After the IBAT/USD market takes support at $0.003000, the price skyrockets to the height of $0.003336. At that point, the traders begin to sell and the price falls to the current price of $0.003208. The bullish trend that took the price to $0.003336 was so strong that it send the market price into the overbought zone. And the strong buying pressure seems to also trigger the selling pressure.
Key Levels
Resistance: $0.003600, $0.003650, $0.003700
Support: $0.003000, $0.002500, $0.002000
IBAT/USD: The Indicators’ Outlook
From the Bollinger band’s point of view, the two bands are still far apart from each other which means there is still room for more bullish market performance. The last candlestick which portrays the price correction from the overbought testify to the buyers’ aggression to push the market. Now the market is expected to progress steadily. The RSI line is now preparing for another upward swing after recovery from the overbought.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
Here we can see how the sellers are gaining momentum and they are advancing against the bulls. But because the price action is moving near the upper band, there is a probablility that the market will continue in the uptrend market.
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