Bancor (BNTUSD) Remains Bullish, Heads Into Discount Array
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BNTUSD Analysis: The Market Remains Bullish as Price Heads into the Discount Array
BNTUSD remains bullish as the price heads into the discount range. The market has successfully returned to the daily bearish order block. BNTUSD appears to be heading into a discount before resuming the bullish trend.
BNTUSD Significant Zones
Demand Zones: $0.3200, $0.2490
Supply Zones: $0.6940, $0.4500
The bullish trend began after the bounce off of the support at the $0.3200 price level. Before the emergence of the bullish trend, BNTUSD was declining in fractals. The bearish order flow is traceable to the price rejection at the $0.6940 price level. With old lows getting broken, the Relative Strength Index (RSI) also remained below the 50.0 level most of the time. Due to the restriction at the diagonal support, the price could not make a steep decline, as the lows kept respecting the diagonal support.
On September 27, 2022, a swing high formed at the $0.5250 price level, and the low of the swing was at the $0.3970 price level. On November 5, 2022, a double top formed at the previous high of $0.5250. This double top was retested on November 5, 2022, after which a bearish order block was created as the price dived downward. Since the bullish trend in January 2023, BNTUSD buyers have been storming the market with their buy orders until reaching the daily bearish order block.
Market Expectation
There appears to be a bearish order block on the four-hour chart as the price corrected to the downside. BNTUSD might rally into the four-hour bearish order block before diving into the discount array.
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