It has been a real battle in the market today as IBAT/USD bulls continue to fight to regain their ground in the market. The bearish price was rejected during the 8th-hour session at the support level of $0.003133. It was from this point traders begin to buy and this made the price rise until it reached the resistance level of $0.003500. At the moment, bears are trying to resist any further price increases. However, It is likely the price will continue to rise.
Resistance: $0.003600, $0.003700, $0.003800
Support: $0.003400, $0.003300, $0.003200
IBAT/USD: The Indicators’ Outlook
In today’s market, buyers started taking the control of the market from the 8th hour and it continued till the 16th hour when selling pressure made the price range sideways. This market behaviour was quickly reflected in the MACD and the RSI. The RSI which quickly recovered from the oversold to the stronger zone of the RSI now ranges sideways. The consolidation market made the RSI line rest at the midpoint of the indicator. The price of Battle Infinity may continue to rise after the price consolidation period. In the MACD indicator, the line is about to cross out of the negative zone although, it is slowing down due to the price consolidation.
IBAT/USD Short-Term Outlook: Bullish Recovery (15-minute chart)
We can see the intense struggle between the two market players from this short-term trading session. There are lots of bearish spinning top candlesticks that keeps appearing from the 16th hour up till the present moment. This means that the probability that the buyers will regain ground and continue their upward journey is still high because spinning top candlestick signifies an intense struggle between buyers and sellers.
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