Bancor (BNTUSD) Discounts as Price Breaks off Ascending Channel
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BNTUSD Analysis: As Price Breaks Out Of Ascending Channel, Market Heads To Discount
As the price breaks out of the ascending channel, BNTUSD heads for a discount. Following the Change of Character (CHOCH), the market flipped bullish as it broke a falling trendline. However, there seems to be enough selling pressure at the bearish order block to cause a retracement to the downside.
BNTUSD Significant Zones
Demand Zones: $0.4160, $0.3200
Supply Zones: $0.5270, $0.6940
As a result of the change in character to the upside, more bulls stormed the market and drove the price into an ascending channel. This ascending channel remained valid until prices surged upward to return to the daily bearish order block. The enormous influx of sell orders at the daily bearish order block is a result of the price chart posting three black soldiers, indicating the bears’ presence. However, BNTUSD became bullish, and there appears to be enough strong support to nullify the plan of the bears to crash the market beyond the intermediate low of $0.3380.
After the change of character to the upside, the price spiked to $0.4500 before diving back down to balance the market’s inefficiency by filling the Fair Value Gap. The intermediate-low was created as prices swerved upward at $0.3380 on January 5, 2023. As of now, BNTUSD is ranging between the $0.3380 and $0.4980 price levels. Should the $0.4160 support get breached, the falling trendline is expected to prevent a further crash.
Market Expectation
After successfully breaking the four-hour weak high at the $0.4490 price level, the price returned to the four-hour bearish order block. BNTUSD is expected to continue downward until a discount array is reached.
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