Market Overview for SPACE ID/Bitcoin (IDBTC)

Summary
• IDBTC closed higher, showing a consistent uptrend from 8.7e-07 to 9.4e-07.
• Key resistance levels formed near 9.4e-07 with bullish continuation signs.
• Volume surged during breakout attempts, aligning with price advances.
• RSI suggests moderate momentum, while MACD confirms positive momentum.
• Volatility expanded late in the session, signaling potential for further price movement.

Price Action and Structure

SPACE ID/Bitcoin (IDBTC) opened at 8.7e-07 on 2025-11-06 at 12:00 ET and closed at 9.4e-07 on 2025-11-07 at 12:00 ET, posting a 24-hour high of 9.7e-07 and a low of 8.7e-07. The price formed a series of bullish engulfing patterns and higher lows, especially from 19:15 ET to 20:45 ET, indicating strong institutional or algorithmic buying pressure. The key support level appears to be 9.2e-07, with resistance forming at 9.4e-07 and possibly extending toward 9.5e-07. The formation of a bullish flag pattern in the latter half of the day suggests a continuation of the uptrend may be likely.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages are bullish, with the 20 EMA above the 50 EMA and both trending upward. The MACD line crossed above the signal line early on, reinforcing the bullish momentum. The RSI remains in the 50–60 range, indicating moderate buying pressure without overbought conditions. This implies there is room for further upside, though caution is warranted if the RSI approaches or crosses 70.

Volatility and Bollinger Bands

Bollinger Bands widened significantly during the late afternoon and evening hours, as the price moved through 9.2e-07 to 9.5e-07. The price consistently traded near or slightly above the upper band, suggesting that volatility is expanding and could continue to do so in the short term. A consolidation period may follow if the price retests the upper band or if volume shows signs of tapering off.

Volume and Turnover

The 24-hour volume amounted to 110,193.0 units, with notable spikes at 23:30 ET, 00:15 ET, and 06:30 ET. These spikes coincided with price advances and consolidation periods, providing confirmation for the bullish structure. Notional turnover was also elevated during key breakout windows, reinforcing the strength of the price action. Divergences were not observed between price and volume, which is a positive sign for the sustainability of the move.

Fibonacci Retracements

Fibonacci levels drawn from the key 15-minute swing low at 8.7e-07 and the following high at 9.7e-07 indicate that 9.4e-07 is aligned with the 61.8% retracement level. The price has held above this level and may find further support at the 78.6% retracement near 9.5e-07. A break above 9.5e-07 could see the price testing the 100% extension at 9.7e-07.

Backtest Hypothesis

To build a robust backtesting framework for the observed bullish patterns in IDBTC, we can apply the Bullish-Engulfing scan to the 15-minute chart. The scan would flag each occurrence of a candle closing above the previous candle's high, with a larger body engulfing the prior one. Once identified, a long position could be triggered at the next candle's open, held for one trading day, and exited at the close. Using a universe of single security—specifically IDBTC—we can benchmark this strategy against a neutral ETF such as the S&P 500 (SPX) to assess relative performance. Including a 0.05% per trade transaction cost assumption would allow for a realistic evaluation of net returns. By applying this approach from 2022-01-01 to 2025-11-07, we could quantify the probability of success and the risk-adjusted returns of the pattern-based strategy.