Market Overview for Tether/Colombian Peso (USDTCOP)

Summary

• Price opened at 3735.0, reached a high of 3753.0, and closed at 3746.0 with a low of 3733.0 over 24 hours.
• Volatility and momentum surged overnight, with a late-night spike to a 24-hour high.
• Volume and turnover aligned with price action, validating key breakouts and pullbacks.

Market Overview for Tether/Colombian Peso (USDTCOP)

Tether/Colombian Peso (USDTCOP) opened at 3735.0 at 12:00 ET - 1 and climbed to a high of 3753.0 before closing at 3746.0 at 12:00 ET. The 24-hour range was 3733.0 to 3753.0. Total volume for the period was 181,238.0, with notional turnover reflecting strong late-night buying.

Structure & Formations

Price formed a bullish engulfing pattern near 3740.0 in the early hours of the morning, followed by a strong move to 3753.0. A key resistance appears at 3750.0, where price showed consolidation multiple times. Support is likely forming near 3740.0, with a bearish doji emerging after a sharp rebound from 3734.0.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages converged around 3742.0, with price currently above both. On the daily chart, the 50-period MA is around 3739.0, and the 200-period MA is near 3737.0, suggesting a potential short-term bullish bias. Price may test the 50-period MA for confirmation.

MACD & RSI

The 12/26 MACD line turned positive overnight, indicating a bullish momentum shift. The signal line crossed above the zero line around 20:45 UTC, aligning with the breakout. RSI rose above 50 and briefly reached 62.0 during the late-night rally, suggesting a potential overbought condition but with ongoing buying pressure. A pullback could test the 50-level for re-entry.

Bollinger Bands

Bollinger Bands expanded overnight as volatility increased, with price trading above the upper band from 21:00 UTC onward. The 20-period band width exceeded 4.0, indicating heightened short-term volatility. Price may attempt to consolidate within the bands during the next 24 hours, but a break above the upper band could extend gains.

Volume & Turnover

Volume spiked significantly in the 21:00 UTC hour, coinciding with a breakout to 3750.0. Turnover confirmed the move, with high liquidity supporting the move to the 24-hour high. Divergence appeared briefly at 01:00 UTC, where price tested 3742.0 with lower volume, suggesting cautious follow-through.

Fibonacci Retracements

Fibonacci levels applied to the swing from 3733.0 to 3753.0 identified 38.2% (3744.0) and 61.8% (3749.0) as key levels. Price found resistance near the 61.8% level and pulled back slightly before consolidating. A retest of 3744.0 could determine whether the trend continues or reverses.

Backtest Hypothesis

A backtesting strategy was applied to assess the performance of breakout-based trading using the same 15-minute chart dynamics. Key findings suggest that the pattern occurs infrequently and has produced only marginal cumulative gains since 2022. Risk-adjusted performance remains weak, with limited upside and noticeable drawdowns observed. While holding strictly one day after entry avoids extended exposure, it also limits profit potential. This aligns with the current volatility and momentum patterns observed, which suggest caution in entering long positions without strong confirmation from volume and price action. Interactive backtesting allows for further refinement of the strategy.