In the last post about Battle Infinity (IBAT), my prediction was that the trend will still be on the rise although (as of yesterday) the price action was in the overbought zone. From the pieces of information on today’s chart, we can see that the market activities complied with the prediction, breaking the $0.004500 resistance level and with a current price of $0.005382. The price is trying to briefly retrace the downside so that it can resume its upside trend. There has to be a retracement because the price of the market has to correct itself back to the normal price level. The price of IBAT has the prospect of further rising after the downside retracement.
Key Levels
Resistance: $0.005445, $0.005534, $0.005600
Support: $0.005040, $0.004832, $0.004651
IBAT/USD: Views From the Indicators
Strong buying pressure makes the Relative Strength Index line linger in the overbought region of the indicator before the line retraces a lower level. Currently, the line is measuring 57%
market strength. This percentage is still a bullish market strength measurement. Also, the MACD indicator reflects the price retracement as it was quick to show a negative histogram for the trend.
Battle Infinity’s Short-term trend: Bullish (15-minute chart)
In this short time frame, the RSI line is now in the downtrend zone. However, the direction of the line is trying to retrace an upper measurement. The market trend is quick to correct itself in this timeframe. And this development should soon reflect in the longer time frame. In my view of the market, the price should rise to the $0.005500 resistance level.
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