After the brief downward retracement of the price, Battle Infinity (IBAT) is ready to spring into action for another upswing. Towards the end of yesterday’s market sessions, the selling pressure became very strong. It was forecasted in the last analysis that the crypto is preparing for a brief rebound of price to correct itself from the overbought zone. Three consecutive candles that appeared in the 15th trading session brought the price of the market to a support level of $0.004673. However, in the next session, buyers became strong enough to reclaim the market and they take the price level to $0.005455. From this point, the buying pressure begins to wane. This does not only concern the buying pressure, the selling pressure also shows more signs of weakness than the buying pressure.
Key Levels
Resistance: $0.005325, $0.005482, $0.005603
Support: $0.005038, $0.005206, $0.004673
Battle Infinity: Views From the Indicators
As the price action crosses the lower band of the Bollinger indicator, bearish momentum reduces. And as a result of this, bulls gain enough strength to regain the market for now. However, the strength of bulls was not enough and there appears to be some intense struggle between demand and supply which has not allowed the market to move in either direction. Although the bearish momentum has taken the price action below the Bollinger median line (to signify a downtrend), we can say the bullish momentum is returning to retake a higher price level.
IBAT/USD Short-Term Trend: Bullish (15-minute chart)
In this timeframe, we can see the tug-of-war between bulls and bears. Most of the candles representing the trading sessions do not show signs of a strong directional pull of the price by the buyers and sellers. For now, the market appears flat. And the market can be like this in preparation for the upswing.
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