In the last daily session, massive selling pressure the Battle Infinity has forced the demand line to shift below the $0.001850 price level. Since then, the bull market has been repeatedly rejected at $0.001850, as the bears have now reached the level of a strong fortress. The bulls, on the other hand, are not giving up and are aiming for $0.0019.
- Resistance: $0.0022, $0.0021, $0.0020
- Support: $0.0017, $0.0016, $0.0015
IBAT/USD: The Indicators’ Outlook
The Bollinger bands are contracting because the buyers are catching up with the sellers. The price action has crossed above the 20-day moving average. This price movement is changing the direction of the moving average curve to the upside as the price approaches the resistance price. But the demand line now needs to deal with the strong resistance before it reaches its target of $0.0019.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
From this point of view, we see the bulls securing the support level at $0.001832, which is directly above the 20-day moving average. Also, the new support level is near the resistance level. This is putting pressure on the position of the bears in the market and increasing the chance for the bulls to reach their targeted price level.
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