Market Overview for Test/Tether (TSTUSDT)

Summary
• Price closed near 0.01866 after a volatile 24-hour range of 0.01817–0.01976.
• Volume surged at 0.01976 high but faded as price retreated.
• A bullish rebound emerged post 0.01817 support, indicating short-term stabilisation.

Price Action and Key Levels

Test/Tether (TSTUSDT) opened at 0.01833 on 2025-11-07 12:00 ET and reached a high of 0.01976 within the 24-hour period, before closing at 0.01866 by 12:00 ET on 2025-11-08. The price action revealed a broad swing from 0.01976 to a low of 0.01817, with the 0.01817 level showing strong support. A bearish engulfing pattern formed around 0.01926, suggesting potential short-term top formation. A subsequent bullish reversal could be in the works from this level.

Key resistance levels include 0.01926 and 0.01976, while strong support appears to be forming at 0.01817. A potential consolidation zone between 0.0183 and 0.0187 may be forming as price revisits these levels multiple times.

Moving Averages and Volatility

On the 15-minute chart, the 20-period and 50-period moving averages show price hovering just below the 50SMA, suggesting short-term bearish momentum. The 50SMA (0.0187) could act as a near-term dynamic resistance. For the daily chart, the 50/100/200 SMA alignment is not available here, but the 50SMA could be critical if price retests it from below.

Bollinger Bands show a moderate volatility contraction as the 24-hour period closes. Price sits near the lower band at 0.01817, indicating oversold conditions. A break above the upper band (0.01976) would signal a possible continuation of a bullish trend, but current price suggests bearish bias.

MACD and RSI

The MACD line (12,26) turned negative during the last 24 hours, with the signal line crossing below it, suggesting bearish momentum. RSI dipped below 30 during the 0.01817 low, confirming oversold conditions. However, a failure to break above the 50 level on RSI suggests that bullish conviction remains weak.

A potential divergence between price and RSI may be forming at the 0.01866 level, indicating possible rejection of further downside. If RSI crosses above 50 with price confirmation, this could signal a short-term reversal.

Volume and Turnover

The total 24-hour volume was 85,940,786.3 and notional turnover amounted to approximately $1,559,565, based on price averaging. The highest volume occurred at 17:30 ET (0.01973) and 06:00 ET (0.01822).

Volume and price appear to confirm key movements at 0.01976 and 0.01817, but a divergence is visible as price pulls back from 0.01926 with relatively muted volume. This may suggest the bearish pressure is weakening.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute swing from 0.01817 to 0.01976, price appears to test the 61.8% level at 0.01897 and has found support near 0.0183. On the daily chart, the 61.8% retracement level from a recent larger bear move may act as a key psychological barrier.

The 0.01866 close suggests a potential consolidation near the 50% retracement level of the 24-hour swing, which could be a critical area for near-term price action.

Backtest Hypothesis

For a potential backtest of bearish setups like the Bearish Engulfing pattern identified at 0.01926, a short strategy could be initiated at the next-day open, closing after 5 trading days. Entry would occur at the open following confirmation of the pattern, and exit would target the close 5 days later. Stop-loss levels could be placed near key support (e.g., 0.0183) to manage risk.

Given the current price behavior and volume profile, a similar pattern occurring in the future may offer a higher-probability short opportunity, especially if RSI remains below 50 and Bollinger Bands contract. However, confirmation from moving averages and volume will be key to signal an entry.