Bancor (BNTUSD) Hits Diagonal Resistance As Market Aims Higher
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BNTUSD Analysis – Price Hits Diagonal Resistance As The Market Aims For Higher Highs
BNTUSD hits diagonal resistance as the market aims for higher highs. Following the Change of Character (CHOCH) to the upside, the price struck the diagonal resistance against the selling pressure in the zone. Should the diagonal resistance get broken successfully, the price might be going bullish for a relatively long period.
BNTUSD Significant Zones
Demand Zones: $0.3200, $0.2490
Supply Zones: $0.6940, $0.4500
The diagonal resistance has been quite repellent to the expansion of prices since its emergence in August 2022. The fifth test on the diagonal resistance, however, might escape through the selling pressure. This is due to the change of character that occurred on December 31, 2022. The downtrend that began with the diagonal resistance has ended its course at the $0.3200 price level. The downtrend began its motive wave on August 8, 2022, after a rebuff at the $0.6940 price level. The market is therefore currently in a corrective wave.
The first impulse leg ended around the $0.4500 price level, after which the price surged up in the second impulse leg to test the emerging diagonal resistance. The third impulse leg appears to be the longest in the market, as it is characterized by lower highs and lower lows. At the $0.3290 price level, the third wave ended its course as the price rallied to the $0.4160 price level to form a lower high and complete the fourth wave. The high at the $0.4160 price level was later invalidated as the market flipped bullish from the $0.3200 supply zone.
Market Expectation
The market is clearly in an uptrend on the four-hour chart. As BNTUSD converges within the triangle pattern, the price might break either the four-hour diagonal support to the downside or the $0.4500 price level to the upside.
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