After the Battle Infinity bulls reclaimed the $0.0017 price level and held up against massive pressure from the supply zone for some time, they failed to continue to defend $0.0017 as they eventually succumbed to bearish pressure. When the supply line shifted from $0.001734 to $0.001715, the bulls were also forced out of their position in the market at the $0.0017 level. They could not find a support level throughout the previous session until towards the end of the session.
Key Levels
- Resistance: $0.0022, $0.0021, $0.0020
- Support: $0.0016, $0.0015 $0.0014
IBAT/USD: The Indicators’ Outlook
The new support level is now at $0.001640. And it seems the bulls are very strong at this level. They were able to stop the furiously moving bear market at the price level. The Bollinger indicator now illustrates the bullish recovery with the lower band, which was on a downward movement before but is now recoiling. This means that the bulls are coming back.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
As the bear market hits the $0.001640 price level, the market enters a gridlock situation because the bulls continue to reject the bearish price. So the price continues to range sideways. The Bollinger indicator illustrates this with a horizontally moving price channel between $0.00166 and $0.001652. The bull still has a target fixed at $0.0017. As a result, the price may return to the level before the end of the daily session.
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