Bancor (BNTUSD) Is Preparing for a Brief Rally Into the Premium
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
BNTUSD Analysis: The market is preparing for a brief rally into the premium
BNTUSD sets up for a short rally into the premium after hitting the bullish order block. The market’s order flow is bearish. The current bearish phase on the daily chart began after the third bounce off the diagonal resistance.
BNTUSD Significant Zones
Demand Zones: 0.3290, 0.2870
Supply Zones: 0.5270, 0.4160
On June 18, 2022, a massive crash engulfed the market, leaving the BNTUSD buyers in panic as they fled the market. The short-term rally immediately after the massive crash was induced to correct the market as BNTUSD sellers got ready to storm the market with their sell orders. Concerning the diagonal resistance, the market kept declining until the consolidation phase emerged. The consolidation phase lasted until November, after which the market trend resumed. Considering the current state of the market as indicated by the Relative Strength Index (RSI), the bullish order block might successfully see the price off into the premium.
With the premium hanging over the previous high, a liquidity grab looms above the short-term high. The trading range of the market at the moment is the mid-term high at 0.5270 and 0.3290 price levels. The diagonal resistance leans across the swing highs, and the BNTUSD buyers seem to keep exiting the market as the price approaches the diagonal resistance. As prices rally out of the overbought region, BNTUSD might head into the premium to seek sell orders in line with the market’s order flow.
Market Expectation
After the change of character (CHOCH) to the downside, BNTUSD kept sinking downward on the four-hour chart. As prices rally out of the oversold region, the previous high of 0.3650 might get broken with an expectation to execute sell orders at the premium.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
