Market Overview for io.net/Bitcoin (IOBTC) as of 2025-10-31

• IOBTC opened at $2.76e-06 and closed at $2.73e-06, with a high of $2.76e-06 and a low of $2.68e-06.
• Price action showed bearish consolidation with a key drop near $2.7e-06.
• RSI approached oversold territory, suggesting potential short-term bounce.
• Volume spiked during the early ET session but faded, indicating waning participation.
• Bollinger Bands showed a moderate contraction, hinting at a potential breakout.

io.net/Bitcoin (IOBTC) traded within a tight range during the 24-hour window, opening at $2.76e-06 and closing at $2.73e-06, with a high of $2.76e-06 and a low of $2.68e-06. The total trading volume stood at 14,682.45, and the notional turnover was approximately $39.95. Price consolidation below the 20-period moving average suggests bearish momentum may persist in the near term.

Structure & Formations

The 15-minute chart displayed a bearish engulfing pattern during the early evening ET session, as well as several doji candles around $2.71e-06 and $2.72e-06. These formations suggest indecision and possible support levels forming in the $2.70e-06–$2.72e-06 range. A key resistance level appears at $2.75e-06, which was tested multiple times but failed to hold.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart remained in a bearish alignment, with the price consistently below both. On the daily chart, the 50-period and 100-period lines are converging, hinting at potential volatility or a directional shift ahead. The 200-period SMA remains a critical long-term reference point, currently acting as a dynamic resistance.

MACD & RSI

The MACD line remained in negative territory, with the histogram narrowing slightly, indicating a potential slowdown in bearish momentum. RSI dipped into oversold territory near 30, suggesting a possible short-term rebound from $2.69e-06–$2.71e-06. However, the indicator failed to break above 50, pointing to ongoing bearish control.

Bollinger Bands

Bollinger Bands showed a moderate contraction, particularly in the early evening, as price moved within a narrow range. The most recent candle closed near the lower band, reinforcing the idea that the $2.69e-06 level may offer near-term support. A breakout above the upper band could signal a reversal, but such a move appears unlikely in the short term.

Volume & Turnover

Volume surged early in the session, peaking with a large candle at $2.7e-06, followed by a sharp decline in participation. The divergence between price and volume suggests weakening conviction in further declines. Turnover remained relatively consistent, but no significant divergence or confirmation was noted in the final hours of the 24-hour window.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $2.76e-06 to $2.68e-06, the 61.8% level sits at approximately $2.71e-06, aligning with observed support. A rebound from this level could target $2.73e-06–$2.74e-06, with the 38.2% level at $2.72e-06 acting as a potential pivot.

Backtest Hypothesis

A backtested strategy based on the "Bearish Engulfing – Sell" pattern on IOBTC from 2022 to 2025 delivered a negative total return and an unfavorable risk-adjusted performance. The strategy suffered from large drawdowns and unprofitable average trade outcomes, highlighting the limitations of using candlestick patterns alone for short-term trading. This reinforces the importance of incorporating other indicators—such as volume, RSI, and moving averages—to filter signals and improve decision-making in a volatile and low-volume market like IOBTC. These insights align with the current chart, where bearish signals are present but lack strong confirmation or momentum to drive significant directional moves.