After the struggle between Battle infinity bulls and bears (which has kept the market in a period of indecision for some time) the market finally makes a decisive breakout to the upside. All along in the market, the selling pressure has been responding accordingly to the buying pressure. This consequently resulted in the consolidating market.
Key Levels
Resistance: $0.00270, $0.00280, $0.00290
Support: $0.002000, $0.001900, $0.001800
IBAT/USD: The Indicators’ Outlook
Looking at the Bollinger band, we can see that as the market progresses from one session to the other, the upper and lower band increases in proximity. It shows that the two forces in the market are becoming evenly matched. This consequently resulted in a sideway-ranging market. In the 8th hour of today, we see the price making a very significant bullish move. This move will eventually make the band widen out to accommodate more bullish market performance in this new trend.
IBAT/USD Short-Term Outlook: Bullish Recovery (15-minute chart)
As the current price has now advanced to around $0.002368 price level, the bearish pressure is not relegated. Bearish pressure is trying to resist the advancement of the price to the upper price level. However, despite the resistance from the bears, the bulls are having the upper hand. However, the bullish trend still has more ground to cover.
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