The Battle Infinity bulls are dealing very well with the adverse effect of the hyper-bullish move in the previous session, which triggered a strong response from the supply zone. At first, the buyers held strongly to the $0.0018 price level, but as bearish pressure increased, the demand line shifted to $0.001770, which has been a key support price level for the bull market since the previous daily session.
- Resistance: $0.0022, $0.0021, $0.0020
- Support: $0.0015, $0.0014, $0.0013
IBAT/USD: The Indicators’ Outlook
At the $0.00177 level, the bulls gather momentum as they prepare to break through the $0.0018 price level. As a result, we see the Bollinger Band Indicator contracting as a sign that bulls are catching up with bears. The bears have the upper hand for now because the price is slightly below the 20-day moving average. However, the bearish price has not gone beyond the grip of the bulls because the price is still within the uptrend price channel.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
From this standpoint, we see that more traders are selling than buying within this timeframe. This makes the market lean in favour of the bears. The bearish pressure has pushed the bulls to their last line of defence. The support level has been forced down to $0.001767. Judging by the way the bulls are defending their territory, the market will soon resume the upward movement of the price.
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