Market Overview for Tether/Colombian Peso (USDTCOP)

• Price action shows a morning rally to 3874 COP before reversing lower, closing near 3838 COP in the 24-hour window.
• Momentum indicators signal a bearish shift with RSI nearing oversold territory late in the session.
• Volatility expanded in the early morning, followed by a sharp contraction as sellers reasserted control.
• Volume spiked around key turning points, confirming bearish exhaustion after the 3874 high.

24-Hour Performance Summary

Tether/Colombian Peso (USDTCOP) opened at 3864 COP on October 26 at 12:00 ET and reached a high of 3874 COP during the morning session. The pair then reversed lower, hitting a 24-hour low of 3836 COP before closing at 3838 COP on October 27 at 12:00 ET. Total trading volume during this period amounted to 196,639 units, while notional turnover was approximately 734,298,300 COP.

Structure & Formations

Price action formed a bearish trend with a clear overhead resistance cluster around 3871–3874 COP. A morning rally attempted to break through this level but failed, resulting in a rejection and a bearish dark cloud cover pattern. The afternoon saw a sharp breakdown to 3836 COP, indicating strong bearish momentum. A key support level appears to be forming around the 3835–3840 COP range.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are converging downward, suggesting a bearish bias in the short term. On the daily chart, the 50-period and 200-period moving averages are not available due to the limited dataset, but the 100-period line likely remains a key reference point. The price appears to be trending below the 20-period MA, reinforcing bearish momentum.

MACD & RSI

The MACD line turned negative in the afternoon, confirming a bearish momentum shift. The signal line crossed below the MACD line, forming a bearish crossover. RSI moved into oversold territory (below 30) near the 3836 COP low, suggesting potential for a short-term bounce. However, without a strong bullish follow-through, the pair could continue to trade lower for the next 24 hours.

Bollinger Bands

Volatility expanded in the early morning hours, with the bands widening as the price approached the 3874 COP high. This was followed by a sharp contraction as the price fell toward 3836 COP. Price has now closed near the lower band of the Bollinger Band, which could signal either a potential reversal or further bearish pressure depending on the follow-through in volume and order flow.

Volume & Turnover

Volume spiked near key turning points, with the highest volume at 12265 units around the 3874 COP high, confirming a failed breakout. Another large volume spike of 15697 units occurred during the breakdown to 3837 COP, reinforcing bearish conviction. Turnover diverged slightly from price, with higher volume not always translating to higher price movement—suggesting potential fatigue in the bearish wave.

Fibonacci Retracements

Applying Fibonacci retracements to the key swing high at 3874 COP and the swing low at 3836 COP, the 38.2% level is around 3857 COP and the 61.8% level is near 3846 COP. These levels could act as short-term support/resistance areas in the next 24 hours. The price appears to be consolidating near the 3836 COP level, which may test the 61.8% retracement as a potential bounce zone.

Backtest Hypothesis

Given the bearish divergence in RSI and the oversold condition observed near 3836 COP, a potential backtest strategy could be developed using a 14-period RSI with a buy signal triggered at RSI < 30. The strategy would involve holding the position for five days. However, given the current bearish momentum and the failure to hold key resistance levels, a modified approach—such as adding a bearish trigger when RSI > 70—might be more appropriate. The exact ticker symbol and data source need to be confirmed to run the backtest.