Market Overview for Bitcoin/Mexican Peso (BTCMXN) on 2025-11-06

Summary
• Price action remained volatile, opening at 1936739.0 and hitting a high of 1950779.0.
• A late-night pullback saw the pair close at 1934296.0 after touching a low of 1918578.0.
• Volume was moderate at 1.968631 BTC, with turnover reflecting significant intraday shifts.

Bitcoin/Mexican Peso (BTCMXN) opened at 1936,739.0 at 12:00 ET − 1 and moved between 1950,779.0 and 1918,578.0 over the course of 24 hours. It closed at 1934,296.0, with a total traded volume of 1.968631 BTC and a notional turnover of 3.846M MXN. The 15-minute OHLCV data reveals a day marked by choppy intraday trading and sharp pullbacks late in the session.

Structure & Formations

The price chart displayed multiple bearish reversals, including a notable bearish engulfing pattern at 1939509.0 → 1928838.0 and another at 1946045.0 → 1939595.0. A doji formed at 1930825.0 during a consolidation phase, suggesting indecision. Key support emerged at the 1925,000 MXN level, while resistance held between 1936,000 and 1940,000.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed divergence in the final hours, with price closing below both. On the daily chart, the 200-period MA remained above the 100-period MA, signaling a potential medium-term bearish trend. The 50-period MA crossed below the 100-period MA during the overnight session, reinforcing the bearish bias.

MACD & RSI

The MACD moved into negative territory in the evening, with a bearish crossover that aligned with price weakness. The RSI fell to 32–34 in the late hours, suggesting a potential oversold condition. However, price did not respond to the RSI bounce, indicating caution is warranted. Momentum appears to be shifting in favor of bears.

Bollinger Bands

Volatility expanded significantly during the overnight and early morning hours, with prices reaching the upper band multiple times. A contraction occurred briefly in the early hours of 06:00–07:00 ET before a sharp expansion. The closing price remained within the bands, suggesting the range-bound environment could persist in the short term.

Volume & Turnover

Volume spiked during the 00:15–00:30 and 01:45–02:00 ET sessions, coinciding with price dips below 1930,000. Turnover mirrored these patterns, with heavy selling pressure observed during pullbacks. However, volume has not confirmed a strong reversal to the upside, suggesting bearish activity remains dominant.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute swing from 1918,578.0 to 1950,779.0, the price closed near the 61.8% retracement level (1933,769.0), suggesting a potential near-term support zone. The daily move from the session low to the high of 1950,779.0 also found the 38.2% level around 1943,000, which may act as resistance in the next 24 hours.

Backtest Hypothesis

To refine the trading strategy, identifying the exact data symbol for Bitcoin/Mexican Peso is crucial. The current attempt to analyze the Bearish Engulfing pattern using "BTCMXN" encountered data issues, likely due to inconsistent symbol formatting across data sources. Confirming the correct symbol—such as "BTCMXN", "BTC-MXN", or another variant—will allow for accurate historical pattern detection. Once confirmed, a backtest can be conducted to evaluate a strategy that shorts on the pattern and holds for 1–3 days. Performance metrics and an interactive chart will then provide insights into the strategy's viability.