Bancor (BNTUSD) Sellers Plan to Trade Downside
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BNTUSD Analysis – Sellers Plan to Trade Price Action Downside
BNTUSD sellers plan to trade price action to the downside. The sell traders intended to make a progressive movement across the BNTUSD market. The need for a successful break below the $0.4900 key zone is important. After this breakout from this key level, it is plausible to see more downside in BNTUSD, which the sellers will cause. Presently, sellers are attempting to engage across this key level. The day’s opening price was at $0.5000, and with less hesitation, there will be a breakdown in the market.
BNTUSD Key Levels
Resistance Levels: $2.9700, $2.0400
Support Levels: $1.1200, $0.4900
Accumulation on the market has been steady since the middle of June, with buyers and sellers engaging in a tug of war around the $0.4900 critical zone. In most cases, a break may occur below it. However, as a result of the influence of consolidation, there has not been a significant move in the market for quite some time. Despite this, there was a significant reduction in bear strength just before the accumulation began. Price has been consolidating around the crucial level of $0.4900 despite the bears’ huge attempts to drive price strength away from the key level of $1.1200.
As a result, the accumulation phase is about to end in the next few moments. This is because the sellers are being encouraged to sell their trades at prices lower than $0.4900, which will give buyers a lot of time to look for opportunities to make purchases. The stochastic oscillator has crossed the level of 100, indicating that now is the time for buyers to move in the market. On the BNTUSD market, the sellers are now prepared to trade each and every one of their shares.
Market Expectations
There is continuing evidence of price consolidation in the cryptocurrency market, with momentum having less of an impact on price value. The 4-hour chart reveals that buyers are continuing to buy at this time. On the other hand, the MACD (Moving Average Convergence and Divergence Indicator) is set to cross into the negative sector, which indicates that more selling pressure is being controlled in the market. Therefore, one should anticipate that the BNTUSD price will exhibit bearish strength below the important level of $0.4900.
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