The Battle Infinity bear market appears to have hit a brick wall at $0.0016, where the bearish price is cut short. In most cases, when a bear market hits an unmoving support level, the aggressive bearish momentum should wear out, resulting in an upside price breakout.
- Resistance: $0.0022, $0.0021, $0.0020
- Support: $0.0016, $0.0015, $0.0014
IBAT/USD: The Indicators’ Outlook
The Bollinger Bands indicator shows the price action moving to the lower band. This is a reflection of the aggression of the bears. But the bear market continues to fail to cross below the support level. The demand zone is very strong around the $0.0016 level. And at this level, the bearish momentum is wearing out as expected.
Battle Infinity Short-Term Outlook: Bullish Recovery (15-minute chart)
The MACD indicator from this perspective reflects indecision in the market at this time. The two forces in the market have brought the price to gridlock at the edge of the support price level. The bulls are dealing with bearish pressure at the support level. The bear market wants to break the strong support, but the resilient position of the buyers in the market may wear them out soon.
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