As the IBAT market peaked at the $0.0032 price level, it began to face rejections. As a result, it could not progress beyond the resistance. However, the bulls were strong enough to minimize the pullback as the price holds at a support level of $0.003056. As the buyers hold up against the sellers, the market appears to be consolidating again.
Key Levels
Resistance: $0.0035, $0.0040, $0.0045
Support: $0.0025, $0.0020, $0.0019
IBAT/USD: The Indicators’ Outlook
The RSI line had continued to move in the overbought zone since it entered the place on the 8th of October due to very strong bullish momentum. As the RSI indicator records bullish activities, the MACD (on the contrary) records bearish histograms moving slightly below the MACD equilibrium point. And along the line, between the 9th and the 10th of October. This created a small bearish divergence on the chart. It was a sign of what we are now seeing on the chart in today’s market.
IBAT/USD Short-Term Outlook: Bullish Recovery (15-minute chart)
However, the bears are already losing ground again to the bulls as they find it difficult to progress due to bullish resistance. Sellers have pushed the price of IBAT into the oversold. When this joins with the bullish resistance that is already in the market, the bullsih trend may resume.
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