Market Overview for Immutable/Bitcoin (IMXBTC)

Summary
• Price action shows bearish momentum with key resistance at 2.75e-06 and support near 2.61e-06.
• Volume spiked around 22:15 ET and 17:00 ET, confirming downward pressure.
• RSI indicates oversold conditions, suggesting potential near-term reversal.

Immutable/Bitcoin (IMXBTC) opened at 2.82e-06 on 2025-12-17 at 12:00 ET, reached a high of 2.82e-06, a low of 2.59e-06, and closed at 2.66e-06 on 2025-12-18 at 12:00 ET. Total volume was 53,334.08, and turnover amounted to 14.12e-06.

Structure & Formations

Price tested key resistance at 2.75e-06 multiple times without breaking through. A bearish engulfing pattern formed at 17:30 ET, confirming a shift in sentiment. . A potential bullish reversal candle appeared near the 2.61e-06 support level, indicating a possible rebound.

Moving Averages

On the 5-minute chart, the 20-period moving average has crossed below the 50-period line, reinforcing bearish bias. Daily MAs suggest the pair remains in a short-term downtrend but could find equilibrium near 2.65e-06.

MACD & RSI

MACD turned negative and remains below the signal line, indicating weak momentum. RSI has fallen into oversold territory, below 30, which could precede a short-term bounce. However, without a clear break above 2.75e-06, momentum remains bearish.

Bollinger Bands

Price action has largely remained in the lower half of the bands, signaling bearish pressure. A contraction in volatility was observed between 20:00 and 22:15 ET, followed by a sharp move lower that broke through the lower band.

Volume & Turnover

Volume surged near 22:15 ET and again at 17:00 ET, confirming price weakness. Turnover spiked in line with volume, reinforcing the bearish narrative. However, volume dried up after 22:15 ET, suggesting potential exhaustion in the short-term move.

Fibonacci Retracements

A 61.8% retracement level sits near 2.67e-06, where price stalled during the late morning. A 38.2% retracement at 2.72e-06 saw multiple tests, but buyers could not hold. A test of 2.61e-06 aligns with a key Fibonacci support level and may offer near-term stability.

The market appears to be consolidating near 2.66e-06, with potential for a short-term bounce into the 2.7e-06 range. However, renewed bearish pressure could retest 2.59e-06 if momentum fails to pick up. Investors should remain cautious of volatile swings and thin volume ahead.