Sellers were able to break the price of IBAT away from the indecision as the trading session starts on the 7th of November. Then Buyers (also) were able to quickly salvage the price by securing support at $0.003211. Now, the bulls are becoming stronger. By 3 am, an increase in the buying pressure made the price rise to $0.003496. Although the selling pressure in the next hour was responsive to the buying pressure, the bulls market still has the potential of hitting its target in today’s market
- Resistance: $0.0035, $0.0036, $0.0037
- Support: $0.0028, $0.0027, $0.0026
IBAT/USD: The Indicators’ Outlook
The bands of the Bollinger indicator were loosened up in yesterday’s market, this increases the chance for the IBAT bulls market. We can see the upper band of the Bollinger indicator moving upward as it responds to the price action as it moves in an upward direction. This is because bulls are more aggressive than bears. From 6 am the negative histograms of the MACD turned faded red (a sign of bullish price recovery) and it progressively reduces until it finally translate to a progressive bullish (green) histogram.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
From this shorter timeframe, we can see that bulls are determined to hit their mark as the price activities progressively rise and approaches the $0.0034 price level. However, near the targeted price level, bearish resistance is strong and the price advances were rejected. But the buyers are relentless, they seek new support at the current price and from here the bullish price can continue.
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