Market Overview for Tether/Argentine Peso (USDTARS)

Summary
• Price opened at 1467.0, hit a high of 1476.6, and closed at 1466.7 with a 24-hour low of 1461.1.
• Volume declined from the morning into the afternoon but picked up again in the late evening and night.
• RSI and MACD indicate modest momentum, while Bollinger Bands show moderate volatility.

Tether/Argentine Peso (USDTARS) opened at 1467.0, reached a high of 1476.6, and closed at 1466.7 at 12:00 ET on 2025-11-11, with a 24-hour low of 1461.1. The total volume traded was 894,648.0, and notional turnover amounted to 1,324,240,370.00 (assuming 1 USDT ≈ 1 USD).

Structure & Formations

Price action revealed a key resistance near 1476.6, where a bullish engulfing pattern emerged, signaling a potential reversal from bearish to bullish momentum. However, the following candle confirmed a partial pullback, with price failing to hold above 1473.8. On the downside, the first support level formed near 1465.0, where price bounced multiple times, suggesting a strong short-term support. A doji candle appeared at 02:15 ET, indicating indecision and a potential turning point in the trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed during the late evening, forming a bullish crossover that lasted briefly before price corrected. The 50-period MA remains above the 20-period, indicating short-term bearish bias, while the 100/200-period MAs on the daily chart remain flat, suggesting lack of strong directional bias in the broader timeframe.

MACD & RSI

The MACD crossed into positive territory during the late evening, aligning with the bullish engulfing pattern, but failed to maintain a strong signal. The RSI fluctuated between 45 and 55, never entering overbought or oversold territory, suggesting moderate momentum without extreme bullish or bearish conditions. A slight bearish divergence was noted between RSI and price after 03:00 ET, hinting at a potential short-term correction.

Bollinger Bands

Price remained within the middle band for much of the session, indicating a period of low volatility and consolidation. A modest expansion occurred near the 1476.6 high, confirming the breakout attempt before reversing. The lower band held at ~1464.0, acting as a key floor, while the upper band reached ~1477.0, but failed to confirm a sustained breakout.

Volume & Turnover

Volume spiked during key price swings in the late evening and night, particularly after the 23:15 ET candle, where a large bullish candle with 56,635 units traded confirmed a short-term reversal. Notional turnover followed volume closely, with a divergence in the early morning (around 03:00 ET) where price continued to fall despite volume tapering off, signaling potential exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci to the recent swing from 1461.1 to 1476.6, the 61.8% retracement level (~1467.0) aligned closely with the 02:15 ET doji, reinforcing its significance as a pivot point. The 38.2% level (~1472.5) acted as a minor resistance during the 23:30 ET candle before price retreated.

Backtest Hypothesis
The backtest utilized the 15-minute OHLC data to evaluate a momentum-based strategy, leveraging MACD crossovers and RSI levels to trigger and exit positions. The strategy appeared to capture short-term bullish signals during the late evening but failed to hold through subsequent corrections. The results suggest that price action and volume are critical in confirming trade signals, particularly during periods of tight consolidation and moderate volatility.