Immutable/Bitcoin Market Overview for 2025-11-08

Summary
• Price opened at $4.43e-06 and closed at $4.22e-06, reflecting bearish momentum.
• High volatility seen in early trading, with a high of $4.54e-06 and a low of $4.14e-06.
• Volume surged during price declines, reaching peaks over 199k.

The Immutable/Bitcoin (IMXBTC) pair opened at $4.43e-06 on 2025-11-07 at 12:00 ET and closed at $4.22e-06 at 12:00 ET on 2025-11-08. Over the 24-hour period, the price reached a high of $4.54e-06 and a low of $4.14e-06. Total traded volume was approximately 879,380.15, while notional turnover stood at $3.80 (based on volume and average price).

Structure & Formations

The 15-minute OHLCV data reveals multiple key support and resistance levels within the 24-hour window. A strong resistance cluster formed around $4.30e-06, which was tested multiple times without a clear break. Notably, a bearish engulfing pattern emerged at $4.36e-06 to $4.32e-06, suggesting further downward pressure. A bearish doji appeared at $4.3e-06, reinforcing indecision at that level. On the downside, a strong support appeared at $4.26e-06, where price found temporary stability.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages indicate a bearish crossover, with the 20SMA dipping below the 50SMA—a death cross. The 20SMA currently resides at $4.29e-06 while the 50SMA is at $4.31e-06, both trending downward. This suggests a continuation of bearish momentum in the short term.

MACD & RSI

The MACD line is in negative territory, currently at -0.03e-06, while the signal line is at -0.01e-06. The histogram is expanding in the negative zone, confirming bearish momentum. The RSI, at 34, is in the oversold region, suggesting a potential near-term bounce. However, the RSI has remained below 40 for much of the 24-hour window, indicating a sustained bearish bias in price action.

Bollinger Bands

Price has been trading below the 20-period lower Bollinger Band for much of the session, with a recent rebound seen as price approaches the $4.26e-06 support. The Bollinger Band width has expanded, indicating increased volatility over the past 24 hours. A contraction in the width is expected to signal a period of consolidation before a potential breakout.

Volume & Turnover

Volume spiked significantly in the early part of the session, particularly around the $4.36e-06 to $4.26e-06 range, with the largest volume bar at 199,836. This coincided with a sharp price drop. Turnover was higher during the declines and dipped during consolidation, suggesting a lack of buying interest during price recoveries.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $4.54e-06 to $4.14e-06, the 38.2% level is at $4.35e-06 and the 61.8% level is at $4.28e-06. Price has bounced off the 61.8% level multiple times, suggesting it may serve as a key support in the near term.

Backtest Hypothesis

To derive an entry signal, we can focus on MACD death-cross events occurring when RSI is below 30, as both confirm a strong bearish setup. Given the current bearish momentum and RSI hovering near oversold, the next 14 days could see a retest of support levels or a potential bounce. If provided with a valid data source, we can backtest this strategy across historical data to evaluate its effectiveness in identifying low-risk, high-probability setups.