The Battle Infinity market opened today at the height of $0.003195. This was a result of strong bullish activities, but the selling pressure brought the price down to $0.003042. However, the buyers are resilient. Signs of bullish price recovery are already showing on the chart. This price retracement may be a result of the previous short-term strong bullish momentum.
Key Levels
Resistance: $0.003600, $0.003650, $0.003700
Support: $0.003000, $0.002500, $0.002000
IBAT/USD: The Indicators’ Outlook
Usually, a strong bullish momentum within a very short while is expected to be followed by a strong price retracement. In some cases, a trend reversal might follow. But in the case of Battle Infinity, we can see buyers responding quickly to take back control of the market. The RSI line is now moving upward and has now reached 43% market strength. The negative histograms are reducing and will soon move to the positive side.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
In this time frame, the RSI line has made such a strong move and it has entered the overbought territory. With this type of move, it is likely the trend consolidates again because the bullish price movement is too strong in this short time frame. And the price is now in the overbought zone (which means a price retracement should be expected soon). However, the retracement may be brief after which the price will continue to move upward
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