After Battle Infinity bulls broke through the $0.0018 resistance level in the previous daily session, they needed to deal with the strong selling pressure pushing down from the $0.001850 price line. Due to the bearish pressure, the bulls now need to regroup at $0.001756. From here, they continue to mount pressure on the selling zone, and the bears might just be on the verge of succumbing to their pressure.
Key Levels
- Resistance: $0.0022, $0.0021, $0.0020
- Support: $0.0016, $0.0015, $0.0014
IBAT/USD: The Indicators’ Outlook
The struggle intensifies around the key resistance level, and this makes the Bollinger bands contract. The supply line may soon give way to the pressure from the buyers, as we saw a strong bullish price spike in the last 1-hour session. But the bullish price was quickly reclaimed by the sellers in the same session. From another point of view, the bullish price spike can be considered a sign of exhaustion. The bullish price shoots up unrealistically, reaching as far as the threshold of $0.0019 without much activity reflected in the volume of trade. This could be a sign of weakness creeping into the bull market. Hyper-bullishness can trigger a change in the direction of the market. However, the bull market seems to maintain a firm grip on the $0.0018 price level.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
Although the bears are responding to the bullish activities in the market, the bulls are still having the upper hand. The bullish price is still above the 20-day moving average. And the upper band of the Bollinger Bands indicator is moving slightly to the upside. Also, from a broader view of the market, the price channel is moving upward.
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