with a strong bullish push to 0.001496.
• A key bearish engulfing pattern formed at 0.001480–0.001483 early in the session, but buyers reclaimed control after 20:00 ET.
• Volatility expanded after 04:00 ET, coinciding with a sharp price increase and volume surge.
• RSI crossed into overbought territory, and MACD registered a bullish divergence after 06:00 ET.
• The 24-hour volume was 922 million, with a notional turnover of ~$138.3 million, suggesting increased speculative activity.

The MovieBloc/Tether (MBLUSDT) pair opened at 0.001473 on 2025-10-23 at 12:00 ET and closed at 0.001486 on 2025-10-24 at 12:00 ET, reaching a high of 0.001496 and a low of 0.001472. Total volume over the 24-hour window was 922,020,800, with a notional turnover of approximately $138.3 million, indicating a moderate uptick in trading activity.

Structure and formations show a strong bearish engulfing pattern forming in the early hours (16:15–16:30 ET) as the pair closed at 0.001477 after opening at 0.001481, suggesting short-term bearish sentiment. However, this was quickly reversed by a bullish rebound, particularly from 19:00–05:00 ET, where price rose on increased volume. A key support level appears at 0.001475–0.001477, where the pair found multiple bounces during the session. Resistance emerged at 0.001490–0.001493 after 04:45 ET, where the pair consolidated briefly before breaking out.

Moving averages on the 15-minute chart suggest bullish momentum, as the 20-period MA (0.001480) crossed above the 50-period MA (0.001479) in late trading hours. The 50-period MA itself acted as a dynamic support around 0.001480–0.001481 during the session. On the daily chart, the 50-period MA (0.001478) and 100-period MA (0.001476) are in a bullish alignment, suggesting a potential continuation of the uptrend.

MACD registered a bullish crossover after 06:00 ET, with the line rising above the signal line and diverging from price as the pair approached 0.001496. This suggests growing momentum. RSI hit overbought levels above 70 at 05:00 ET, but buyers continued to accumulate, indicating strong conviction. Bollinger Bands expanded during the late hours, confirming a period of heightened volatility as the price moved toward the upper band.

Volume spiked above average levels in the 04:45–05:00 ET and 10:45–11:00 ET intervals, aligning with price breakouts. Notional turnover also showed a significant jump during these periods, validating the price action with increased participation. A minor divergence appears between the price and volume in the 20:45–21:00 ET hour, where volume was lower despite a sharp price move—this may suggest potential exhaustion.

Fibonacci retracements from the recent low (0.001472) to the high (0.001496) show key levels at 0.001484 (38.2%) and 0.001490 (61.8%). The pair tested 0.001484 multiple times during the session before breaking through, suggesting that 0.001490 could be the next target. Daily retracements (from 0.001473 to 0.001496) indicate a potential consolidation phase if the pair retraces back to 0.001484.

The current setup appears to favor buyers in the short term, with momentum indicators and volume patterns supporting a continuation of the bullish trend. However, a pullback below 0.001480 could invalidate the immediate outlook and trigger a test of the 0.001475 support. Investors should remain cautious around the 0.001496–0.001493 resistance cluster, as a failure to break this level could lead to a consolidation or even a reversal.

Backtest Hypothesis: Given the bearish engulfing pattern observed early in the session and the subsequent bullish reversal, a potential short-term trading strategy could involve selling at the open of the candle following the engulfing pattern and exiting after 15 minutes. However, as intraday exits are not directly supported by our back-testing engine, two approximations are available: (1) Close the short position at the session’s close or (2) Hold the short overnight and close it at the next day’s open. Both approaches aim to capture the short-term bearish bias of the engulfing pattern while managing the risks of holding beyond the initial signal. The choice depends on the trader’s risk appetite and preference for intraday or overnight exposure.