Market Overview for Immutable/Bitcoin (IMXBTC) on 2025-10-05

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• The pair saw a moderate bullish bias with a high of 6.30e-06 and a low of 6.08e-06, closing slightly below the day's high.
• Volatility showed a slight expansion with increased trading volume around 56,699.28 and turnover of approximately 0.338 BTC.
• A bullish breakout attempt occurred during the day, supported by a strong move to 6.30e-06, but failed to sustain above 6.25e-06.
• RSI reached overbought levels, indicating potential for consolidation or a pullback in the near term.
• A key resistance level appears to be forming at 6.25e-06, with support likely at 6.15e-06 based on price clustering and candlestick behavior.
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Immutable/Bitcoin (IMXBTC) opened at 6.08e-06 on October 4 at 12:00 ET, reached a high of 6.30e-06, and closed at 6.15e-06 on October 5 at 12:00 ET. Total volume for the 24-hour period was 56,699.28, with a notional turnover of approximately 0.338 BTC. Price action indicated a moderate bullish bias with attempts to break out of a consolidation phase.

Structure & Formations

Price action displayed a strong bullish impulse around 6.30e-06, followed by a consolidation phase as the pair failed to hold the breakout level. Key support levels appear to be forming at 6.15e-06 and 6.08e-06, with resistance at 6.25e-06 and 6.30e-06. A large bullish engulfing pattern formed during the midday session, suggesting potential for further buying interest. However, a long upper shadow at the 6.30e-06 level indicates selling pressure at that level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bullish crossover, reinforcing the short-term upward momentum. On the daily chart, the 50-period MA was below the 200-period MA, suggesting a longer-term bearish bias. The 100-period MA provided a moderate level of support at 6.17e-06, with the price frequently testing this level during the session.

MACD & RSI

The MACD line showed a positive divergence during the bullish move to 6.30e-06, suggesting continued momentum. However, the histogram began to narrow as the pair approached overbought RSI levels, hinting at potential exhaustion. The RSI reached overbought territory above 70, indicating a high probability of a near-term correction or consolidation.

Bollinger Bands

Volatility expanded as the pair moved higher, pushing the price near the upper Bollinger Band on several occasions. A retest of the lower band occurred around 6.15e-06, where the price found support. The narrowing of the bands around 6.25e-06 suggested a period of consolidation before the breakout attempt.

Volume & Turnover

Volume spiked during the breakout attempt to 6.30e-06, confirming the move, but dropped off significantly during the consolidation phase. Notional turnover also increased during the spike in volume, indicating strong conviction in the move higher. Divergence between volume and price was observed as the pair failed to maintain the breakout level, suggesting potential for a reversal or pullback in the short term.

Fibonacci Retracements

On the 15-minute chart, the move to 6.30e-06 represented a 61.8% retracement of the previous downward swing. The 38.2% retracement level at 6.25e-06 acted as a moderate resistance, with price failing to hold above it. On the daily chart, the 50% Fibonacci level at 6.17e-06 became a key area of support during the session.

Backtest Hypothesis

The backtest strategy described involves a breakout and reversal-based approach, with entries triggered on a bullish engulfing candle and stops placed below key Fibonacci and support levels. Given the observed behavior on October 5, the strategy would have generated a long entry on the engulfing pattern during the midday session, with a stop below 6.15e-06. The move to 6.30e-06 would have provided a favorable risk-reward scenario, though the lack of follow-through above 6.25e-06 highlights the importance of time constraints in execution. Further backtests should consider filtering entries by volume confirmation to reduce false signals.