Immutable/Bitcoin (IMXBTC) Market Overview

• Price declined from 5.93e-06 to 5.69e-06 with bearish momentum.
• RSI and MACD signaled oversold conditions near 5.68e-06.
• Bollinger Bands showed a moderate contraction during consolidation.
• High-volume corrections occurred at 5.89e-06 and 5.68e-06.
• Volume spiked to 28,858.28 during a key breakdown phase.

Immutable/Bitcoin (IMXBTC) opened at 5.93e-06 on 2025-10-07 12:00 ET and closed at 5.69e-06 on 2025-10-08 12:00 ET, with an intraday high of 5.93e-06 and a low of 5.68e-06. The 24-hour volume was 59,793.72 and the notional turnover totaled ~334.75 (IMXBTC). The pair experienced significant bearish pressure in the early hours, followed by consolidation and bearish confirmation in the afternoon.

Structure & Formations

Price tested a key support area between 5.70e-06 and 5.68e-06 twice, with the second test confirming a breakdown. A bearish engulfing pattern formed between 5.89e-06 and 5.79e-06 during the early morning, signaling a shift in sentiment. A doji appeared near 5.72e-06, suggesting indecision before a sharp decline. Resistance levels at 5.89e-06 and 5.93e-06 were repeatedly rejected, with bearish continuation evident.

Structure Implications

The breakdown at 5.68e-06 appears to have cleared short-term resistance. A potential retest of this level could offer a short-term bounce, but bearish continuation is likely unless buyers commit strongly.

Moving Averages and Momentum

On the 15-minute chart, the 20-period MA crossed below the 50-period MA (death cross), confirming the bearish bias. The 50-period MA on the daily chart continues to slope downward, reinforcing the downtrend. The MACD crossed into negative territory and remained there, with a bearish divergence in the morning. RSI bottomed near 25 at 5.68e-06, suggesting short-term oversold conditions, though not indicative of a reversal.

Momentum Outlook

Momentum remains bearish with no immediate reversal signs. A sustained move above 5.82e-06 could signal a short-term retracement, but the broader trend remains intact.

Bollinger Bands and Volatility

Bollinger Bands contracted between 5.82e-06 and 5.76e-06, indicating a period of consolidation. Price broke below the lower band at 5.68e-06, confirming a bearish breakout. Volatility expanded during the breakdown phase, suggesting increased selling pressure and a possible continuation to the next support level around 5.60e-06–5.55e-06.

Volatility Implications

The breakout below the lower band confirms a valid move lower. A further contraction in Bollinger Bands may precede a reversal or retracement, but bearish momentum remains intact.

Volume and Turnover

Volume spiked significantly during the breakdown phase at 5.68e-06, reaching 28,858.28. This confirmed the bearish move. Turnover surged in line with volume, reinforcing the breakdown signal. However, volume dropped to near zero during the consolidation phase, indicating a lack of conviction in the short-term direction.

Volume and Turnover Implications

The breakdown at 5.68e-06 was confirmed by high volume and turnover. A follow-through move below that level with continued high volume could target the next support zone.

Fibonacci Retracements

Fibonacci levels from the high of 5.93e-06 to the low of 5.68e-06 showed 5.81e-06 as the 38.2% level and 5.75e-06 as the 61.8% level. Price failed to hold 5.75e-06 and broke below, confirming a continuation lower. Daily retracement levels from the previous week’s swing high also suggested 5.68e-06 as a key support, now broken.

Fibonacci Implications

The failure at 61.8% and 38.2% levels confirmed the bearish continuation. The next Fibonacci support level appears near 5.60e-06.

Backtest Hypothesis

The backtest strategy involves using a combination of the RSI, MACD, and Bollinger Band breakouts to confirm short-term directional moves. Specifically, a sell signal is triggered when RSI falls below 30 (oversold), MACD turns negative, and price breaks below the lower Bollinger Band with increasing volume. This hypothesis aligns with today’s action at 5.68e-06, where all three indicators confirmed the breakdown. A buy signal would occur on a retest of this level with a bullish divergence in RSI and MACD, but this has yet to materialize.