Market Overview for Tether/Colombian Peso (USDTCOP) on 2025-11-03

Summary
• Price climbed to a 24-hour high of 3879.0, closing near top end of range at 3880.0.
• Volume surged to 10520.0 in final 15-minute candle, suggesting strong conviction.
• RSI and MACD show positive momentum but not overbought conditions.
• Bollinger Band widening indicates increased volatility.
• No major reversal patterns formed; trend continuation likely.

USDTCOP opened at 3856.0 on 2025-11-02 at 12:00 ET and closed at 3880.0 by 12:00 ET on 2025-11-03, reaching a high of 3879.0 and a low of 3848.0. The 24-hour total volume was 278,983.0 with a notional turnover of 996,580,260.0 Colombian Pesos. Price action suggests a bullish tilt with increasing participation in late hours.

Structure & Formations

The 24-hour chart for USDTCOP showed a bullish bias, with price testing a key support level around 3850–3856 multiple times before breaking higher. The formation of several bullish engulfing patterns and a long upper shadow in the initial candle suggest a potential reversal. Notably, the price closed above the high of the prior 15-minute candles during the late trading session, indicating strong buyer momentum.

Moving Averages

The 15-minute chart shows the price well above the 20-period (EMA20) and 50-period (EMA50) moving averages, confirming a short-term bullish trend. On the daily chart, if USDTCOP is tracking a longer-term upward trend, it would likely be above the 50/100/200-day moving averages, although those data are not included in the 15-minute dataset.

MACD & RSI

The 15-minute MACD is in positive territory with a rising histogram, reflecting strong momentum. The RSI is in the 50–60 range, indicating moderate strength without reaching overbought territory. This suggests the move higher may continue but with caution as it approaches 70, a potential overbought threshold.

Bollinger Bands

Bollinger Bands have widened significantly, particularly in the final hours, signaling increased volatility. Price has remained near the upper band for much of the session, a sign of strong bullish momentum. A break above the upper band could trigger further buying interest, while a retest of the lower band may offer a short-term support level.

Volume & Turnover

Volume and turnover spiked sharply in the late trading hours, particularly after 04:00 ET and again after 15:00 ET. These spikes align with price surges to new intraday highs and appear to confirm the bullish trend. No significant price-volume divergence was observed, suggesting buying conviction remains strong.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing low of 3848.0 and the swing high of 3879.0, the 38.2% retrace is at ~3865.0 and the 61.8% at ~3859.0. Price appears to have used the 3865.0 level as a minor resistance, and it could serve as support in the short term should the price retrace.

Backtest Hypothesis

Given the observed bullish patterns and confirmed momentum in USDTCOP, a backtest could be structured to detect Bullish Engulfing patterns on a daily basis since January 1, 2022. A simple 3-day holding strategy triggered by such signals could then be tested for performance. This strategy could be evaluated for returns, drawdown, and hit-rate, offering a data-driven insight into the predictive power of these patterns in the USDTCOP context. An interactive chart would help visualize the entry and exit points and performance over time.