Market Overview for Immutable/Bitcoin (IMXBTC) on 2025-11-03

• The pair opened at $4.54e-06 and closed at $4.38e-06, down by 3.5%.
• Price found resistance near $4.6e-06 and support near $4.34e-06.
• Volatility expanded in the early hours, followed by consolidation.
• Volume spiked in the late trading session, confirming a bearish move.
• RSI suggests overbought conditions reversed to oversold territory.

Market Overview for Immutable/Bitcoin

Immutable/Bitcoin (IMXBTC) opened at $4.54e-06 at 12:00 ET-1 and closed at $4.38e-06 by 12:00 ET, with a high of $4.6e-06 and a low of $4.06e-06 during the 24-hour window. Total volume traded reached 188,944.94 units, while total notional turnover amounted to $829.96. The price action reflected a strong bearish bias, particularly during the late hours of the session.

Structure & Formations

The price action displayed a series of bearish formations including a piercing line and a bearish engulfing pattern, suggesting short-term weakness. A key support level appears to be consolidating around the $4.34e-06 level, which coincides with a 61.8% Fibonacci retracement of the recent swing high at $4.6e-06. Resistance appears to be clustered around $4.45e-06, where price previously stalled and reversed.

Moving Averages

On the 15-minute chart, price closed below both the 20-period and 50-period SMAs, indicating short-term bearish momentum. On the daily chart, price remains below the 50-day, 100-day, and 200-day moving averages, signaling ongoing bearish sentiment in the longer term.

MACD & RSI

The MACD remained in negative territory, with the histogram contracting after a strong bearish divergence. RSI has dipped into oversold territory (<30), suggesting a potential rebound could be on the cards if buyers step in. However, the divergence between price and RSI suggests that bearish momentum may not yet be exhausted.

Bollinger Bands

Price has moved toward the lower Bollinger Band, indicating a period of low volatility. A potential bounce from the lower band could trigger a short-term rebound. The width of the bands has compressed in recent hours, hinting at a possible breakout or reversal in the near term.

Volume & Turnover

Volume picked up significantly in the early morning hours, coinciding with the price drop from $4.6e-06 to $4.34e-06. The increased notional turnover during this period confirmed the bearish move. However, volume has since decreased, suggesting the selloff may be running out of steam. Divergence between price and volume could hint at a possible short-covering rally in the next 24 hours.

Fibonacci Retracements

Fibonacci retracement levels on the 15-minute chart align with key support and resistance areas. The 61.8% retracement at $4.34e-06 has held as a key level. A break below this could target $4.22e-06 as the next support, while a return above $4.45e-06 could trigger short-term bearish pressure once again.

Backtest Hypothesis

The backtest strategy in question aims to evaluate a 1-day short-side trading signal based on RSI-oversold conditions (<30) applied to IMXBTC. The strategy would enter a short position when RSI drops below 30 and exit after a full day. Given that RSI has recently entered oversold territory, this condition would have triggered a signal. However, due to the unavailability of RSI data for the exact symbol, the strategy’s performance cannot be backtested at this time. Once the correct ticker or data file is provided, a full backtest can be conducted from 2022-01-01 to 2025-11-03 to assess profitability, win rate, and risk metrics.