Bancor (BNTUSD) Turns Bullish as the Market Shifts Upward
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BNTUSD Analysis: The BNTUSD Turns Bullish as the Market Shifts Upward
BNTUSD flips bullish as the market changes character upward. While the major trendline still keeps the price from expanding upward, the market is already showing signs of the beginning of an upward trend. The Bullish Divergence, the Change of Character (CHOCH), and the return to the Fair Value Gap (FVG) inside the discount all signaled the high possibility of a trend change to the upside.
BNTUSD Significant Zones
Demand Zones: $0.3200, $0.2490
Supply Zones: $0.6360, $0.5270
The recent Changes of Character (CHOCH) to the upside just signal a possible buy; however, the bullish trend is unconfirmed as the previous high at $0.4500 still needs to be broken. About seven months ago, BNT experienced a massive decline from a consolidation zone. This massive decline brought about the exit of the bulls as they panicked out of the market. Bancor has been descending the crest ever since the massive crash, and a retest at the $0.6360 price level gave more confidence to the BNTUSD sellers to keep selling.
At the $0.6360 price level, the major trendline emerged as a diagonal resistance. The diagonal resistance has been keeping BNTUSD in check as the bulls could not exceed or break its influence. So far, the price has struck the diagonal resistance four times, thereby reducing its strength and its possibility of being broken successfully. Recently, the MACD indicator and the daily price chart showed that a bullish divergence was looming.
Market Expectation
BNTUSD is currently heading upward, following the execution of the buy orders at the Fair Value Gap (FVG) in the discount. The market is already ascending in fractals on the four-hour chart; the price might keep heading upward until the 100% Fibonacci retracement level is reached.
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