At $0.001620, Battle Infinity‘s bearish price was rejected, and the market was taken over by the bulls. The bear market was cut short in the same way the bull market was cut short at the $0.00176 price level in yesterday’s market. It is expected that the price is going to rally, giving the bulls the chance to recapture the key resistance.
Key Levels
- Resistance: $0.0022, $0.0021, $0.0020
- Support: $0.0017, $0.0016, $0.0015
IBAT/USD: The Indicators’ Outlook
The market now ranges sideways between $0.00176 and $0.001620; the space between the support and resistance levels is that wide. This points to the fact that the market is still very volatile, as the price movement oscillates fast between the demand line and the supply line. But for now, the price is moving to the upside. The MACD indicator illustrates the bullish price recovery with its faded, progressive red histograms.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
However, from the 15-minute point of view, the bull market is facing a bit of an obstacle at $0.001660. The Bollinger Bands indicator is giving the impression that the market is about to settle for a price consolidation. Another possibility is that the bulls may just secure a strong support level at this point and use it as a basis to take the price beyond the limit of $0.001760.
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