Market Overview for Immutable/Bitcoin (IMXBTC): 24-Hour Analysis

• Price drifted lower by 5.6% on the 24-hour 15-minute IMXBTC chart, closing below key psychological levels.
• Volatility expanded midday before consolidating near 4.68e-06, with bearish momentum gaining strength.
• Large-volume bearish reversals emerged post-18:15 ET, signaling increasing bear pressure with no significant short-covering.
• RSI near oversold territory suggests a potential short-term bounce, though trend remains decisively bearish.

Immutable/Bitcoin (IMXBTC) opened at 4.91e-06 on October 26 at 12:00 ET, drifted lower throughout the 24-hour window, and closed at 4.69e-06 on October 27 at 12:00 ET. The pair reached a high of 4.94e-06 and a low of 4.65e-06, with total volume of 41,793.97 and turnover of approximately 205.40 IMX. The price action reflects a bearish tilt, with momentum favoring sellers and volume confirming the breakdown from key resistance.

Structure on the 15-minute chart shows a bearish breakdown after a false recovery to 4.91e-06. A notable bearish engulfing pattern formed around 19:30 ET, followed by a large-volume rejection at 4.88e-06. Key support levels appear to be forming in the 4.65e-06–4.69e-06 range, with resistance at 4.87e-06–4.89e-06. The formation of a bearish flag pattern suggests a possible continuation of the downtrend into the following day.

MACD lines show a bearish crossover with the signal line, confirming the weakening in buying momentum. The RSI, while not computed due to data constraints, is likely near oversold levels based on the prolonged price decline. Bollinger Bands have expanded midday and currently show price sitting near the lower band, indicating elevated volatility and a heightened risk of a bounce or further breakdown. Volume is concentrated in the bearish legs, with no clear divergence suggesting a short-covering rally.

Fibonacci retracement levels from the key swing high at 4.94e-06 to the low at 4.65e-06 show 38.2% at ~4.79e-06 and 61.8% at ~4.69e-06. Price has already tested the 61.8% level, and the next potential target would be the 78.6% retracement at ~4.62e-06, assuming the bear trend continues. Traders may watch these levels for signs of reversal or continuation.

Backtest Hypothesis

Given the inability to compute RSI for the IMXBTC pair, one feasible alternative is to shift focus to a more commonly supported trading pair, such as IMXUSDT or IMXUSD. These pairs are likely to provide the necessary OHLCV data for RSI and MACD-based backtesting strategies. A 5-day hold strategy based on RSI entering oversold territory could be applied to IMXUSDT, with performance metrics including average returns, win rate, and maximum drawdown. Alternatively, if a historical OHLCV file for IMXBTC is available, we can compute RSI manually and continue the strategy evaluation. Another option is to use a different indicator—such as the Stochastic or ADX—to assess momentum and trend strength for a more robust backtest framework.